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  #1  
Old 12-06-2013, 09:52 AM
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Health FSA's now capped at $2500

Last year my wife had cancer and we spent over $3000 on her treatment alone- I had budgeted $2500 in my FSA. This year I was going to increase it to $6500 because my middle son needs orthodontic work and other health needs are coming. I find out that due to Obamacare that the FSA is now capped at $2500- which means all health spending above that will paid with post tax dollars. If my tax rate is 20% that means I will be paying close to $1000 extra this year because of the new health care law. I'm not poor but I'm certainly not rich either. My family household income is less than five figures for a family of five. I've never bought a new car nor spent more than $3500 for any car I've owned. A few years back we qualified for reduced price lunches at school. I tell you this because I'm middle class- yet Obamacare will increase my health care spending by close to a grand. I have good health insurance because that was a priority in choosing where I worked.

Who else is taking a financial hit because of the new FSA limits? This seems like a secret back door bend you over screwing of the middle class.

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  #2  
Old 12-06-2013, 11:16 AM
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Quote:
My family household income is less than five figures for a family of five.
I hope you mean six figures (less than five would be four or $10,000) , otherwise you all would be living in a van down by the river...and be on Medicaid.
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  #3  
Old 12-06-2013, 11:42 AM
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Originally Posted by rs899 View Post
I hope you mean six figures (less than five would be four or $10,000) , otherwise you all would be living in a van down by the river...and be on Medicaid.
Medicaid might not be an option. I was talking to a young single mother who said that Medicaid pays only for her reproductive issues.

Just cause a guy bltches and moans a lot probably won't get you much from Medicaid.

Every year you will pay more and get less. You live in a country that is on the decline. Wake up and smell Wallstreet. Ever notice how Wallstreet and Walmart sound similar?
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  #4  
Old 12-06-2013, 11:43 AM
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Without hi-jacking your thread, the same exact deal occured with energy saving tax credits. I used to look forward to the credit since it was a decent amount. Now, it's a joke. I guess the current administration had to shift money to fund all the failed and loser green energy bright ideas and individual efforts were not that valued anymore as compared to governmental efforts-- we see how they have been going.

As for a Flexible SA or a Health SA, we always discussed getting a medical savings account as a family but never did. I too consider health care benefits the main or most important "benefit" out there. My son had cancer as an infant 15 years ago and I know all about tier 7 insurance, pre-existing conditions, the slush pools, et cet. I also consider myself middle class. Health insurance was always obtainable even in our circumstances; however, as you have indicated in your thread, costs are going up. Why is that ? Seems pretty simple to me: others are now paying for others' health care. As for the FSA, no need to be sneaky about it. Premiums are going up, not down. The FSA cap is just one mechanism to shift money away from your pocket (the saving of money or the ability or inability is the same to me as a taking of money). That is why I began my post with the energy tax credit since it seemed appropriate by analogy.

Hope your wife is doing better !
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  #5  
Old 12-06-2013, 11:50 AM
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Quote:
Originally Posted by TwitchKitty View Post
Medicaid might not be an option. I was talking to a young single mother who said that Medicaid pays only for her reproductive issues.

Just cause a guy bltches and moans a lot probably won't get you much from Medicaid.

Every year you will pay more and get less. You live in a country that is on the decline. Wake up and smell Wallstreet. Ever notice how Wallstreet and Walmart sound similar?
Whats wrong with Wall Street or Walmart. If you don't like them than don't patronize them. Then if you think that they are evil and only in it for the $$ invest ( buy stocks ) in them.
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  #6  
Old 12-06-2013, 11:57 AM
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Originally Posted by MTUpower View Post
Last year my wife had cancer and we spent over $3000 on her treatment alone- I had budgeted $2500 in my FSA. This year I was going to increase it to $6500 because my middle son needs orthodontic work and other health needs are coming. I find out that due to Obamacare that the FSA is now capped at $2500- which means all health spending above that will paid with post tax dollars. If my tax rate is 20% that means I will be paying close to $1000 extra this year because of the new health care law. I'm not poor but I'm certainly not rich either. My family household income is less than five figures for a family of five. I've never bought a new car nor spent more than $3500 for any car I've owned. A few years back we qualified for reduced price lunches at school. I tell you this because I'm middle class- yet Obamacare will increase my health care spending by close to a grand. I have good health insurance because that was a priority in choosing where I worked.

Who else is taking a financial hit because of the new FSA limits? This seems like a secret back door bend you over screwing of the middle class.
You’re FSA should be good to 5k. Use you’re HSA for the difference.


HealthEquity - Flexible Spending Account (FSA)



Q. How much can be contributed to my FSA?
A. While the IRS doesn’t currently set minimum or maximum annual contributions for health care FSAs, your employer might set limits for account contributions. Beginning January 1, 2013, the IRS will implement an annual contribution limit of $2,500 for health care FSAs.

Maximum contribution limits to a dependent care FSA are set by the IRS rather than the employer. Limits are equal to the amount of earned income of the employee (or spouse, if the spouse earns less) up to $5,000 per family, or $2,500 for a married person filing separately.


Time to Comply with $2,500 FSA Annual Contribtion Limit

o The $2,500 limit applies only to salary reduction contributions under a health care FSA and does does not limit the amount permitted for reimbursement under an FSA for dependent care assistance or adoption care assistance. Nor does it apply to salary reduction or any other contributions to a health savings account (HSA) or to amounts made available by an employer under a health reimbursement arrangement (HRA). See the SHRM Online article "For 2013, Higher Limits for HSA Contributions and Out-of Pocket Expenses for High-Deductible Plans."
o The $2,500 limit also does not apply to employer nonelective contributions — sometimes called flex credits — nor to salary reduction contributions to a cafeteria plan that are used to pay an employee’s share of health coverage premiums (or the corresponding employee share under a self-insured employer-sponsored health plan) — sometimes referred to as “premium conversion” salary reduction contributions.
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  #7  
Old 12-06-2013, 12:06 PM
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Originally Posted by sloride View Post
Whats wrong with Wall Street or Walmart. If you don't like them than don't patronize them. Then if you think that they are evil and only in it for the $$ invest ( buy stocks ) in them.
Spoken like a good slave.
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  #8  
Old 12-06-2013, 12:10 PM
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Quote:
Originally Posted by TwitchKitty View Post
Medicaid might not be an option. I was talking to a young single mother who said that Medicaid pays only for her reproductive issues.

Just cause a guy bltches and moans a lot probably won't get you much from Medicaid.

Every year you will pay more and get less. You live in a country that is on the decline. Wake up and smell Wallstreet. Ever notice how Wallstreet and Walmart sound similar?

Federal Guidelines
The Federal government offers partial funding for Medicaid in each state, in partnership with that state. Therefore, the Federal government has set forth a few different guidelines that must be followed when determining Medicaid eligibility as well as determining which benefits must be offered to participants. Regardless of what state you reside in, if you're approved to receive Medicaid benefits, you can expect to receive the following:
• Inpatient and Outpatient Hospital Services
• Home Health Services
• Physician Services
• Rural Health Clinic Services
• Laboratory Services
• X-Ray Services
• Family Planning Services
• Pre-Natal Care
• Tobacco Cessation Services
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  #9  
Old 12-06-2013, 12:47 PM
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That is interesting. Where did you get it?
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  #10  
Old 12-06-2013, 12:55 PM
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Quote:
Originally Posted by TwitchKitty View Post
That is interesting. Where did you get it?
This is not the same site but it says the same thing.

Medicaid Benefits | Medicaid.gov
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  #11  
Old 12-06-2013, 07:10 PM
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Quote:
Originally Posted by hill View Post
You’re FSA should be good to 5k. Use you’re HSA for the difference.


HealthEquity - Flexible Spending Account (FSA)



Q. How much can be contributed to my FSA?
A. While the IRS doesn’t currently set minimum or maximum annual contributions for health care FSAs, your employer might set limits for account contributions. Beginning January 1, 2013, the IRS will implement an annual contribution limit of $2,500 for health care FSAs.

Maximum contribution limits to a dependent care FSA are set by the IRS rather than the employer. Limits are equal to the amount of earned income of the employee (or spouse, if the spouse earns less) up to $5,000 per family, or $2,500 for a married person filing separately.


Time to Comply with $2,500 FSA Annual Contribtion Limit

o The $2,500 limit applies only to salary reduction contributions under a health care FSA and does does not limit the amount permitted for reimbursement under an FSA for dependent care assistance or adoption care assistance. Nor does it apply to salary reduction or any other contributions to a health savings account (HSA) or to amounts made available by an employer under a health reimbursement arrangement (HRA). See the SHRM Online article "For 2013, Higher Limits for HSA Contributions and Out-of Pocket Expenses for High-Deductible Plans."
o The $2,500 limit also does not apply to employer nonelective contributions — sometimes called flex credits — nor to salary reduction contributions to a cafeteria plan that are used to pay an employee’s share of health coverage premiums (or the corresponding employee share under a self-insured employer-sponsored health plan) — sometimes referred to as “premium conversion” salary reduction contributions.
Can you or anyone here decode that for me? My employers Health insurance arm said the FSA limit for health care expenses is $2500, while dependent care is $5000. My sons are now old enough to not need dependent care so I budget zero for that.

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