This year is the first year I opted to go for a flexible spending account. It works out really well. The money for it is deducted pre-tax dollars, and put in an account. When I have a medical expense (actually I usually do 4 at a time), I fill out a form, send it in, and get the money back.
Actually, it works out even easier. I scan the receipts, and file them on my hard drive. I fill out the form online, print it, sign it, and scan it. Then I take that form, the 4 receipts and fax them to the administrating company. Less than a week later, I get a check back, which I put straight into my charge account.
Oh, that’s the other key — I charge everything — especially mail order prescriptions, since I do that all online too. That’s one reason I always put the reimbursement checks on the charge card.
Here’s the cool part — they go ahead and give you the money, even if you haven’t deposited yet. Right now, I only have $30 in the account, but they are still giving me the money. They pay up to the projected amount.
“Next year” starting in August, the state will be putting some money is a savings account. I have to pay out of the flexible account before I can go to the savings account, but one neat thing about that one, is that it has a debit card. I wish this one had that option, and maybe it will. That would make life a bit easier all around.