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Financial Planning / Tax Strategies
|Subject: Re: Flexible Spending Accounts||Date: 9/27/2001 12:50 PM|
|Author: Odee||Number: 54258 of 121223|
Some questions I have are what happens if I or my spouse gets laid off?
My wife contributes to the FSA (not available through my job) and my understanding is: if she was laid off, the contributions would stop and we would submit our expense up until she was laid off. Indicating the difference could still be lost.
Is the process of filling out those darn vouchers a pain and are you reimbursed in a timely manner?
The form we use requires the company name, my wife's (the employee) name and address, work phone number, SSN and then we have to write in my daughter's name, the name of the daycare facility (someone watching children in their own home without a license - would NOT qualify - VERY IMPORTANT to determine this BEFORE starting the FSA), the covered dates and amounts.
It's a pain for me to keep after the daycare facility to provide receipts on a timely basis. They used to provide them once a week, then switched to a statement off their computer - when they get around to printing them. If I left it up to my wife to submit the claims...the FSA wouldn't be a benefit at all...but I digress.
Our administrator only cuts checks twice a month, the 15th and the 30th. The claims must be received at least 2 days prior to those dates.
You must be able to contribute to the FSA and still pay the daycare facility, then submit your claims. Not everyone will find this aspect beneficial - it can put a cramp into the old budget.
We currently participate in the medical FSA to pay for braces (orthodontic) and then stop using the medical side when the braces are removed.
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