• 2 Posts
  • 44 Comments
Joined 1 year ago
cake
Cake day: July 2nd, 2023

help-circle








  • Maybe so! The one at mine worked like this:

    1. You elect in advance how much you want to fund your FSA in the next upcoming period (year)

    2. On day 1 of that period the FSA is available to you to spend on eligible expenses. Within 2 weeks I spent the full years elected amount (one surgery).

    3. For the duration of the period they deduct (pre-tax) the total FSA election / pay periods (ie. $2000/24 in my case). And that would repeat through the full period (year).

    So in my case, leaving after paycheck 1 of that period, but spending 100% of the elected funds means I paid: 1x(2000/24)= $83. But I spent $2000. Upon leaving that meant they did not collect $1917.




  • Weird FSA trick tho; if you borrow from an FSA, spend it in full in, say… the first month of the year, quit your job. You never have to pay it back.

    Happened to me by accident. I started a plan to pay for LASIK. Got it. Had no way of knowing back then I’d be made another job offer. Took it and expected to get dinged with the entire amount. Nope. FSA plan eats the loss.

    So all you gotta do is plan very specifically months ahead and triple down by orchestrating a job change all to save $2k :) easy.