Comments on: Flexible Spending Accounts Provide Free Money. Why Pass It Up? http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html The offbeat personal finance blog for responsible people. Fri, 17 Feb 2012 00:33:27 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Week in Review: Netbook Edition http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-140774 Week in Review: Netbook Edition Sat, 03 Dec 2011 13:34:48 +0000 http://lenpenzo.com/blog/?p=823#comment-140774 [...] Flexible Spending Accounts Provide Free Money. Why Pass it Up? I razzed Len @ Len Penzo Dot Com for not including my Black Friday post in his roundup so I needed [...] [...] Flexible Spending Accounts Provide Free Money. Why Pass it Up? I razzed Len @ Len Penzo Dot Com for not including my Black Friday post in his roundup so I needed [...]

]]> By: JS http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-139204 JS Wed, 12 Oct 2011 19:26:26 +0000 http://lenpenzo.com/blog/?p=823#comment-139204 People who wear glasses or contact lenses are especially suited for FSAs because if you look like you are going to have money left over at the end of the year, it's really easy to spend down. You can have an eye exam early, buy a new pair of glasses or prescription sunglasses, get new lenses or buy an extra box of contacts. People who wear glasses or contact lenses are especially suited for FSAs because if you look like you are going to have money left over at the end of the year, it’s really easy to spend down. You can have an eye exam early, buy a new pair of glasses or prescription sunglasses, get new lenses or buy an extra box of contacts.

]]> By: Yakira http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-1250 Yakira Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=823#comment-1250 I loved my FSA and couldn't understand why my co-workers didn't use theirs. For me, as a single parent and living from paycheck to paycheck there was always the worry that I would need cough syrup or ibuprofen for the kids and not have the cash on hand to buy it. It saved my bacon during cold season. And the dependent care FSA was a lifesaver too. I didn't have to wait for payday to write a check to my daycare, I could write the check when it was due. One year I did over estimate funds and I got designer eye glasses in December and I gave all my friends cough syrup for Channukah. :) As for saving money, yes I saved money on taxes but more importantly for someone living on a very tight budget it was a relief knowing I could buy what I needed for my kids and not have to worry. I'm grateful that I no longer have to live paycheck to paycheck and I will never give up my FSA if my employer offers it. I enjoy your blog, keep it up. Thank you. I loved my FSA and couldn’t understand why my co-workers didn’t use theirs. For me, as a single parent and living from paycheck to paycheck there was always the worry that I would need cough syrup or ibuprofen for the kids and not have the cash on hand to buy it. It saved my bacon during cold season. And the dependent care FSA was a lifesaver too. I didn’t have to wait for payday to write a check to my daycare, I could write the check when it was due. One year I did over estimate funds and I got designer eye glasses in December and I gave all my friends cough syrup for Channukah. :) As for saving money, yes I saved money on taxes but more importantly for someone living on a very tight budget it was a relief knowing I could buy what I needed for my kids and not have to worry. I’m grateful that I no longer have to live paycheck to paycheck and I will never give up my FSA if my employer offers it. I enjoy your blog, keep it up. Thank you.

]]> By: Health Insurance Providers http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-1251 Health Insurance Providers Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=823#comment-1251 I much prefer my HSA to any FSA because anything I contribute into my HSA rolls over from year to year. I much prefer my HSA to any FSA because anything I contribute into my HSA rolls over from year to year.

]]> By: Len Penzo http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-1252 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=823#comment-1252 I bet you were a hit with your friends that Channukah, Yakira - I mean, who <em>doesn't</em> love the gift of cough syrup! ;-) But seriously, I think you make some excellent points regarding additional benefits of FSAs - I completely forgot to mention the dependent care FSA. I bet you were a hit with your friends that Channukah, Yakira – I mean, who doesn’t love the gift of cough syrup! ;-)

But seriously, I think you make some excellent points regarding additional benefits of FSAs – I completely forgot to mention the dependent care FSA.

]]> By: Len Penzo http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-1253 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=823#comment-1253 That is a great advantage of Health Savings Accounts (HSAs) over FSAs! Of course, as you know, not everybody qualifies for HSAs; you have to have a high deductible health plan - otherwise known to most people as catastrophic health insurance. That is a great advantage of Health Savings Accounts (HSAs) over FSAs! Of course, as you know, not everybody qualifies for HSAs; you have to have a high deductible health plan – otherwise known to most people as catastrophic health insurance.

]]> By: Susan Tiner http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-1254 Susan Tiner Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=823#comment-1254 One way to mitigate the risk of losing FSA funds is to estimate expenses, then allocate a smaller percentage of the estimate to your FSA. So if you spent $1,000 out of pocket last year, you might put 75% of that, $750 in your FSA for the next year. One way to mitigate the risk of losing FSA funds is to estimate expenses, then allocate a smaller percentage of the estimate to your FSA. So if you spent $1,000 out of pocket last year, you might put 75% of that, $750 in your FSA for the next year.

]]> By: How Being Absentminded Resulted In A $2750 Year-End Windfall « Len Penzo dot Com http://lenpenzo.com/blog/id823-flexible-spending-accounts-provide-free-money-why-pass-it-up.html#comment-1255 How Being Absentminded Resulted In A $2750 Year-End Windfall « Len Penzo dot Com Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=823#comment-1255 [...] account (FSA) offered by my employer because, frankly, I’d be crazy not to.  After all, it’s essentially free money.   Well, at least part of it is.  That’s because FSA contributions — which are used [...] [...] account (FSA) offered by my employer because, frankly, I’d be crazy not to.  After all, it’s essentially free money.   Well, at least part of it is.  That’s because FSA contributions — which are used [...]

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