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FSA

Discussion in 'Parents of Children with Type 1' started by RomeoEcho, Jan 9, 2015.

  1. RomeoEcho

    RomeoEcho Approved members

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    I've had an HSA before, and I was able to decide when the money was withheld, so that I could contribute it all in the first month and use it to pay my deductible. I will certainly be meeting my deductible early in the year, but the FSA contributions will be withheld each paycheck. If its withheld equally from each paycheck, paid bimonthly, and all excess funds are forfeited at the end of the year, how do you spend the last bit that went in the second half of december when I need to pay my deductible in the beginning of the year? Can you wait to reimburse claims from January in December?
     
  2. KatieSue

    KatieSue Approved members

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    With FSA your full yearly amount is available January 1 - even though you haven't paid into it yet. For example if you elected to put $1000 into the FSA. On January 1 your account will say $1000 available. You don't have to wait for the amount taken from each paycheck to hit the account before you can use it. That's the main difference from an HSA.

    You can submit any expenses up to March - can't remember if it's beginning or end, of the following year to use up any left over funds. So if you still have $200 in funds on 12/31 you can submit an expense in say January or February.
     
  3. RomeoEcho

    RomeoEcho Approved members

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    Thank you! That makes much more sense.
     
  4. coni

    coni Approved members

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    The expenses submitted before the March deadline have to be for the FSA year. For example, if I have $1,000 in a 2014 FSA and haven't claimed $200 of it, I can claim the expenses before the March deadline in 2015, but the expenses had to occur in 2014. You probably know this, but just in case...
     

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