As if finances weren’t already stretched to the max, the flexible spending account has decided several of our medical expenses are ineligible. Now I have to replay over $500 to the FSA. That’s $500 I just don’t have. $500 spent on glasses for Jonathan and Luke; getting Oliver’s damaged tooth surgically extracted…
2015 is the first year in about 10yrs I’ve used an FSA, and this is why. The FSA always lists eligible expenses, I verify the expense is on the eligible list, then the FSA refuses to cover the expense. Only *certain* vision services are covered (meaning: only lasik is covered). Only *certain* dental procedures are covered (meaning: only adult dental surgery is covered). I’m good with paper work. I’m good with rules. I’m good with lists. Even I can *barely* use an FSA account.
FSA’s are designed to save money by allowing pre-tax dollars to be contributed to medical expenses. Theoretically, this can save up to 30% of the cost since the contributions are pre-tax. The problem is, once the contributions are made, those contributions are forfeit if not used toward an eligible expense. Of course the FSA company comes up with every possible reason not to reimburse claims! That’s how they make money.
You know what I’m not having next year? Another FSA account. This year has been a complete waste of money and a huge hassle. Sure, the theoretical 30% discount sounds great, but in practice, it’s a total sham.
I don’t even know how I’m going to afford this. Do I chose not to buy groceries for a month? Do I chose not to pay the mortgage for a month? It’s not like I’m sitting here wasting my money on cable TV, Netflix, or even clothes for myself and the kids. Hell, I can’t even afford flea medicine for the pets. Where the am I going to get $500???