Any financial guru's? FSA, savings & braces

[iamtheotherme]

I use FSA for my braces too, which is the only help I get since my dental insurance doesn't cover adult orthodontics (boo!).

Our plan works very similarly to sherilynn's and lilblackdress', except for a couple details. It is reimbursement plan, so I have to pay for the service first, then fill out paperwork to get reimbursed. This is no big deal, as I pay my ortho the payment when I go for an adjustment and they give me a lovely receipt that I submit to the FSA that day. At least I'll be getting a ton of credit card points for my trouble.

Also, because my treatment breaks over two years, 2008 and 2009, I had to submit a treatment plan to the FSA to have on record. It showed initial fees, record fees, the monthly payment amount, and the estimated treatment time. I'm not sure why, but we all (me, my dentist, the ortho) had to be very careful to call the down payment an "initial fee." The different terms mean something different to my FSA company and made a difference in if I got reimbursed or not.

[dangerdude]

I have a big headache today reading through all of my company's booklet for the FSA, seeing how it works and whats covered. Looks like I'll be reimbursed after I pay but its done electronically and automactially for my dental and FSA company.

I still don't get how I will be reimbursed if I pay in full starting in Jan. It doesn't look like they will give you back more than you have put in. So maybe I would put $250, they would give back $250.

[dangerdude]

I think I can take out the full amount after all...Dependent FSA is one where I would have to wait for the funds to be aquired first.

The amount available for reimbursement from your FSA at any time during the calendar year is limited to the total amount you elected to have contributed for that year, less any reimbursements you already received for that year.

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The amount available for reimbursement from your Dependent FSA at any time during the calendar year is limited to the total amount actually contributed to your Dependent Care FSA at the time of your reimbursement request, less any reimbursements you already received for that year.

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Available Reimbursement Amounts
The amount available for reimbursement from your FSA at any time throughout the Plan year is the total amount elected for the Plan year, less any reimbursements you already received for that Plan year.

[lilblackdress]

iamtheotherme:
My FSA has two "payment" options. I can either pay out of pocket first and then get reimbursed from my allowance (I think this is how your plan works) or, I can have the medical provider charge my FSA credit card. My plan has a Visa card that's tied to my designated allowance. It works like a debit card and I don't have to wait for my reimbursement check. I still have to submit receipts though to prove that the charges are legitimate. I never thought about paying with my credit card first to receive the extra award points. That's a great idea!

dangerdude

I still don't get how I will be reimbursed if I pay in full starting in Jan. It doesn't look like they will give you back more than you have put in. So maybe I would put $250, they would give back $250.

For my plan, I have my entire allowance available to me on January first, even though I don't contribute to my allowance until payday. So, if I elect to contribute $3000 to my FSA, I have all $3000 available to me on January 1. I'm not sure how reimbursements are handled though. Maybe there's an HR representative at your company that can explain how you'll be reimbursed? I would imagine that most plans work like Meryaten's.

[dangerdude]

I plan on calling the FSA company tomorrow after I go through the paperwork again tonight. Theres a good 60-70 pages just on FSA alone There is no mention of an FSA credit card. Everything that is written, mentions reimbursement.

When you have eligible expenses, you first pay the bills as you normally do, then you submit them for reimbursement. You then use the money in your HSA, Health Care FSA and/or Dependent Care FSA, like cash, to reimburse yourself for eligible expenses. You do not pay taxes on the money set aside in your HSA, Health Care FSA and Dependent Care FSA. The tax advantage of the account is that you pay less federal, state (in most states), and local income tax (if applicable) and Social Security taxes, which increases the amount of your take home pay.

[dangerdude]

So I called the FSA company my company uses, they said we don't get the FSA cards. We pay first, submit invoices and they will deposit the funds back in our accounts or send a check. I just went ahead and enrolled for $3,000 the maxium allowed. $250/month. So there's no turning back now.

[almost50]

I'm so jealous!
I work for a small company. No FSA, and maximum of $1000 per year coverage for dental work, after that you're on your own.

[dangerdude]

So I called up my insurance company - Cigna HMO. Turns out 50% is what they will pay for But I must go to one of their preferred doctors. No, problem, plenty to choose from.

I wrote down the prices the rep over the phone stated I should be expected to pay with my coverage. These are my copays:

Xrays-all $0 (no cost)
Pre consultation $50
Records/molds $125
Banding of the braces “brace dayâ€

[Braceschris]

Keep in mind if you do not have an FSA Account you can still take the treatment off your taxes. It will depend on the ded of your Adjusted Gross Income. under medical ded. Just go to the IRS section on medicals and it will give you more information.

Chris

[dangerdude]

Keep in mind if you do not have an FSA Account you can still take the treatment off your taxes. It will depend on the ded of your Adjusted Gross Income. under medical ded. Just go to the IRS section on medicals and it will give you more information.

Chris

I'm pretty sure you can't double dip with FSA and tax credits. Plus, the treatment amount must be over 7.5% of my gross income.