Comments on: New Flexible Spending Account Strategy – Personal Finance Review

By: Flexible Spending Account Claims Strategies for Procrastinators » Money Smart Life

Fri, 11 Apr 2008 13:15:45 +0000

[...] account claims for 2007. I mentioned in an earlier post a strategy you might use to spend any extra money in your FSA leftover at the end of the [...]

By: Ben

Ben — Mon, 31 Mar 2008 12:50:25 +0000

Simon, I’ve submitted the reciepts. We’ll see if it works or not.

By: SIMON

SIMON — Fri, 28 Mar 2008 20:03:03 +0000

Your strategy will not work. The medical services must have already been provided prior to plan year being over or your date of termination. Your plan administrator my not notice but IRS will when they get audited.

Not a good Idea!!

By: My Dollar Plan

My Dollar Plan — Fri, 14 Mar 2008 18:13:23 +0000

Most flex plans require that the service has to be incurred, not the payment. Prepaying generally won’t work. However, your administrator might not notice and could still pay it.

By: Jerry

Jerry — Fri, 14 Mar 2008 15:12:24 +0000

What a smart solution to using your account. We also have flex spending account and last year we were running to the pharmacy to stock up on contact solution, etc. We’ll do differently this year. Health insurance these days seems to be prepayment for services. It just leads to not paying full price for services rendered.

Jerry

By: Brip Blap

Brip Blap — Wed, 12 Mar 2008 10:35:10 +0000

Thanks for the mention. That’s a very interesting idea. I might have to try that, although I have a “prepaid” Mastercard benefits card for my FSA, so I REALLY would wonder whether they’d accept prepayment. But that thought never crossed my mind, so I’ll try that. What do I have to lose? I don’t want to have to buy $80 worth of OTC medicines I don’t need right now like I did last year…

By: Ben

Ben — Wed, 12 Mar 2008 07:48:29 +0000

I’m wondering the same thing. I’m submitting the receipt tomorrow to see what happens.

By: Chief Family Officer

Chief Family Officer — Wed, 12 Mar 2008 03:32:52 +0000

That’s a very interesting idea. I’ll be very curious to find out if you are reimbursed because our program explicitly requires that the date of service be on the form, and that the service must already have been rendered.

By: MillionDollarJourney

MillionDollarJourney — Tue, 11 Mar 2008 13:59:30 +0000

Thanks for the mention!