What do you know about FSAs?

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Verrine wrote: Tue Dec 18, 2018 5:24 pm
SolidlyAverage wrote: Tue Dec 18, 2018 3:11 pm
Verrine wrote: Tue Dec 18, 2018 2:55 pm
When we had the HSA, I could just use the card for authorized vendors, like for prescriptions it would work but sometimes at the drugstore it wouldn't (for a first aid kit). I never had to provide receipts. I thought that was because it was used for medically authorized items or vendors. Do you need to provide receipts for all FSA purchases or only if you're audited, in which case I should still have them?
With mine it's either/or. If you use the debit card there's no need for receipts, you're just done. But if you paid out of pocket, you can be reimbursed if you provide the receipt. We upload it to the app or website, then they verify and reimburse us. I don't keep any receipts either way (once I've submitted them and was reimbursed if I paid out of pocket, of course).
I just got back from the CVS and I'm STILL confused. The receipt says FSA eligible for two things and not FSA eligible for two things, but the debit card worked for all four items! The HSA card would have rejected the ineligible items.

Why is health care so complicated?
I have NO clue. I hate the guessing game involved with FSAs, too. It could all be so much easier, more efficient, and cheaper.
Traci_Momof2
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The way mine worked was that the purchases had to happen by Dec. 31st, but you had until I think it was March 1st to submit the receipts for reimbursement. But otherwise yes, for monies put into the account for 2018, it has to be spent during 2018 otherwise it's lost.
An FSA is a risk/benefit thing. You get the benefit of tax free money, but the risk is if you put too much into it you lose it. That's why I always low-balled my estimates at the beginning of the year. I never had issues using up all the money in one year.
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Verrine
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Traci_Momof2 wrote: Tue Dec 18, 2018 6:14 pm The way mine worked was that the purchases had to happen by Dec. 31st, but you had until I think it was March 1st to submit the receipts for reimbursement. But otherwise yes, for monies put into the account for 2018, it has to be spent during 2018 otherwise it's lost.
An FSA is a risk/benefit thing. You get the benefit of tax free money, but the risk is if you put too much into it you lose it. That's why I always low-balled my estimates at the beginning of the year. I never had issues using up all the money in one year.
We probably have enough copays and prescriptions to use the maximum amount which is $2650. We were always able to use the maximum HSA, but that was also a different health plan. Since all the money is available in January, I can go ahead with an optional purchase of a medical device.
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