Comments on: How to estimate FSA expenses: Cafeteria Plans can save you a lot of dough http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/ Your Guide to Stress-Free Financial Control. Personal finance tips. Thu, 19 Jan 2012 01:14:24 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Sam http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/comment-page-1/#comment-170135 Sam Fri, 15 Jan 2010 17:51:48 +0000 http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/#comment-170135 Peggy, you'll have to check with your individual program but you can usually submit expenses well into the new year. In other words, you still should be able to submit expenses incurred in 2009. I hope that helps. Peggy, you’ll have to check with your individual program but you can usually submit expenses well into the new year. In other words, you still should be able to submit expenses incurred in 2009. I hope that helps.

]]> By: peggy http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/comment-page-1/#comment-170111 peggy Fri, 15 Jan 2010 00:37:58 +0000 http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/#comment-170111 I had FSA in 2006 but never filed a claim. I was confused about it. Now, 2010 is it too late to file for reimbursment? I definitely had enought expenses. Thanks, Peggy I had FSA in 2006 but never filed a claim. I was confused about it.
Now, 2010 is it too late to file for reimbursment?
I definitely had enought expenses.

Thanks,
Peggy

]]> By: Getting Finances Done » Dealing with Holiday credit card debt http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/comment-page-1/#comment-5133 Getting Finances Done » Dealing with Holiday credit card debt Tue, 23 Jan 2007 07:24:47 +0000 http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/#comment-5133 [...] »How to estimate FSA (Cafeteria Plan) expenses Main [...] [...] »How to estimate FSA (Cafeteria Plan) expenses Main [...]

]]> By: Teri Pittman http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/comment-page-1/#comment-3544 Teri Pittman Thu, 28 Dec 2006 02:05:51 +0000 http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/#comment-3544 Here's another downside. This program worked really well for me at another employer where I had a Wageworks card. I could use it for any allowed expenses just like a regular Mastercard. If there was a question about an expense, I just mailed them the receipt. I don't have that at this job. So I am taking home less money and I still have to figure out a way to pay for this stuff up front. Then I have to wait to be reimbursed. I may well wind up with money lost because I can't afford to use it. Here’s another downside. This program worked really well for me at another employer where I had a Wageworks card. I could use it for any allowed expenses just like a regular Mastercard. If there was a question about an expense, I just mailed them the receipt.

I don’t have that at this job. So I am taking home less money and I still have to figure out a way to pay for this stuff up front. Then I have to wait to be reimbursed. I may well wind up with money lost because I can’t afford to use it.

]]> By: sjpeer http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/comment-page-1/#comment-3169 sjpeer Thu, 21 Dec 2006 17:08:19 +0000 http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/#comment-3169 What a juicy online confession. That's a good point about buying over-the-counter medications. It's only recently that they qualify as a reimbursable expense. It's true that the downside to a cafeteria plan is if you over estimate or quit your job before the years up and haven't gotten reimbursed for all the expenses, you lose that money. The other side of the coin is if you were to get reimbursed for your full amount and then quit your job before the end of the year, you wouldn't have to pay the remainder. For example, if I allocated $1,000 in my cafeteria plan and used it all up by June and then quit my job, I would have only paid $500 into the cafeteria plan and wouldn't be obligated to pay the rest in. My understanding is that the same upside and downside exist for the employer. They get to keep any unused funds at the end of the year buy they also may get stuck fitting the bill if an employer quits. What a juicy online confession. That’s a good point about buying over-the-counter medications. It’s only recently that they qualify as a reimbursable expense.

It’s true that the downside to a cafeteria plan is if you over estimate or quit your job before the years up and haven’t gotten reimbursed for all the expenses, you lose that money. The other side of the coin is if you were to get reimbursed for your full amount and then quit your job before the end of the year, you wouldn’t have to pay the remainder. For example, if I allocated $1,000 in my cafeteria plan and used it all up by June and then quit my job, I would have only paid $500 into the cafeteria plan and wouldn’t be obligated to pay the rest in.

My understanding is that the same upside and downside exist for the employer. They get to keep any unused funds at the end of the year buy they also may get stuck fitting the bill if an employer quits.

]]> By: Jodi http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/comment-page-1/#comment-3140 Jodi Thu, 21 Dec 2006 06:43:48 +0000 http://www.gettingfinancesdone.com/blog/archives/2006/12/how-to-estimate-fsa-expenses-cafeteria-plans-can-save-you-a-lot-of-dough/#comment-3140 Here's a tip if you are worried about losing the money you haven't used. Go to Costco or Walmart, and stock up on a bunch of the over-the-counter things that qualify (bandaids, tylenol, etc.). This is great for your 72-hr kits, food storage, etc. and those things expire so each year you can replace any that are expired. I also have a confession to make, when my husband lost his job we were going to lose a potential of $1000 in cafeteria plan money (we were saving for baby expenses and hadn't had the baby yet). We bought $800 woth of over-the-counter items at Costco, got reimbursed, and then returned them to the store and kept the money. I don't know if that is shady or not, but it worked for us and saved us from losing the money we had already invested into the plan. Here’s a tip if you are worried about losing the money you haven’t used. Go to Costco or Walmart, and stock up on a bunch of the over-the-counter things that qualify (bandaids, tylenol, etc.). This is great for your 72-hr kits, food storage, etc. and those things expire so each year you can replace any that are expired.

I also have a confession to make, when my husband lost his job we were going to lose a potential of $1000 in cafeteria plan money (we were saving for baby expenses and hadn’t had the baby yet). We bought $800 woth of over-the-counter items at Costco, got reimbursed, and then returned them to the store and kept the money. I don’t know if that is shady or not, but it worked for us and saved us from losing the money we had already invested into the plan.

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