PayFlex Change
From the comments:
- OT, SCC, but not sure how much people may be paying attention to things happening at the national level that affect us here in Chicago.
Per IRS guidelines, and as a result of "healthcare reform," the amount that can be saved in your FSA/HSA (for CPD, that's Payflex) account is being reduced to $2500 per year as of January 1. Might make a difference to those who contribute more than that to cover expenses for a large family or for a family member who has a chronic illness.
Labels: info for the police
posted by SCC at 12:01 AM
20 Comments:
Obama fraud/care is sounding worse and worse. What a fucking disaster this is to America and familes. Fuck you Judge John Roberts!!!
The worst thing I ever did was commit 1200.00 dollars to this complete scam. There are so many restrictions on this program that you will never get your money back unless you get a brain tumor and your insurance runs out. If you don't find a way to get around all the restrictions, these scam con-artist bernie madoffs pocket your money, instead of taxing it and returning it to it's rightful owner. Start a savings account, and access your money. Trying to save a small amount of money in taxes is not worth the charade of doing business with thieves who have every intention of pocketing your money.
How is it a scam? You didn't read the rules! I have used this with great success since they have allowed us to use it. They even have a calculator to guide you through the process so you don't run into problems. Where else are you going to make 20% on your money?
To 8/27/2012 12:45:00 AM
I dont understnd how you felt you were scammed using Payflex. What specifically happened? We have been using it since the beginning and never had a problem.
It's. for the greater good. The additional revenue gained by uncle obama will be re-distributed accordingly.
This was one of the best benefits around. If you had a kid getting braces or a family regularly needing glasses or just bought prescriptions (and until this year over the counter meds), this was a great way to save a few bucks at tax time. Of course Obama killed it, his constituency doesn't pay taxes!
They cut ours to give these mutts more benefits. Vote for Mitt!
It's is pretty easy to use. Lately I have noticed that my Dr. office and physical therapy have been submitting the paperwork for me and the money comes in as a direct deposit to my account before I even get the bill. FYI there has always been a maximum. Used it one year for extensive dental work and did half in Dec and half in Jan so that I could use the max for each year. Think it was around 3000 but don't recall the exact amount. You also have a grace period into the next year to use the money before it goes into smoke. Even covered massage a phys therapy for bad back.
Speaking of the IRS and fraud. Has anyone noticed if the now exmayordaley ever declared the free use of the condo he just moved from as taxable income? It would be nice if they get him just like they got Capone... Both bad to the bone criminals.... I think Capone was more likable and daley more feared!
The worst thing I ever did was commit 1200.00 dollars to this complete scam. There are so many restrictions on this program that you will never get your money back unless you get a brain tumor and your insurance runs out. If you don't find a way to get around all the restrictions, these scam con-artist bernie madoffs pocket your money, instead of taxing it and returning it to it's rightful owner. Start a savings account, and access your money. Trying to save a small amount of money in taxes is not worth the charade of doing business with thieves who have every intention of pocketing your money.
8/27/2012 12:45:00 AM
You did not plan correctly. If you are going to have a kid during the plan year get it.monthly checkups for the wife's pregnancy, immunization, eyeglasses, contact solution, contraception except for OTC medicines have to be prescribed in order for pay flex to reimburse you. I use 5k a year. Plus you get 3 extra months to spend it (15 mos. total).
Just wait. You'll have a voucher (coupon) to go buy health insurance and a savings account to pay for medical expenses. Of course if you save for 5 or 10 years all your extra cash in that account and have 1 visit to the hospital it will be pretty much wiped out in 24 hours or less. But thanks for playing.
these kind of programs work really well for people who know they will have health care expenses that won't be reimbursed by insurance. co-pays, deductables, things not covered.
most people are going to have significant out of pocket health care expenses and this program helps cover those costs.
it is not something someone who is super healthy and never goes to the doctor will find useful though.
That's government tell us how to spend our money thanks Obama.
I won't be voting for him
Love Payflex. I use it every year. Easy to use and saves me money.
Its a good program if you know how to use it. Yes there are restrictions that's why you need to plan properly. And if you play things right you come out ahead of the game. FOP has encouraged people to use the program so we don't loose it.
Dude, you must have done something wrong.
Family of 4 here. Lets see, $80.00 to the dentist for deductibles per year, 1 $30 prescription a month, 1 $10 prescription per month = 40*12=$480. Eye exams $100 per person not covered. Total $960. Lets not forget first aid supplies and contact lens solutions which are still covered. Umm I can put in a "G" and not pay my ~20% tax on that, so I save $200.
Not to mention its free financing!
They take out 'X' per paycheck, but the whole amount is in the account Jan 1st for you to use.
But I do agree lowering the amounts you can put in and limiting all the OTC stuff is a redistribution of wealth. Just a hidden tax for the middle class to pay for Obamacare.
from wikipedia:
Prior to the enactment of the Patient Protection and Affordable Care Act, the Internal Revenue Service permitted EMPLOYERS to enact any maximum annual election for their employees. Patient Protection and Affordable Care Act amended Section 125 such that FSAs may not allow employees to choose an annual election in excess of a limit determined by the Internal Revenue Service.[3] The annual limit will be $2,500 for the first plan year beginning after December 31, 2012.[4] The Internal Revenue Service will index subsequent plan years' limits for cost-of-living adjustments.[4] Employers have the option to limit their employees' annual elections further. This change starts in plan years that begin after December 31, 2012.[4] The limit is applied to each employee, WITHOUT REGARD TO WHETHER THE EMPLOYEE HAS A SPOUSE OR CHILDREN.
Thanks Barry !
It will be totally removed within a few years, it is in the bill that we had to pass to see what's in it.
Anonymous said...
The worst thing I ever did was commit 1200.00 dollars to this complete scam. There are so many restrictions on this program that you will never get your money back unless you get a brain tumor and your insurance runs out. If you don't find a way to get around all the restrictions, these scam con-artist bernie madoffs pocket your money, instead of taxing it and returning it to it's rightful owner. Start a savings account, and access your money. Trying to save a small amount of money in taxes is not worth the charade of doing business with thieves who have every intention of pocketing your money.
8/27/2012 12:45:00 AM
You must be terrible at finance or just dumb. Our family has done it for 5 years now and every year they give us every cent back. Every out of pocket bill, every prescription and even parking at the hospital. We use all our $$$ by the fall and love the program! How could you not it's tax free money. You need to do a better job with your account management and planing pal.
Agree with what is being said. I used to use Payflex to pay for medical items not covered under insurance etc, but now Payflex decides what will be paid (nothing anymore) and what will not.
Do not use Payflex or anything like it is the bottom line!
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