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IRS to do away FSA Tax Savings Plans in 2014

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Posted: 11/1/2013 9:08 AM

IRS to do away FSA Tax Savings Plans in 2014 Post Rating (1 vote)


Good Morning America just said the IRS is doing away with the FSA tax programs. No more tax deferred money for health related expenses.

Wolves attack in packs. So it is best to attack them one on one, but even that can lend itself to be difficult. I hate The University of "Alligator Gots all Dem Teeth but no Toothbrush" at Lafayette
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Posted: 11/1/2013 9:29 AM

RE: IRS to do away FSA Tax Savings Plans in 2014 


Good Morning America is leaving a lot out it appears. They are tweaking FSAs to allow participants to carry over up to $500 to the next year instead of losing it if it isn't used. It is up to the employer to switch to the carryover policy instead of a grace period. Pretty sure they are not doing away with FSAs.

I have an HSA so there it all carries over and I never lose the money in my account. High deductible plans with and HSA are great if you and or your family are relatively healthy.
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Posted: 11/1/2013 9:34 AM

RE: IRS to do away FSA Tax Savings Plans in 2014 


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Posted: 11/1/2013 12:21 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 


Yeah that's a long way from doing away with.

I never liked using an FSA because of that forfeiture provision. I went to the eye doc several years ago and he told me to use readers from Wal-Mart. I told him I had a wad of money in my FSA and I was about to lose it. Suddenly prescription readers became something I needed. :)

I really prefer HSA even though I usually blow through the whole thing and rarely carry much over, I think high deductible plans with HSA's are the better way to go.

It gets you out of the mindset that a doctor's visit is only $10 or $20 or that a prescription is only $10 or $40. Buy paying the negotiated rate until the deductible is met (even if it is out the HSA you are a better consumer of health care.

It would be interesting if a state could do a pilot program of offering the low income people covered under ACA a high deductible plan with a full or partially funded HSA that they cannot touch until age 65 except to meet deductibles and co-payments. It might go a long way toward changing how health care is utilized.

NEVER let "just good enough" be acceptable for A-State again!
-RedWolfRushing

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Posted: 11/1/2013 3:13 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 


No, they are not doing away with anything. I am constantly amazed at some of the misinformation I see on here.
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Posted: 11/1/2013 3:46 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 



LeeRichardson wrote: No, they are not doing away with anything. I am constantly amazed at some of the misinformation I see on here.

Thank God you're here to straighten everyone out.
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Posted: 11/1/2013 9:02 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 


Glad to do it. Would not want you all looking like uneducated redneck rubes.
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Posted: 11/6/2013 7:28 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 


I have received my cancellation notice effective next Dec so I have started then process of exploring my options. This deal is worse than I thought and I am in the front line and the rest of you are coming to the front eventually. You may want to explore the exchange now and look at what you are looking at. Same coverage is 100% increase and an additional $8000 out of pocket exposure per year. I cannot find a HSA eligible plan. My best bet at current looks to be to let my wife go on her own with the kids and get 100% subsidy then me alone looking at only a 40% increase. Either way I DID NOT GET TO KEEP MY PLAN AND I AM NOT SAVING $2500.
I know a lot of you have employer based insurance and think you are immune from this but now I know why the employer mandate was delayed. If you do not have the 15 basic parts to be ACA compliant you/your employer plan will be changed. If it changes then it is cancelled.
All of you who said this would cost us less because we will no longer be paying for the non payers were wrong. We are paying big time now.
This is largest transfer of wealth in American History.
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Posted: 11/7/2013 6:06 AM

RE: IRS to do away FSA Tax Savings Plans in 2014 




---------------------------------------------
--- Hunn85 wrote:

I have received my cancellation notice effective next Dec so I have started then process of exploring my options. This deal is worse than I thought and I am in the front line and the rest of you are coming to the front eventually. You may want to explore the exchange now and look at what you are looking at. Same coverage is 100% increase and an additional $8000 out of pocket exposure per year. I cannot find a HSA eligible plan. My best bet at current looks to be to let my wife go on her own with the kids and get 100% subsidy then me alone looking at only a 40% increase. Either way I DID NOT GET TO KEEP MY PLAN AND I AM NOT SAVING $2500.
I know a lot of you have employer based insurance and think you are immune from this but now I know why the employer mandate was delayed. If you do not have the 15 basic parts to be ACA compliant you/your employer plan will be changed. If it changes then it is cancelled.
All of you who said this would cost us less because we will no longer be paying for the non payers were wrong. We are paying big time now.
This is largest transfer of wealth in American History.

---------------------------------------------


Yep it's a **** deal that anybody with a brain saw coming all along.
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Posted: 11/7/2013 3:25 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 


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Posted: 11/7/2013 8:35 PM

RE: IRS to do away FSA Tax Savings Plans in 2014 


Huge participation in Arkansas
https://www.facebook.com/photo...e=1&theater
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