As a frequent user of FSA funds for chronic medical conditions, I can say that not *all* over the counter items have been removed from the eligable list. Bandages, braces, thermometers, and other "Devices" are all reimbursable without a prescription, as well as the contact lens solution. Also, while you need a prescription for most over the counter meds to be reimbursed (dated before you bought it), you can usually just included it with your claim; it doesn't need to be processed by the pharmacy.
Thank you for this article. I've lately been trying to utilize tips like these and are seeing improvement in my home life. I've never read an article that sums up so many scattered ideas I've come accross so nicely! I will keep it and share with others.
I pay membership at the YMCA. It's just re-opened up last year and everything is new. Since it's in a neighborhood that doesn't get a lot of attention, most times the fitness room is empty. Almost like having my own private gym! In two months, I've lost 10 pounds. That's enough motivation to keep me going! Another plus is location, only fifteen minute walk from home.
you've obviously never milked a cow... it takes all of about 20 minutes to milk a cow with an electric milking machine, 2 times a day, so the cows are not strapped in the barn all day long. the part about adding hormones, and pesticides... i think you miss the point in that the foods the cows eat have none of these added.
Hi there - I'm somewhat confused by the word "free" in your post. You put the money into your FSA each paycheck. So, you essentially just spent your money - pre-tax. You saved money for sure (your tax bracket percentage to be exact), but it surely isn't free.
Also, I saw you included the link, but for 2011 many items are no longer eligible or require a Doctor's prescription for eligibility, even if the item is sold over the counter. Here is a handy list that I use, as it is managed by one of the largest FSA vendors. https://www.wageworks.com/employee/health-care/expenses/fsa.htm
You apparently don't realize, despite all the articles about the changes last year, that you can NO LONGER GET these items with your FSA account without a prescription. Look it up - FSA rules for 2011.
I've use to use a Gillette Mach 3 razor every week. I got tired of spending all that money and really wasn't getting that great of a shave. So after doing a bit of research I did two things, first I got an EverBlade - which is awsome! It keeps my blade sharp for 4 months now and shaving with a sharp blade is truly a joy. Also I switched to using a shaving brush - this has made all the difference in the world to me. Highly recommend them both! Get an EverBlade and good brush!
I was recently at a bachelorette party that followed SOME of your guidelines. We started with a bridal shower lunch at a small restaurant, which was lovely. Then, we took a limo to a winery. We all split the cost of the limo and tasting, which ended up to be about $40 each. I probably ended up spending around $120 for the shower and party plus her gift, so it was a lot. There were definitely some things that could have been done to save money, but the bride-to-be had a blast, and in retrospect, that is most important.
I agree. I never cook in my microwave, but I use it for shortcuts like softening butter, defrosting, heating water.
Plus I'm sure a microwave takes up much less space than having a toaster oven and the special pans that go with it, an electric kettle, and the other gadgets that compensate for not having one.
Thanks for the comment, Michelle, and the link. At the end of my piece you'll see a link also that details what's available with flex spending and what requires pre-approval or a prescription as of Jan. 2011. As for the funds in my personal account, I can't remember if my employer allotted extra money above my salary or I had to put a minimum amount into the flex spending account, but either way at the end of the year that money would have gone to waste if I hadn't used it to stock up on eligible medical and health products. Thanks again!
@ Carolyn, I was mortified when I saw this article, because the rules have changed as of this year! I glanced and the headline and thought there was something I missed in the new rules, but this post cites an example from 2003?! IRRELEVANT!!
The way I understand it, essentially everything OTC you claim on your FSA requires a doctor's prescription, now... ridiculous.. how's that supposed to save you money? Forcing you to go to the doctor to get a prescription for Aleve when you have a headache?
I think WiseBread should be ashamed for posting a wholly out-of-date post like this.
I love all this drama about netspend when they are probably the best company there is for getting transactions done via VISA without being raped by banks. You can't overdraft with this card, its limit is set by the amount of money you load into it, and the fees are so cheap its ridiculous to even bother with a bank. I think your all a bunch of women who want to be part of the group mind and gaggle about your awful experience with receiving a card in the mail. Its so horrible how the card came, and you had to spend 2 seconds destroying it. With netspend I don't get charged 36 dollars and they don't ever bounce a single transaction.
Now go back to watching Alex Jones and Fox News and stop hating on a company trying to help you out.
This changed as of this year. Now, while those things are still allowed under flex spending, you have to have a doctor's prescription for them.
I you can get your doctor to write you a prescription for bandaids, sunscreeen, etc., AND get the pharmacy to accept the prescription for OTC items, you'll be able to use your flex spending dollars.
Larger pharmacies have been rejecting these prescriptions lately (manpower and supply issues - they have to go pull them item from the store, print the prescription label, etc.).
I was under the impression that the health care reform bill has disallowed these uses for FSA monies beginning in 2011. Can you provide information about whether that's true?
I don't get how you're scoring free money. It's your money in the first place.
You're not "saving" on any of those items unless you planned/needed to buy them anyhow and then you're saving a miniscule amount of state/federal tax that you would have spent if your employer had taxed you on that $5 per Pedialyte.
Plus, the law on this changed last year and so you can't even do most of those purchases under flexible spending anymore:
My most effective hours i've found are between 8 am - 11 am and 6 pm to 9 pm at night. I really do take out all distractions and concentrate on the tasks at hand.
Oh boy, oh boy. I wish I had this list before. I can see several things that happened before I was let go after 13+ years with exemplary evaluations. Some great employees at our office (I was a roady...representative) also got the pinkie.
The company came after my unemployment benefits by saying I was working for them while I collected. I was being paid severance. The decision was overturned by a judge. Now, since they didn't win that battle, they are trying to say I voluntarily quit.
I recall being 3 1/2 hours from home on a job when the district manager came to tell me that it was to their best interest if I didn't go back to work. Voluntary? Now I guess I have to appeal again. Yes, I had to sign a no sue clause for the severance...so I just have to keep playing their game until they get tired. A multi BILLION dollar international company, has nothing better to do. *rolls eyes*.
I pay for a gym membership because I get the best workout in classes. I know I'm never motivated to work as hard when I work out alone. That said, I also run a good deal outside the gym.
As a frequent user of FSA funds for chronic medical conditions, I can say that not *all* over the counter items have been removed from the eligable list. Bandages, braces, thermometers, and other "Devices" are all reimbursable without a prescription, as well as the contact lens solution. Also, while you need a prescription for most over the counter meds to be reimbursed (dated before you bought it), you can usually just included it with your claim; it doesn't need to be processed by the pharmacy.
Thanks to everyone who pointed out the errors in this post -- it has been updated to reflect the 2011 rules.
That link is helpful, thanks for the PDF. Wouldn't have known about the things that ARE still allowed otherwise,
Thank you for this article. I've lately been trying to utilize tips like these and are seeing improvement in my home life. I've never read an article that sums up so many scattered ideas I've come accross so nicely! I will keep it and share with others.
Thank you!
this isn't true anymore. due to obama's heath care bill. fsa cannot be used to pay for any over the counter items anymore.
I pay membership at the YMCA. It's just re-opened up last year and everything is new. Since it's in a neighborhood that doesn't get a lot of attention, most times the fitness room is empty. Almost like having my own private gym! In two months, I've lost 10 pounds. That's enough motivation to keep me going! Another plus is location, only fifteen minute walk from home.
you've obviously never milked a cow... it takes all of about 20 minutes to milk a cow with an electric milking machine, 2 times a day, so the cows are not strapped in the barn all day long. the part about adding hormones, and pesticides... i think you miss the point in that the foods the cows eat have none of these added.
Hi there - I'm somewhat confused by the word "free" in your post. You put the money into your FSA each paycheck. So, you essentially just spent your money - pre-tax. You saved money for sure (your tax bracket percentage to be exact), but it surely isn't free.
Also, I saw you included the link, but for 2011 many items are no longer eligible or require a Doctor's prescription for eligibility, even if the item is sold over the counter. Here is a handy list that I use, as it is managed by one of the largest FSA vendors.
https://www.wageworks.com/employee/health-care/expenses/fsa.htm
You apparently don't realize, despite all the articles about the changes last year, that you can NO LONGER GET these items with your FSA account without a prescription. Look it up - FSA rules for 2011.
You need to retract this article.
I've use to use a Gillette Mach 3 razor every week. I got tired of spending all that money and really wasn't getting that great of a shave. So after doing a bit of research I did two things, first I got an EverBlade - which is awsome! It keeps my blade sharp for 4 months now and shaving with a sharp blade is truly a joy. Also I switched to using a shaving brush - this has made all the difference in the world to me. Highly recommend them both! Get an EverBlade and good brush!
EverBlade seems to have a good selection of products: www.greeneverblade.com
I've been looking for some ideas just like this for my wife and I. Some good articles in there thanks!
I was recently at a bachelorette party that followed SOME of your guidelines. We started with a bridal shower lunch at a small restaurant, which was lovely. Then, we took a limo to a winery. We all split the cost of the limo and tasting, which ended up to be about $40 each. I probably ended up spending around $120 for the shower and party plus her gift, so it was a lot. There were definitely some things that could have been done to save money, but the bride-to-be had a blast, and in retrospect, that is most important.
I agree. I never cook in my microwave, but I use it for shortcuts like softening butter, defrosting, heating water.
Plus I'm sure a microwave takes up much less space than having a toaster oven and the special pans that go with it, an electric kettle, and the other gadgets that compensate for not having one.
Hi, Carolyn! At the end of the post there's a link that should help clarify eligible expenses. Here it is again: https://www.adpcobrafsa.com/wcms15/697-healthcare-eligible-expenses. Hope that helps.
Thanks for the comment, Michelle, and the link. At the end of my piece you'll see a link also that details what's available with flex spending and what requires pre-approval or a prescription as of Jan. 2011. As for the funds in my personal account, I can't remember if my employer allotted extra money above my salary or I had to put a minimum amount into the flex spending account, but either way at the end of the year that money would have gone to waste if I hadn't used it to stock up on eligible medical and health products. Thanks again!
@ Carolyn, I was mortified when I saw this article, because the rules have changed as of this year! I glanced and the headline and thought there was something I missed in the new rules, but this post cites an example from 2003?! IRRELEVANT!!
Here's a link to the severe limitations on FSAs that started Jan. 1st, 2011.
http://www.irs.gov/irs/article/0,,id=227301,00.html
http://www.irs.gov/pub/irs-pdf/p969.pdf
The way I understand it, essentially everything OTC you claim on your FSA requires a doctor's prescription, now... ridiculous.. how's that supposed to save you money? Forcing you to go to the doctor to get a prescription for Aleve when you have a headache?
I think WiseBread should be ashamed for posting a wholly out-of-date post like this.
I love all this drama about netspend when they are probably the best company there is for getting transactions done via VISA without being raped by banks. You can't overdraft with this card, its limit is set by the amount of money you load into it, and the fees are so cheap its ridiculous to even bother with a bank. I think your all a bunch of women who want to be part of the group mind and gaggle about your awful experience with receiving a card in the mail. Its so horrible how the card came, and you had to spend 2 seconds destroying it. With netspend I don't get charged 36 dollars and they don't ever bounce a single transaction.
Now go back to watching Alex Jones and Fox News and stop hating on a company trying to help you out.
This changed as of this year. Now, while those things are still allowed under flex spending, you have to have a doctor's prescription for them.
I you can get your doctor to write you a prescription for bandaids, sunscreeen, etc., AND get the pharmacy to accept the prescription for OTC items, you'll be able to use your flex spending dollars.
Larger pharmacies have been rejecting these prescriptions lately (manpower and supply issues - they have to go pull them item from the store, print the prescription label, etc.).
I was under the impression that the health care reform bill has disallowed these uses for FSA monies beginning in 2011. Can you provide information about whether that's true?
I don't get how you're scoring free money. It's your money in the first place.
You're not "saving" on any of those items unless you planned/needed to buy them anyhow and then you're saving a miniscule amount of state/federal tax that you would have spent if your employer had taxed you on that $5 per Pedialyte.
Plus, the law on this changed last year and so you can't even do most of those purchases under flexible spending anymore:
Flexible Spending, a Little Less So
http://www.nytimes.com/2010/04/17/health/17patient.html?adxnnl=1&adxnnlx...
You are welcome!
I never use microwave popcorn unless I'm on vacation. Stovetop popcorn only for me. It doesn't really take that much longer on the stove anyway.
Maybe I eat too much popcorn to need it on vacation too...
No doubt,
My most effective hours i've found are between 8 am - 11 am and 6 pm to 9 pm at night. I really do take out all distractions and concentrate on the tasks at hand.
Dwight Anthony
Financially Elite Blog dot Com
Oh boy, oh boy. I wish I had this list before. I can see several things that happened before I was let go after 13+ years with exemplary evaluations. Some great employees at our office (I was a roady...representative) also got the pinkie.
The company came after my unemployment benefits by saying I was working for them while I collected. I was being paid severance. The decision was overturned by a judge. Now, since they didn't win that battle, they are trying to say I voluntarily quit.
I recall being 3 1/2 hours from home on a job when the district manager came to tell me that it was to their best interest if I didn't go back to work. Voluntary? Now I guess I have to appeal again. Yes, I had to sign a no sue clause for the severance...so I just have to keep playing their game until they get tired. A multi BILLION dollar international company, has nothing better to do. *rolls eyes*.
I pay for a gym membership because I get the best workout in classes. I know I'm never motivated to work as hard when I work out alone. That said, I also run a good deal outside the gym.