Thank Heavens For My Flexible Spending Account

Sallie's Niece recently wrote about her misadventures with vision insurance. This reminded me that I need to get new frames.

I got my eyes examined last October and I looked into getting new eyeglasses at that time. However, my optician told me that my vision plan would not cover the glasses since I purchased contact lenses within the past 12 months. Under my vision plan, I can get new frames every 24 months, or, contact lense every 12 months. However, I cannot get both in the same year.

I just went back to my optician to buy my glasses not realizing my prescription expired in October. Doh!! Fortunately, my optician made an exception. Phew!

Notwithstanding my vision plan, though, my new glasses cost me $281!! This is due to the fact that in addition to the new frames, I also requested thin lenses (or else I'll look like I'm wearing coke bottle bottoms), anti-glare coating and Transition lenses. (After all, I live in sunny Southern California and I can't wear sunglasses over my glasses.)



Thank heavens I currently have a $330 balance in my flexible spending account. Every year, I elect to contribute $20 per paycheck towards my FSA on a pre-tax basis. Since it's a "use-it-or-lose-it" plan where I’ll forfeit any money I haven’t spent by December 31, this is money well spent. (And this means my glasses are paid with pre-tax money. Yeay!)

I think many employers are conducting open enrollment for employee benefits now. I highly recommend that everyone contribute some money into their HSA. It's never a bad idea to put some money away for your health, especially on a pre-tax basis.

My TMD and HSA

Last year my dentist found a cavity in my top-left wisdom tooth and recommended that I have it pulled. Being an anti-dentite, I haven’t had it done.



Since about a couple weeks ago, I started experiencing serious pain in my left jaw. I was concerned that I would need major dental work (i.e., oral surgery to extract the wisdom tooth). Truth be told, I was more worried that I'll have to pay major out-of-pocket expenses and that my health spending account (aka "Flexible Spending Arrangment" per IRS) wouldn't have enough money to cover it.

Before I go on, I have to sing a little praise about health spending accounts. Every November, when I make changes to my company benefits, I elect to contribute $20 per paycheck towards my HSA on a pre-tax basis. When the new year rolls along, I will immediately have $520 (i.e., $20 x 26 paychecks) in my account that I can use towards qualified medical expense at any time regardless of the amount I’ve actually contributed!

The draw back to the HSA is that it’s a use-it-or-lose-it plan where I’ll forfeit any money I haven’t spent by December 31. The HSA still is a great deal since my taxable income is reduced by my contribution and my out-of-pocket medical expenses are paid with pre-tax money!

I visited my dentist today and as it turns out, I was diagnosed with temporomandibular disorder (TMD). The causes of TMD are presently unknown but emotional stress is often cited as a cause of TMD (and teeth grinding).

As I’ve said in my prior post, I expect to be laid off at the end of the year. I didn’t think that I was too stressed about this but apparently I am.

The bright side of this all is that all I need to treat my TMD are Advil, a warm compress, soft food and time. No money out of my HSA or my pocket! Yeay!