I’m getting rid of my FSA because it just has not been worth it to me with this job. I really wish we had the option of the HSA because that saved me more money.
Normally these Flexible Spending Accounts or FSAs are a great way to save money. You get to put money into an account pretax and then use it for medical expenses. There is also the Health Saving Account or HSA which does the same thing but is only available with High Deductible Health Plans or HDHPs.
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The FSA just has not been working for me. I have not had a lot of medical expenses to claim. The claim process is very easy and I was able to use it for items I purchased at my regular stores as well. I can use the money to purchase items from the FSA store but those tend to be way more expensive than at Walmart or CVS. The redemption process is a lot faster but I do not like paying more for the same items.
While I cannot make changes to my benefits now, it is important to start thinking about the changes I need. My FSA is just not being utilized right now and I have to struggle to find things to spend the balance on before the forfeit period.
As soon as we enter open enrollment this fall I will cancel the FSA.