Keeping track of things come tax time

cookiegal

Ok the good news is that my husbands company offers flexible spending, which helps us offset 5K of medical expenses including prescriptions....but I am totally confounded by their statements. I now have no idea what I have spent and not spent, their eob's are not itemized at all! Also I really wonder if all of our expenses are really going through. Any suggestions?

lvtwoqlt

Cookie, Does your flex spending account have a website that you can check out? my flex spend account does and I can go on and see what I have spent, where it was spent, if I need to send any proof (receipts) for any questionable (mostly dental) spendings, and balance left. I can also check out expenses from the previous year's account. That helped me remember when to schedule my eye exam (has to be one year + 1 day), I looked at last year to see when I went to the optom. and scheduled it just after the 1 year date (They have been known to schedule prior to the 1 year and the exam wouldn't have been covered at the insurance price). I also keep a spread sheet going that I record all visits/expenses and what account it comes out of (flex account or regular checking) as well as all receipts in the folder marked medical spending.

Sheila

cookiegal

Thanks for the advice...I wll check it out!

2z54

Just my 2cents:  I thought those flexible spending accounts were a total waste of time.  I spent hours of paperwork just to get my own money back.  That was the best health care reform Bush could come up with. What a joke!

cookiegal

OOK....so the quote of the day from the FSA customer service rep....I wouldn't be surprised if you got aaudited...the IRS gets suspicious when they see cancer patient and FSA.

yemaya

that doesn't make any sense. FSA is specifically for out of pocket medical expenses. That covers stuff like radiology, etc... I'd ask around. I don't agree w/FSA person.

lauri

Had no problem with FSA and taking medical expenses (excluding those covered by FSA) on my tax return while I was on disability leave.  My only problem was that I coudn't get FSA for the next year because I was on disability during the open enrollment period, and couldn't get FSA once I was back at work because I didn't enroll during open enollment.  Catch-22!

If you're able to take medical expenses, don't forget your transportation and parking expenses for treatment days -- my parking was $17 per chemo treatment, plus mileage and bridge tolls for transportation.  Those things can mount up!

dawney

2z54 Flexible spending accounts can be great and the money comes out of your check pretax.  It can be a pain if you have to request reimbursement on your own but my company has a debit card and it is wonderful.  Just swipe it and forget it.  I just go to the website preiodically to see how much money I have left.

edwards750

Totally agree dawney...flex accounts are not a joke at all...they are great. You can get the services you need now instead of waiting until you have the money. Ours has been a godsend. Last year I had a lot of dental work that needed to be done asap. I was able to do that and since we had insurance and a flex plan it was all paid. This year with all the medical bills we have been able to pay our deductible which was high and now we are covered 100%. We have a debit card too. You just have to make sure you submit the paperwork on time if they request it and check your balance and the bills that have been paid, etc. online. One of the guys who works with my husband took out the max because his wife's scrips are $200 a month.