Shit Happens

Wednesday, December 14, 2005

FSA

I just changed my health care plan for next year to take out $1,200 in a flexible spending account. (health care reimbursement) That means I'll take home about $70 less per month in my check. (I get to keep the 30% that would have been taken out in taxes)

I've never done it before - I hope I don't regret it!

16 Comments:

  • At 12:49 PM, Blogger the good time girl said…

    is it bad that i don't know what any of that means?

     
  • At 12:55 PM, Blogger Marilyndrew said…

    Jenny said 186 teachers have them too (and I assuem Chatham)

    It's money that is put into an account for only medical spending - your deductable, perscriptions, asprin, tums - anything along those lines. It's tax free so if you put in $1,000 you actually get $1,000. The gov. takes out 30% of your check generally and you would really be only getting $700 of that $1,000.

    Also, if I have to spend the money before the end of the year, which means I can submit like 50 reciepts in Dec. if I want too. But if I quit before the end of the year, the $1,200 is still mine.

    Now I just need to start putting money into my retirement account ...

    When Farah lectures you about planning for the future, well, let's just say neither of us are going to begin careers as finacial planners anytime soon :)

     
  • At 1:21 PM, Blogger the good time girl said…

    i'm horrible with money. i can't even balance my checkbook. my dad makes all big financial decisions for me. isn't that sick? i'm 23 years old, and my dad still has to take care of my money?
    although everything you said made sense to me...do you know how to balance a checkbook?

     
  • At 1:25 PM, Blogger Amanda said…

    Benefits.....not much help here. I can read the stuff...but I usually end up asking my mom. But I can balance my checkbook....

     
  • At 2:03 PM, Blogger Marilyndrew said…

    I know HOW to balence my checkbook but the closest I come to actually doing it is checking my account a few days before my next check to make sure I haven't over drawn.

    And up until 6 months ago (at 23) my parents paid my cell phone and until I bought my new car, they paid my insurance.

    In case that makes you feel any better about asking your dad for help ...

     
  • At 2:25 PM, Blogger Amanda said…

    Ha. I am anal bank girl....I know to the penny....and I'm mad if I don't balance to it. I'm still on my parents insurance policy....but my mom sends me a BILL. Seriously. (Usually with $20 enclosed, which makes NO sense)

     
  • At 2:30 PM, Blogger Marilyndrew said…

    Ohhh THIS is what you and Ed have in common :)

    Parent insurance is great! I got kicked off when I turned 23 but I didn't have to pay for that crap.

    I inherited any health problems from my family, the leats they can do is pay my medical bills until I turn 23 ;)

     
  • At 2:40 PM, Blogger Amanda said…

    Oh, I'm on their car insurance, not health....I have lovely student insurance.

    Are you referring to spoiled only child syndrome? (as I call it)

    If so....Ed is WAY worse than I am.

     
  • At 4:07 PM, Blogger Marilyndrew said…

    no I was referring to ed's money savvy ways

    but I'll go along with spoilied too

    and throw in competative, just for fun (him not you :)

    love you eddie!

     
  • At 4:23 PM, Blogger Amanda said…

    Ha, I'm only money savvy when it comes to bank rules/regs, and balancing my checkbook....a lot of the rest goes over my head.

    LOL....definitely NOT as competitive. Esp. at bar type games.

    Like photohunt. Or pinball.

     
  • At 7:56 PM, Blogger Amanda said…

    FYI-
    Ed says he used to be competitive, he's not anymore.

    (oh, only at pinball)


    HA.

     
  • At 8:59 PM, Blogger Marilyndrew said…

    I didn't really notice Ed was competative until we played the dance game.

    He was patient with me and I appreciate him sharing but he made sure we all knew our places as not-as-practiced dancers :)

     
  • At 9:37 PM, Blogger Amanda said…

    Yeah...you should have seen him and Josh....since Josh knows how, it was hardcore.

    Silly boys.

    Ed and K are at King Kong....Sarah and I are chatting on imer....we're nerds.

     
  • At 9:38 PM, Blogger Amanda said…

    Ooooh...and thanks for the linkage!

     
  • At 8:02 AM, Blogger Poolboy said…

    www.fsafeds.com is a website that explains how the FSA works... this is a website for federal employees, but I'm sure it's relatively similar for those in the civilian sector. :)

     
  • At 3:12 PM, Blogger Sarah said…

    i just started putting money in an FSA last year and it worked out GREAT! my only advice is this: don't pool reciepts so you can submit then all at once and get a big check. I tried doing this and ended up losing a few of them..so there is about $150 that I have left in my FSA and can't claim so the government gets it. boo!!

     

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