Comments on: Make the Most of Open Enrollment http://www.mydollarplan.com/make-the-most-of-open-enrollment/ because money doesn't grow on trees Thu, 09 Feb 2012 14:28:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Cheapskate Sandy http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9798 Cheapskate Sandy Tue, 10 Nov 2009 20:26:01 +0000 http://www.mydollarplan.com/?p=1018#comment-9798 I love this timely article! I just published one on Sunday called Finance 101: Understanding Your Flexible Savings Account (FSA). I wrote that one because SO many people in my office are completely clueless about FSA's. I thought it was easier to understand than the 401K. Personally, I think everyone should be defaulted into something like $500 annually in the FSA instead of $0. I love this timely article! I just published one on Sunday called Finance 101: Understanding Your Flexible Savings Account (FSA). I wrote that one because SO many people in my office are completely clueless about FSA’s. I thought it was easier to understand than the 401K. Personally, I think everyone should be defaulted into something like $500 annually in the FSA instead of $0.

]]> By: Festival Of Frugality #203 – American Flag Edition : Domestic Cents http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9796 Festival Of Frugality #203 – American Flag Edition : Domestic Cents Tue, 10 Nov 2009 12:09:24 +0000 http://www.mydollarplan.com/?p=1018#comment-9796 [...] from My Dollar Plan encourages us to Make The Most Of Open Enrollment, the one chance per year when most employees can make changes to [...]

[...] from My Dollar Plan encourages us to Make The Most Of Open Enrollment, the one chance per year when most employees can make changes to [...]

]]> By: Carnival of Money Stories – My Money Flaws Edition http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9790 Carnival of Money Stories – My Money Flaws Edition Mon, 09 Nov 2009 09:03:48 +0000 http://www.mydollarplan.com/?p=1018#comment-9790 [...] presents Make the Most of Open Enrollment posted at My Dollar [...]

[...] presents Make the Most of Open Enrollment posted at My Dollar [...]

]]> By: basicmoneytips http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9769 basicmoneytips Wed, 04 Nov 2009 12:21:06 +0000 http://www.mydollarplan.com/?p=1018#comment-9769 Good article. I think people should really consider all their options. I know many people do not like the hassel of dealing with a flex-spending account, but it is well worth the trouble. Basically you are getting your childcare or health related expenses (like deductibles and out of pocket) at a 30% discount. All you have to do is save the receipts and fill out a simple form and fax it in. Even if you have a minimum amount of expenses, it is worth your time to do this - because every dollar you save is an extra dollar in your pocket. Good article. I think people should really consider all their options. I know many people do not like the hassel of dealing with a flex-spending account, but it is well worth the trouble. Basically you are getting your childcare or health related expenses (like deductibles and out of pocket) at a 30% discount. All you have to do is save the receipts and fill out a simple form and fax it in.

Even if you have a minimum amount of expenses, it is worth your time to do this – because every dollar you save is an extra dollar in your pocket.

]]> By: Jill http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9762 Jill Tue, 03 Nov 2009 05:05:27 +0000 http://www.mydollarplan.com/?p=1018#comment-9762 @Howard You make excellent points. FSAs are just what their name implies - flexible! They can be used for so many things, and most even give a debit card option now so that you don't have to deal with reimbursements. They also give you large tax benefits and ensure that the money is already set aside when you do incur medical expenses. HSAs are even better because the funds don't expire. @Jeff Maybe, but I think all these benefits are pretty common, especially in large companies. @Howard You make excellent points. FSAs are just what their name implies – flexible! They can be used for so many things, and most even give a debit card option now so that you don’t have to deal with reimbursements. They also give you large tax benefits and ensure that the money is already set aside when you do incur medical expenses. HSAs are even better because the funds don’t expire.

@Jeff Maybe, but I think all these benefits are pretty common, especially in large companies.

]]> By: Jeff http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9758 Jeff Mon, 02 Nov 2009 19:19:34 +0000 http://www.mydollarplan.com/?p=1018#comment-9758 Wow, your post makes me wonder if we don't work for the same company. Wow, your post makes me wonder if we don’t work for the same company.

]]> By: Howard http://www.mydollarplan.com/make-the-most-of-open-enrollment/#comment-9756 Howard Mon, 02 Nov 2009 14:54:30 +0000 http://www.mydollarplan.com/?p=1018#comment-9756 Not enough is said about the flexible spending benefit. I can never believe how few people take advantage. Most companies offer it and relatively few do it. The most common thing you hear is "well, if I don't use it I'll lose it." So be conservative! People fail to realize how many items they can put against it....most over the counter meds (tylenol, advil even icy-hot), any doctor's co-pay, medication co-pay (yeah, birth-control too), eye exams, & not to mention if any type of emergency at all pops up and you have to eat into deductibles. My wife got lasek last year, obviously not covered by our health insurance, but Flex spending reimbursed the whole thing. Last point,...if you consider the tax savings, you come out ahead as long as you come near the amount you deducted. For example, if you save 25% in taxes, and put $100 in your FSA, as long as over the course of the year you can get reimbursed for $75 you break even, everything else is gravy. Not enough is said about the flexible spending benefit. I can never believe how few people take advantage. Most companies offer it and relatively few do it.

The most common thing you hear is “well, if I don’t use it I’ll lose it.” So be conservative! People fail to realize how many items they can put against it….most over the counter meds (tylenol, advil even icy-hot), any doctor’s co-pay, medication co-pay (yeah, birth-control too), eye exams, & not to mention if any type of emergency at all pops up and you have to eat into deductibles.

My wife got lasek last year, obviously not covered by our health insurance, but Flex spending reimbursed the whole thing.

Last point,…if you consider the tax savings, you come out ahead as long as you come near the amount you deducted. For example, if you save 25% in taxes, and put $100 in your FSA, as long as over the course of the year you can get reimbursed for $75 you break even, everything else is gravy.

]]>