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    Flex Spending Accounts

    So I have a Flex account with about $200 per year in it. Well, this year I had unexpected medical bills totaling about $1,300.

    I am getting married in September, when I elect to do my insurance status change, can I change my Flex Spending election to be more too? Will bills before that change date be eligible for reimbursement?



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    Re: Flex Spending Accounts

    Quote Originally Posted by BloodyBuddy View Post
    So I have a Flex account with about $200 per year in it. Well, this year I had unexpected medical bills totaling about $1,300.

    I am getting married in September, when I elect to do my insurance status change, can I change my Flex Spending election to be more too? Will bills before that change date be eligible for reimbursement?
    I would say yes you can change your flex account but I doubt the bills before would be eligible. I work for ISU and you have one chance a year to change it if you want to, and to my knowledge nothing previous to a change would count.



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    Re: Flex Spending Accounts

    yes you can increase your election once you get married, and i'd think you can still get reimbursements for the bills incurred prior to the change...i use a hsa instead now, but when i used flex spending i believe you just had up till like the end of feb of the following year to get any reimbursements from prior year bills


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    Re: Flex Spending Accounts

    As the others said, you're good, but just to back them up:

    You Drive - Flexible Spending Accounts Questions

    Can I increase/decrease my spending account contributions during the year?
    No, not unless you have a qualifying life-changing event, such as loss or gain of a dependent, marriage or divorce, loss of employment, etc. When a qualifying life-changing event occurs, any changes to your spending account must be made within 31 days of the qualifying change.

    Note: FSA election changes due to birth, adoption and placement for adoption are effective on the date of the event. For all other life-changing events, FSA election changes are effective on the date of the election change.


    M 7/09

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    Re: Flex Spending Accounts

    Quote Originally Posted by BloodyBuddy View Post
    So I have a Flex account with about $200 per year in it. Well, this year I had unexpected medical bills totaling about $1,300.

    I am getting married in September, when I elect to do my insurance status change, can I change my Flex Spending election to be more too? Will bills before that change date be eligible for reimbursement?
    You can always change it when you have a change of status. Past bills are ineligible. The expenses have to occur during the year the flex plan falls under. I'd confirm this with your HR person.



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    Re: Flex Spending Accounts

    Quote Originally Posted by acoustimac View Post
    You can always change it when you have a change of status. Past bills are ineligible. The expenses have to occur during the year the flex plan falls under. I'd confirm this with your HR person.
    I believe that's what he's talking about.

    I know with my HSA, if I accidentally paid out money from my regular account for medical biils I can withdrawal cash from my HSA for reimbursement. As long as medical bills >/= to FSA spending during the applicable tax year you should be ok.

    However, if you increase your FSA spending up for 2012 in Sept, you better also plan on having a lot of expenses in 2013 or you'll lose that money.


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    Re: Flex Spending Accounts

    Quote Originally Posted by Incyte View Post
    I believe that's what he's talking about.

    I know with my HSA, if I accidentally paid out money from my regular account for medical biils I can withdrawal cash from my HSA for reimbursement. As long as medical bills >/= to FSA spending during the applicable tax year you should be ok.

    However, if you increase your FSA spending up for 2012 in Sept, you better also plan on having a lot of expenses in 2013 or you'll lose that money.
    Also remember there are minimum and maximum amounts allowed for monthly FLEX deductions, and even with a newly increased "election amount" in September, it still might not cover all your expenses. FLEX is great when you need the money and have it, it's a pain to have money and not need it -- especially with the prescription requirement now for so many OTC items.



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    Re: Flex Spending Accounts

    The bills occurred in 2012, but before the "life changing event." So would they be eligible? I would only increase if those bills would be reimbursable.

    In 2013 I would drop back down.



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    Re: Flex Spending Accounts

    Quote Originally Posted by Incyte View Post
    I believe that's what he's talking about.

    I know with my HSA, if I accidentally paid out money from my regular account for medical biils I can withdrawal cash from my HSA for reimbursement. As long as medical bills >/= to FSA spending during the applicable tax year you should be ok.

    However, if you increase your FSA spending up for 2012 in Sept, you better also plan on having a lot of expenses in 2013 or you'll lose that money.

    HSA is different from flex spending.



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    Re: Flex Spending Accounts

    Does your employer offer a HSA? As long as this is for medical payments, this is a much better option.



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    Re: Flex Spending Accounts

    Quote Originally Posted by Clonehomer View Post
    Does your employer offer a HSA? As long as this is for medical payments, this is a much better option.
    No they don't, I know it's better, but they don't offer it.



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    Re: Flex Spending Accounts

    Quote Originally Posted by BloodyBuddy View Post
    The bills occurred in 2012, but before the "life changing event." So would they be eligible? I would only increase if those bills would be reimbursable.

    In 2013 I would drop back down.
    You can only drop back down during certain periods or if certain qualifying events occur (birth, marriage, divorce, etc). You can't just go up and then back down easily. They are designed that way on purpose.


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    Re: Flex Spending Accounts

    Quote Originally Posted by snowcraig2.0 View Post
    HSA is different from flex spending.
    Thank you Mr. Obvious.

    They operate similarly other than the fact FSA's don't roll-over to the next year.


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    Re: Flex Spending Accounts

    Quote Originally Posted by Incyte View Post
    You can only drop back down during certain periods or if certain qualifying events occur (birth, marriage, divorce, etc). You can't just go up and then back down easily. They are designed that way on purpose.
    You can drop down every year during the open enrollment period.



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    Re: Flex Spending Accounts

    Quote Originally Posted by BloodyBuddy View Post
    You can drop down every year during the open enrollment period.
    You should be fine then. I forgot FSA's must be elected annually.

    I would turn in all of your 2012 bills now even though there isn't enough money in the FSA. Some plans require you to submit bills within X amount of days of receipt. The administrator will pay out the money to you as it comes in.


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