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HSA is better as you are not required to spend all by a certain date or they take the remaining balance. I would forecast your typical annual medical spend based on prior years. FSA is good for reducing your Adjusted Gross Income but not so good if you dont spend it all and the balance is taken on the spend due date. I ended up spending 500 at the FSA online store on bandaids, aspirin, etc to avoid forfeiture of the funds one year.
You must have an exception to the forfeiture rule for 550 or they must have changed the rules. I remember the pain of losing money over the years which makes me hesitant to use FSA
I think it's a recent change. I just started a new job after being laid off in the spring, & saw my company lists a rollover amount as well. I don't recall seeing that when I started my prior job in fall 2022.
If you don't have an option for HSA, then you'll need to estimate how much you spend for sick-visits, medicine, glasses/contacts, dental care, & a little for accidental care (like sprain/broken bone). FSA is nice in that it's front loaded so if something major happens early in your benefit year you've got the money.
It stinks for when you have a good year health wise, because you have to use or lose, though the limited rollover is a nice change.
The other comments are accurate. But be sure to go to your employer’s HR Department /benefits Administrators to ask your questions. (That’s what they’re there for!)
That noted- I’ve listed some info from my tenure in HR/Benefits roles. First, I presume that you don’t have an HSA option or you would have noted that in your question. (Not all employees offer both. And, unfortunately, many don’t or can’t offer either.)
Regarding FSA…It’s sounds like you’ve got a very good benefits option here, and that your employer has utilized all the available options allowed by the IRS.
As background, the rules and values allowed for FSA are in accordance with federal IRS guidelines. (FYI. if you are married filing jointly, you both cannot use both employers’ FSAs to double the pretax benefit. )
The max amount usually changes each year- and the $3,300 sounds like the current max allowed. I believe that allowable roll over amount is a more recent update to IRS guidelines BUT these limits and guidelines are determined by your employer and their FSA provider/vendor on an annual basis.
An employer can choose to freeze or limit the benefit limit but typically it is updated when the IRS rules are implemented. The employer can choose to offer a rollover and the amounts if they choose to. (I’ve worked in places where the employer pays the administrative fee for this service or the ability to use a FSA benefits/debit card. I got this covered after talking with HR about the plan. Often, the FSA vendor and the employer’s account have funds available from prior years that can be used to subsidize or eliminate these admin costs for both the employee and employer.)
The FSA’s “Use it or lose it”provision is less of an issue now for a few reasons:
1) Debit Cards: Many plans offer a debit card to make most transactions at the point of sale. This convenience is well worth the cost and helps to avoid the end of year rush to find receipts for your Rx and other eligible expenses. I use my card at CVS and online at FSA.com where all items are guaranteed to be FSA eligible. (Use the coupon codes too for additional savings!)
2) So many, if not all, of our health insurance plans include deductibles, copayments and other miscellaneous expenses that can easily add up during routine healthcare appointments, emergency situations or an unforeseen medical diagnosis. Having a FSA card in my wallet gives me calm and less stress knowing that the $1000 deductible won’t impact my budget or credit card balance.
3)
4) With a note of medical necessity and a doctors authorization , you can actually use your FSA for gym memberships, weight loss programs to manage chronic obesity.
5) Supplement for gaps in dental and vision insurances: Many dental and vision insurance plans only cover a fraction of the true cost of service and related expenses. Your FSA can be used to pay for the kids braces, eyeglasses or contact lenses, Rx Sunglasses- not to mention that surprise dental bill that always comes in the mail 3 months late with a balance billed amount that the insurance company did not pay.
6) Miscellaneous: Your FSA will pay for random healthcare related purchases such as sunblock, aspirin, menstrual products, over the counter meds, even first aid kits- for an end of year spend down- I always visit FSA.com to stock up on eligible supplies.
Hope this helps!
All my best!
Kellie
I’d burn through that in less than a year for my husband and I. 🤷🏼♀️
I always max out for tax purposes. And yes, i use every single dime of it by 12/1 lol
Yes, i do. Every single year but that works for me personally tax wise. I have two jobs, over 6 figures, single with no dependents in a high tax state.