Flex Spending Accounts – Worth it or no?

Today I had the last of my flex spending money returned to me via direct deposit and I was so pleased because it was such a stretch to use all the money after all! I grossly overestimated how much I would be spending and was left scrambling at the end. Luckily, a bill from the doctor’s office came in that I was able to claim mileage on so it worked out ok. (If it hadn’t, I was going to have to reconstruct a year’s worth of mileage which is reimbursable but I never claim because it’s a pain in the ass.)

This year, because of changes in the rules about reimbursement, I put less in my account than last year. Sometimes, I wonder why I really bother though. On one hand it’s a nice little “bonus”, but it’s also a pain in the ass too. (I put bonus in quotes becuase I realize it’s really my money, but it’s taken from my check directly so it feels like a bonus.)

I don’t fall into a bracket where saving on the taxes really helps all that much so sometimes I wonder if it’s worth it at all…but then I have a medical bill or need a filling and you know what? Maybe it’s worth it until I get my savings levels up to where I want them.

Not knowing what life has in store for me for the next couple years, I think I’ll reconsider this again next year but I will likely do the Dependent Care option if it applies when it’s time for kids…

Do you have a Flex Spending Account? Do you find it worth your time or just a pain in the butt?





One Response to “Flex Spending Accounts – Worth it or no?”

  1. Allison Blass Says:

    I love FSA. Since I visit doctors regularly and get prescriptions monthly, any bit of savings really helps. My last FSA company gave me a debit card to use, so I never had to worry about spending my own money and then getting reimbursed. All my money for medicines were safely tucked away elsewhere, which made it really easy to budget. of course, I ended up going through it super fast last year because of an emergency root canal, but I’m still glad I had less to put on my credit card/take out of savings with my FSA than without it! But I can see how people who just never get sick or never see the doctor would have a hard time being motivated because you don’t have a good sense of how often you’d use it.

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