Medical Flexible Spending Accounts

[zboss]

All -

I was just looking at the wide variety of items that are reimbursable by my FSA - I wonder if any diving related activities (i.e. emergency first responder / Rescue classes for example), alternative mouth pieces, or equipment might be able to be covered...

any ideas or has anyone done this?

 

[caribou]

All -

I was just looking at the wide variety of items that are reimbursable by my FSA - I wonder if any diving related activities (i.e. emergency first responder / Rescue classes for example), alternative mouth pieces, or equipment might be able to be covered...

any ideas or has anyone done this?

I actually asked them about this exact same thing and also about what was covered in case of diving emergency :

as far as flexible spending for items like you mentione, nothing, zero. I was quite disappointed.

but for emergencies, for my current situation(job & medical coverage), they reimburse everything, no exception, even a chamber trip, or helicopter rescue. for most items it is 100%, for some it is 90%. one guy from my dive club recently had a major incident, and the cost is right now about $200,000, so even 10% of that would hurt...if it had been me.

for my girlfriend, she has nothing to pay, not a dollar to pay in these same conditions. Both of us needed to be transferred about 10 times when we called to find out, until we could find someone who knew*and* had the ability to commit to it (liability).

so DAN is definitely worth it in 99% of the situations.

 

[Damselfish]

I actually asked them about this exact same thing and also about what was covered in case of diving emergency :

as far as flexible spending for items like you mentione, nothing, zero. I was quite disappointed.

but for emergencies, for my current situation(job & medical coverage), they reimburse everything, no exception, even a chamber trip, or helicopter rescue. for most items it is 100%, for some it is 90%. one guy from my dive club recently had a major incident, and the cost is right now about $200,000, so even 10% of that would hurt...if it had been me.

for my girlfriend, she has nothing to pay, not a dollar to pay in these same conditions. Both of us needed to be transferred about 10 times when we called to find out, until we could find someone who knew*and* had the ability to commit to it (liability).

so DAN is definitely worth it in 99% of the situations.

FSA isn't insurance - it's a program where you have money withheld from your paycheck pre-tax, then can submit medical bills against it and have them reimbursed from what's basically your own money. You wouldn't submit expenses to it that are already covered by insurance, but rather those that aren't like deductibles. It's just a way of paying for some health care stuff pre-tax and saving a few bucks.

I just looked this up on my plan - I imagine interpretations vary occasionally but should be mostly the same as it's IRS rules - and I'd guess not. At http://www.aetna.com/fsa/healthcareexpenses_table.html no mention of dive stuff specifically, but it says 'CPR classes are not considered "medically necessary"; therefore, the expense is not reimbursable under FSA.'

 

[Laurence Stein DDS]

It should be mentioned that in addition to being tax free money for your medical expenses, any money you put away that is NOT spent in the calender year is LOST to Uncle Sam.

Use it or lose it.

This plan is great if you can anticipate your medical/dental expenses in a given year. I also believe that if you carefully keep track of prescription and OCT medication expenses, you can be reimbursed for anything out of pocket.

For example suppose you need to buy a ......heating pad....yeah, that's good. If you using it to treat that sore elbow you've been seeing the doc for, I believe you can put in for coverage under your FSA...and if you can't, I would want to know exactly why you can't.

Does the trip to the Vet for Fido also count?

Now, GO FIX YOUR TEETH!

Regards,

Laurence Stein, DDS

 

[miesemer]

It should be mentioned that in addition to being tax free money for your medical expenses, any money you put away that is NOT spent in the calender year is LOST to Uncle Sam.

Use it or lose it.

My wife and I just started a Health Savings Account (HSA). Somewhat similar idea except you don't lose the unused balance at the end of the year. My wife's employer even contributes to it.

Here's one quick link for more info: http://www.opm.gov/hsa/