Re: [TSPStrategy] Off Topic: Health Care Spending Accounts

Bill Steele, 

It sounds like you are asking about an HSA (Health Savings Account), not an FSA (Flexible Spending Account). I have used both and now use an HSA. An FSA has the advantages mentioned above including seamless payment of copays and deductibles. An HSA, as you mentioned, issues you a debit card to pay coinsurance and deductibles from your account. An HSA typically has superior tax advantages to an FSA whether use your insurance a lot or very little. But with those advantages come more work and recordkeeping. 

Tom

On Wed, Nov 25, 2020 at 4:09 PM MD2018 via groups.io <rlkane.wc=verizon.net@groups.io> wrote:

I used it for years (before I retired). It was great. You decide how much you want to deduct from your paycheck automatically. When the Insurrance company posts the EOB statement you get reimbursed from FSA. There are some medical items like glasses, and dental, some medical supplies or equipment that you can submit a receipt on the website to be reimbursed. Anything you add to your FSA is deducted from pay and it is then tax exempt but since this reduces your annual pay it doesn't count towards your SS earnings either. 

Richard

On Nov 25, 2020, at 2:24 PM, bill_steele_sr via groups.io <bill_steele_sr=yahoo.com@groups.io> wrote:

I got an email about enrolling in FSAFEDS. I use quite a few services and monthly medications. The information on the website raised more questions for me than it answered, and the contact phone number is for members only.

In the past I thought that a person who had one of these spending accounts put money into an account from their paychecks, was issued a debit card type payment card, and used that when paying for services- with the money deducted via the debit card. But every page of the information website discusses "Claim Forms" and "Supporting Documentation".

So are the millions of people who have these plans required to spend their time filling out claim forms every time they pick up a prescription or visit a doctor?

Thanks!!!

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Ditulis oleh: Andriansyah -