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New government change to FSA (Flexible Spending accounts)

Discussion in 'Parents of Children with Type 1' started by ecs1516, Feb 15, 2013.

  1. ecs1516

    ecs1516 Approved members

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    We used to load $3500 a year onto the FSA card to use for all medical expenses. Which in our case is all diabetes related. The new cap is $2500. Called United and they said this is part of Obamacare.
     
    Last edited: Feb 17, 2013
  2. MyHandsAreFulll

    MyHandsAreFulll Approved members

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    It really stinks, we always have put in the $5000 max, was very disappointed to find out it had been lowered to $2500. Last year we spent over $15,000 on medical costs for our family, that was our portion after insurance had paid. Our countries effort to provide medical coverage for all is costing my family greatly :(
     
  3. quiltinmom

    quiltinmom Approved members

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    Ugh, don't get me started. I haven't used FSA's much in general, but obamacare...I hate it! Our coverage went down, and deductible doubled this year. :( So much for watching out for the middle class.
     
  4. Danielle2008

    Danielle2008 Approved members

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    Our premiums are going up nearly $800 next year:(

    My work is doing 'health incentives' saying if you follow this program, you "might" save on the premium. You have to go through BMI screening, and a full lipid panel, as well as fill out some health thing online at UHC website.

    I don't like it.

    In fact, per the CEO "The contributors to health are 20 percent genetics, 20 percent environment and 50 percent lifestyle behaviors."

    Wonder what they think when I have to check the "Diabetes" box, but don't ask what type, and look at my overall health. Which is good.
     
    Last edited: Feb 16, 2013
  5. steph

    steph Approved members

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    Not sure what you mean by "how is this going to help us?" The majority of obamacare is tax increases on both individuals and businesses which are going tob drive up costs for everyone. I don't think the intent was ever to "help" the middle class. It was to increase revenue for the increases in govt spending. What your employer pays to cover your insurance is now taxed as income.
     
  6. hawkeyegirl

    hawkeyegirl Approved members

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    I disagree with all of this, but your last sentence is just flat-out factually incorrect.
     
  7. swellman

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    Thank you.
     
  8. momof2greatkids

    momof2greatkids Approved members

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    I don't know if this is new for 2013, or if I just didn't know about it before, but if you have two jobs that offer FSA's , or if you and your spouse work , you can have two FSA's. My husband and I were both able to set up FSA's for $2500 each this year.
     
  9. Darryl

    Darryl Approved members

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    I don't think it's helpful to classify a particular problem with the new health care law as the fault of "obamacare" without looking at the bigger picture. Along with this particular reduction in individual FSA contributions (now $2500 per person, $5000 per couple), which I'd agree is not a good thing for people with chronic illnesses, the new law allows us to keep our children on our health plans until age 26 which FAR outweighs the difference we suffer from having an additional $1,000 not pre-tax (what does the difference really come to in a year - $150 or $200 for those in a 15% or 20% tax bracket?). And I don't know whether to blame it on the new law, or what else, but for the first time this year our federal-funded secondary insurance through Medicaid is now paying 100% of our CGM and Pump which will save us $6,000 a year. I suppose I've been leery of "obamacare" posts since this one - http://forums.childrenwithdiabetes.com/showthread.php?t=72412 and think that we need to keep in mind that there are pros and cons of any attempts to remedy the health care system.
     
  10. swellman

    swellman Approved members

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    Thanks Darryl for pointing a out what I think is the single most underrated pro, in our situation, of Obamacare. I was a tad upset when I found out that the FSA limit was changed due to legislation but then I read more and saw that it was, in fact, a reasonable approach to limit tax deferment. Few had compensation that could afford deferment greater than $2500. Truth is that those that contributed saved less than $300 per $1000 and almost no one contributed more than $2000.

    tl;dr Odds are this change in FSA does not cause a hardship.
     

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