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> At the end of the year the account sends you a statement of what you used and you can use it to get the tax paid on the money back when you file the taxes.
by danans 1y ago
> At the end of the year the account sends you a statement of what you used and you can use it to get the tax paid on the money back when you file the taxes.
If you underestimate the amount you spend by more than the rollover limit, you can't get that money back.
So on top of the broken employer-tied health insurance system, we have gamified the financing of out of pocket medical expenses.
On top of that, if you lose your job part way through the year, you lose the balance of any FSA funds remaining (they belong to your employer - I found that out the hard way).
- darth_avocado 1y agoThe comment was about how to fix the current FSA. Instead of funding it with pre tax dollars and then losing it if you don’t use it, you fund it with post tax dollars and then get a reimbursement on your tax filing annually. That way, you can fund it as you need, spend it and then get back the tax because you spent it on medical expenses.
- danans 1y agoI misread that. Thanks for the clarification.