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It's that time of year: open enrollment

Discussion in 'Anything goes' started by Cadet, Oct 19, 2007.

  1. Fourth and 8

    Fourth and 8 Member

    This is never called: "You saved our company expense in these areas and for that, we're holding the line or even raising the company's share in your benefits."

    Fuck corporate America. They're even now getting to the point of saying "who says employees should even get benefits? When did they become entitled to this?"

    Go ahead and say that, assholes. But at the same time, when you're cutting the company contribution to 401K to 2.5 percent, do the same for yourselves when you get a full matching 5.
     
  2. SoCalDude

    SoCalDude Active Member

    The flex accounts are worthwhile.
    I used one for child-care a few years ago when my daughter was younger. I, unfortunately, estimated wrong one year and had to come up with some bogus receipts at the end of the year. But I wasn't hassled or questioned about them and it was worth it for the money you save on taxes.
    The medical one has been fine. I just use it for prescription because we have several. Our plan doesn't even require submissions, it's all done automatically. I already have gotten back all of my money this year even though I won't fully pay into it until the final paycheck of the year. Just make sure you don't overestimate.
     
  3. Ace

    Ace Well-Known Member

    High deductibles as opposed to one that covers everything but has co-pays can be a good way to go.

    The insurance companies make deals with doctors and pharmacies so even if you are paying full price for an office visit or a prescription, it may not be much more than the co-pay. And sometimes less. Lots of antibiotics may be just $4 on a high deductible plan but you'd still pay $15 or $20 with a co-pay plan.

    If you can save the money in a medical savings plan or whatever (especially one that can roll over) that's a good way to keep from taking a big hit and still getting the tax break.
     
  4. The best choice is to openly enroll in law or business school.
     
  5. EStreetJoe

    EStreetJoe Well-Known Member

    Did I mention that our health insurance and our prescription plan are administered by two different companies?
    That we have no dental plan?
     
  6. OTD

    OTD Well-Known Member

    There's a company that manages the account (mine is called WageWorks) and you fax them the receipt. As long as it says "prescriptions" on it, that's all they care about. You can technically put non-prescription stuff on it too (like aspirin). I'm surprised to hear about SC's problem. On mine, as long as it's out of the pharmacy, it's OK.

    I only have to fax the receipt if the report they get from the pharmacy doesn't say it's a prescription. I would say about 1 in 5 gets kicked back. Just save your receipts until it says on their website that they've approved the transaction, and you're OK.
     
  7. patchs

    patchs Active Member

    Work for Lee?
    That video was a joke.
     
  8. wickedwritah

    wickedwritah Guest

    Lee blows.
     
  9. jambalaya

    jambalaya Member

    Many chain pharmacies like Walgreens print "FSA" on your receipt next to items that are widely covered by FSA's, or flexible spending accounts.
     
  10. Sxysprtswrtr

    Sxysprtswrtr Active Member

    What I thoroughly enjoy most about the open enrollment and benefits meetings?
    Every person asking very specialized questions about his or her own situation - it takes up too much time and it wastes other folks' time. I just cannot relate to how your proctology exam for your husband and your maternity costs for your twins will factor under a HMO doctor versus as PPO plan. Etc.

    I wish there was a way (I know I'm dreaming here) we all had the option to sit down individually with healthcare reps and go over our own questions.

    I've never used a flex spending account, but am thinking of signing up for one.
    Anyone have any advice for reasons not to get a flex account? Oh wait, I bet you might say, "it all depends on your situation."

    :)
     
  11. Cadet

    Cadet Guest

    Courtesy of our friends at the IRS, who of course should be involved in health care, the list of qualified medical expenses that you can use flex account dollars for (IRS Pub 502):

    Abortion
    Acupuncture
    Alcoholism
    Ambulance
    Artificial Limb
    Artificial Teeth
    Bandages
    Breast Reduction Surgery
    Birth Control Pills
    Braille Books and Magazines
    Capital Expenses
    Car
    Chiropractor
    Christian Science Practitioner
    COBRA
    Contact Lenses and Supplies
    Crutches
    Dental Treatment
    Diagnostic Services
    Disabled Dependent Care
    Drug Addiction
    Eyeglasses
    Eye Surgery, including corrective procedures
    Fertility Enhancement
    Guide Animal
    Health Institute
    HMO
    Hearing Aids
    Home Care
    Home Improvements
    Hospital Services
    Insurance Premiums
    Employer-Sponsored Health Insurance Plan
    Laboratory Fees
    Lead-Based Paint Removal
    Legal Fees
    Lifetime Care, advance payments
    Lodging
    Long-Term Care
    Meals
    Medical Conferences
    Medical Services
    Medications
    Nursing Home
    Nursing Services
    Operations
    Osteopath
    Oxygen
    Prosthesis
    Psychiatric Care
    Psychoanalysis
    Psychologist
    Special Education
    Sterilization
    Smoking Cessation
    Surgery
    Telephone/Television
    Therapy
    Transplants
    Trips
    Tuition
    Vasectomy
    Weight-Loss Program (obesity)
    Wig
    X-Ray

    Items specifically prohibited include: cosmetic surgery, non-obesity weight loss programs, funeral expenses, medicines from other countries, nutritional supplements, health club dues, teeth whitening, swimming lessons and personal care items.

    Our HR director and all the handouts say over-the-counter medicines are OK to purchase with flex dollars, but that is contradictory to what the IRS seems to be saying. Hmm.
     
  12. deskslave

    deskslave Active Member

    Tuition?
     
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