Wanted. Psychic with Experience in Flexible Spending Accounts

December 3, 2006

How much will you spend on health care next year? If only you had a psychic to help you figure that one out.

I went through the usual what-if scenarios this November when allocating my flexible spending account withholding. It is a useful tax reduction strategy but it can drive you crazy! The frustration of the process had mostly faded in my mind until today when I ran across an FSA article by Mighty Bargain Hunter.

As I attempted to calculate how much I’d spend next year for healthcare, I ran across a FSA Calculator on the United Health Care website. The helpful thing about the calculator is that it reminds you of all the different health categories. I’ve listed the potential expenses from the calculator below. Included are the questions I’ll ask the psychic once they respond to this add:

Deductible Will my deductible go up next year? Wait, I guess I already know that one.

CopaymentHow many times will I be sick enough to go to the doctor?

Eye Exams Will my eyes go bad reading the fine print on the FSA forms?

Eyeglasses/Contacts Will I throw my glasses across the room when my claim is denied?

Chiropractic Treatment Will I throw out my back wrestling with my HR department?

Prescribed Medicines What medicine might I need for the sicknesses I might have?

Orthodontia Services How many hours will I grind my teeth while on hold with the FSA administrator?

Psychiatric Treatment Will I go crazy worrying about not using up my FSA balance?

Maternity Expenses Will we get pregnant next year? Oh yea, boy or girl?

Other Eligible Expenses Is the cost of a psychic an eligible expense?


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Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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