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Subject:
Flex spending forfeit - Need to spend $2K in 6 days
Category: Business and Money Asked by: avs2005-ga List Price: $10.00 |
Posted:
13 Dec 2005 12:06 PST
Expires: 12 Jan 2006 12:06 PST Question ID: 605378 |
Our dental surgery and other related work got postponed, at the last minute, to next year (long story-dentist moved etc); Now we have about $2K in our Flex Spending plan that we would like not to get forfeited by the IRS; Are there any areas that I may be overlooking? We are looking at eye care, and dentistry and being generally frugal and in good health, there does not seem to be a whole lot, after reviewing the documents for the plan. We will be away from Dec. 21st onwards and so, need to have a qualified expense in about 6 days; We looked into paying off the orthodontics for one of the kids and that has been disallowed as we have been paying per monthly plans; There's some wiggle room for OTC meds but that won't come to much and also, I can buy a blood pressure monitoring kit etc but that requires a note from the physician, which is hard to come by and willbe slow at best; Any ideas? We work hard for our money and this is a non-trivial amount to us !! Thank you |
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There is no answer at this time. |
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Subject:
Re: Flex spending forfeit - Need to spend $2K in 6 days
From: markvmd-ga on 13 Dec 2005 12:18 PST |
My FSA reimburses for "medical expenses paid during the plan year" and not necessarily incurred during that year. Can you (that is, are you allowed to) prepay your dental work or other medical expenses? |
Subject:
Re: Flex spending forfeit - Need to spend $2K in 6 days
From: magpie60-ga on 13 Dec 2005 12:36 PST |
Pap smears, colon exams, mammograms, skin screen for skin cancer, testicular exam, PSA test, routine electrocardiogram for a baseline, glaucoma screen, diabetes screen, thyroid test, lipid screen, osteoporosis screen--I'm just throwing out ideas since I don't know what your plan will pay for, but it's just some things I thought of that are nice to have a baseline for in case something does go wrong :) |
Subject:
Re: Flex spending forfeit - Need to spend $2K in 6 days
From: vpolhemus-ga on 13 Dec 2005 13:23 PST |
You may be in luck. Back in May of 2005, the IRS made a ruling that the deadline for incuring medical expenses would be extended to March 15, not December 31 as had been the previous rule (IRS NOTICE 2005-42). The administrator of my flex-spending account informed me of this change several months ago, and you can several wesites mentioning the change: http://ria.thomson.com/about/pressroom/pr051905.asp My understanding is that the change was made for cases just like yours. The IRS has been taking quite a bit of flak for it's "use it or lose it" policy. You should contact your plan administrator to make sure that the new change does effect your plan. I would imagine that it would though. |
Subject:
Re: Flex spending forfeit - Need to spend $2K in 6 days
From: philnj-ga on 14 Dec 2005 05:57 PST |
You can use FSA funds to pay for anything that the IRS recognizes as a valid medical deduction. So, the list of things you can buy comes from the IRS. I was in a similar jamb several years ago and determined that I could submit claims for the eyeglasses I bought and paid for earlier in the year. The IRS list was very helpful. There is a IRS publication 502 on www.irs.gov (search for "medical deduction") |
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