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NWR....anyone participate in

woobie113007 Posted:

NWR....anyone participate in

A 'flexable spending account' at work?
We just got an email from HR.....
This is what it is:
What is a Flexible Spending Account - Flexible Spending Accounts are a way for employees to pay for out-of-pocket medical and dependent care expenses that are not covered under your insurance plan. Some of these reimbursable expenses include :

-Prescription Drugs
-Over-the-counter Medication
-Co-pays and Deductibles
-Eyeglasses
-Contact Lenses and Solution
-Chiropractor
-Dependent Care (e.g., child care)
-Dental Procedures
-Orthodontia
-Acupuncture
-Psychiatric Care
-And many more...


Im not sure if Im going to do it.....Its like 40 bucks each check which is fine but is it really worth it?
rkl1130 Posted:

Re: NWR....anyone participate in

They offer that at work too, but I have never participated. I am always afraid that I will never use all the money in there and I will lose it. If you do spend money on all of that...and a decent amount of it...then I think it would be worth it.

laural2979 Posted:

Re: NWR....anyone participate in

I do! I only put in $250/year, but it is really worth it. It pays for my bc and all of my allergy medicine. Plus, you can use it for OTC drugs too. So if you have a surplus you can just go to Costco and buy an economy size tub of aspirin or something.

Marchbride07 Posted:

Re: NWR....anyone participate in

Basically if your plan has a high deductible for procedures or does not cover certain things, to have a flex pay account is really good god forbid you have to get something done that is NOT covered by your insurance and then you have to pay out of pocket...if you have a decent deductible that you could afford to pay, then its not worth it.

Also look at your out of network deductible, if that is extremely high an FSA is a good thing to have

HTH!
chellynyc Posted:

Re: NWR....anyone participate in

This is the first year I participated because I have to pay $25 every month for my pill and then there are various different dr. appts where I have a co-pay so I contributed $300.....if you don't use it you lose it, so you really have to make sure you don't contribute more then you anticipate you will use.

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