Is Flex Plan worth it?

[NickD 202]

Can't just submit a medical bill with verified out of pocket expenses, they demand an insurance paper showing that out of pocket expense is not covered. Feel like an a$$ asking for letters to this effect. Have to categorize all expenses, tell who and what they are for, submit the invoice, and insurance backup. Did take one of their forms, scanned it into Adobe Pro Acrobat and added fillable fields to it so I can keep a record of it. Also have to keeping a running total to make sure we either use it or lose it, a first class pain in the a$$. No savings on FICA taxes either, you always pay that.

Can anyone explain HSA? In basic terms, understand it has a rollover, but how does this go on a long form 1040? Is there yet another form that has to be filled out? I tried reading the instructions, knew all the English words they were using, but got lost as to how they put them together. Almost like they want you to make an error so they can audit you.

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

[mawilson 2,133]

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

Well... if you don't spend it, you lose it, so it's always better to choose a lower estimate (things

you absolutely need - prescription drugs, contact lenses, etc.)

[Dan J 277]

Can't just submit a medical bill with verified out of pocket expenses, they demand an insurance paper showing that out of pocket expense is not covered. Feel like an a$ asking for letters to this effect. Have to categorize all expenses, tell who and what they are for, submit the invoice, and insurance backup. Did take one of their forms, scanned it into Adobe Pro Acrobat and added fillable fields to it so I can keep a record of it. Also have to keeping a running total to make sure we either use it or lose it, a first class pain in the a$. No savings on FICA taxes either, you always pay that.

Can anyone explain HSA? In basic terms, understand it has a rollover, but how does this go on a long form 1040? Is there yet another form that has to be filled out? I tried reading the instructions, knew all the English words they were using, but got lost as to how they put them together. Almost like they want you to make an error so they can audit you.

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

HSA is a savings account, with special tax exempt provisions for medical expenses. Contributions over a year are limited to your deductible.

You can use an HSA for non-qualified expenses, but you will have to pay taxes on any tax free contributions you have made for those purchases.

You do have to fill out a form to file with taxes when you have an HSA account. Its mostly looking for after-tax contributions (you get a deduction at tax time for it) and non-qualified expenses (you have to pay taxes, if greater than after-tax contributions)

[NickD 202]

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

Well... if you don't spend it, you lose it, so it's always better to choose a lower estimate (things

you absolutely need - prescription drugs, contact lenses, etc.)

Yep, if you don't use it, you lose it, even hate to lose 29 cents, what can you buy for 29 cents? Yeah, I know, pay a thousand bucks for something, submit that, and they will send your 29 cents back.

But lose it to who?? My only guess is to your employer and maybe that is why they are so strict because your employer has to pay the administrative cost for that plan. Wasn't too long ago, practically all insurance plans were non-deductible and cheap, so no deductions there. We had to pay for dental, prescriptions, and eyeglasses, but was a spot on the 1040 long form to make those deductions from your gross income. Could go back to that to make life a lot simpler, but feel they are trying to eliminate what little deductions we have left.

[NickD 202]

Can't just submit a medical bill with verified out of pocket expenses, they demand an insurance paper showing that out of pocket expense is not covered. Feel like an a$ asking for letters to this effect. Have to categorize all expenses, tell who and what they are for, submit the invoice, and insurance backup. Did take one of their forms, scanned it into Adobe Pro Acrobat and added fillable fields to it so I can keep a record of it. Also have to keeping a running total to make sure we either use it or lose it, a first class pain in the a$. No savings on FICA taxes either, you always pay that.

Can anyone explain HSA? In basic terms, understand it has a rollover, but how does this go on a long form 1040? Is there yet another form that has to be filled out? I tried reading the instructions, knew all the English words they were using, but got lost as to how they put them together. Almost like they want you to make an error so they can audit you.

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

HSA is a savings account, with special tax exempt provisions for medical expenses. Contributions over a year are limited to your deductible.

You can use an HSA for non-qualified expenses, but you will have to pay taxes on any tax free contributions you have made for those purchases.

You do have to fill out a form to file with taxes when you have an HSA account. Its mostly looking for after-tax contributions (you get a deduction at tax time for it) and non-qualified expenses (you have to pay taxes, if greater than after-tax contributions)

Think you confused me with qualified and must be unqualified medical expenses. Only thing I know, they are way overpriced and why to we have to pay taxes that is making other people super rich. Not being able to deduct your transportation expenses to and from work or school is another ripoff. That money is making the oil companies super rich. But I gather they get tax credits.

[Dan J 277]

Can't just submit a medical bill with verified out of pocket expenses, they demand an insurance paper showing that out of pocket expense is not covered. Feel like an a$ asking for letters to this effect. Have to categorize all expenses, tell who and what they are for, submit the invoice, and insurance backup. Did take one of their forms, scanned it into Adobe Pro Acrobat and added fillable fields to it so I can keep a record of it. Also have to keeping a running total to make sure we either use it or lose it, a first class pain in the a$. No savings on FICA taxes either, you always pay that.

Can anyone explain HSA? In basic terms, understand it has a rollover, but how does this go on a long form 1040? Is there yet another form that has to be filled out? I tried reading the instructions, knew all the English words they were using, but got lost as to how they put them together. Almost like they want you to make an error so they can audit you.

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

HSA is a savings account, with special tax exempt provisions for medical expenses. Contributions over a year are limited to your deductible.

You can use an HSA for non-qualified expenses, but you will have to pay taxes on any tax free contributions you have made for those purchases.

You do have to fill out a form to file with taxes when you have an HSA account. Its mostly looking for after-tax contributions (you get a deduction at tax time for it) and non-qualified expenses (you have to pay taxes, if greater than after-tax contributions)

Think you confused me with qualified and must be unqualified medical expenses. Only thing I know, they are way overpriced and why to we have to pay taxes that is making other people super rich. Not being able to deduct your transportation expenses to and from work or school is another ripoff. That money is making the oil companies super rich. But I gather they get tax credits.

IRS publishes a list of what expenses are qualified medical expenses. The list is pretty through. It does also work like a savings account so you can use the money for other things outside of medical expenses. Its just that you have to report that to the IRS.

[NickD 202]

Can't just submit a medical bill with verified out of pocket expenses, they demand an insurance paper showing that out of pocket expense is not covered. Feel like an a$ asking for letters to this effect. Have to categorize all expenses, tell who and what they are for, submit the invoice, and insurance backup. Did take one of their forms, scanned it into Adobe Pro Acrobat and added fillable fields to it so I can keep a record of it. Also have to keeping a running total to make sure we either use it or lose it, a first class pain in the a$. No savings on FICA taxes either, you always pay that.

Can anyone explain HSA? In basic terms, understand it has a rollover, but how does this go on a long form 1040? Is there yet another form that has to be filled out? I tried reading the instructions, knew all the English words they were using, but got lost as to how they put them together. Almost like they want you to make an error so they can audit you.

When you sign up for a flex plan, should also issue you a free working crystal ball. Think I would have better luck picking the numbers on a lottery ticket.

HSA is a savings account, with special tax exempt provisions for medical expenses. Contributions over a year are limited to your deductible.

You can use an HSA for non-qualified expenses, but you will have to pay taxes on any tax free contributions you have made for those purchases.

You do have to fill out a form to file with taxes when you have an HSA account. Its mostly looking for after-tax contributions (you get a deduction at tax time for it) and non-qualified expenses (you have to pay taxes, if greater than after-tax contributions)

Think you confused me with qualified and must be unqualified medical expenses. Only thing I know, they are way overpriced and why to we have to pay taxes that is making other people super rich. Not being able to deduct your transportation expenses to and from work or school is another ripoff. That money is making the oil companies super rich. But I gather they get tax credits.

IRS publishes a list of what expenses are qualified medical expenses. The list is pretty through. It does also work like a savings account so you can use the money for other things outside of medical expenses. Its just that you have to report that to the IRS.

Is this a plan independent of your employer?