Wednesday, January 17, 2018

FSA = Free Money....

After seeing that I spent about $2,200 out of pocket/above premiums on medical expenses last year (co-pays, deductibles, etc.) and knowing I’d be making some additional trips to the doctor this year for my shoulder, I decided to allocate $2,400 towards an F.S.A. (Flexible Spending Account) for 2018. Read the link for information, but in laymen’s terms, I’m essentially not paying taxes on those contributions that I will spend when going to the doctor, getting lab work, etc. The drawback is that I lose any money not spent, but I know based on past history and current health that I will spend the amount designated. My first check was proof this was a good idea, as $100 was added to my account, but only $65 was taken out of my paycheck. That comes out to $840 this year I won’t have to give the federal government to mismanage, but will instead be well-spent. Check it out, as you have up until March 15 to enroll still….

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