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Flexible Spending Account

October 7th, 2015 at 01:43 pm

I completed the open enrollment process for my benefits at work. I maxed out my Flexible Spending Account to $2,550, because of DD1's braces. We were woefully short this 2015 year because, again of DD1's braces.

The Flexible Spending Account period runs from Jan 1 2016 - March 31 2017. On Jan 1, our balance on the braces will be $1,580, so that leaves $970, or $80.83 per month for other out of pocket medical expenses in 2016. That should get used up, and if it doesn't we also have Jan - Mar of 2017 to get it used up.

It's kind of unsettling to commit to having more than $200 per month withheld from my check, but that reduces my W-2 income, so it's definitely worth doing.

Also, my FSA plan allows me to pay for expenses even before the money is deposited to my account. So, my plan is to pay the entire braces balance in January with my FSA card. So I won't have to worry about monthly payments to the orthodontist.

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