It is insurance time soon. We have the option of a flexible spending account.
I wear glasses, and need new ones every year or so.
I take 2 thyroid meds because mine was removed. I have to take them. I take a couple of others as well.
I do not understand the FSA, and am not sure if I need one. I have about $100 USD in meds co-pays a month, and $25 co-pays for at least 8 doctor visits a year for blood work for the thyroid stuff.
My coworkers are better at adulting, and I do not want to ask around at work…
So do I need one, and how does it work? Thanks in advance.
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If you sign up for an FSA, you reduce your salary by an amount and get it available as FSA funds instead. You can spend funds from the FSA to pay for medical care, either directly or reimbursed. The benefit is that the FSA funds are free from federal income and payroll taxes (state taxes may differ), unlike your salary. You lose the funds you don’t spend, so it’s important not to overestimate the contribution amount, but you regularly have some predictable medical expenses so you are in an ideal position to make use of it for that.
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