Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Odee Big funky green star, 20000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Flexible Spending Accounts Date: 9/27/2001 12:50 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.

Odee

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Mylan Transitioning from Generics
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement