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Flexible Spending Account (Health)
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Hello, We run our FSA account in-house and I've had some troubles finding the list of eligible medical expenses. I was looking on the IRS website but could not find a 2008 502 form (they only have
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Forums  »  Topic Forums  »  Benefits & Compensation  »  Flexible Spending Account (Health)

Flexible Spending Account (Health)

posted at 11/17/2008 10:33 AM EST
Posts: 59
First: 9/5/2008
Last: 9/4/2009
Hello,

We run our FSA account in-house and I've had some troubles finding the list of eligible medical expenses.
I was looking on the IRS website but could not find a 2008 502 form (they only have the 2007).

Does anyone know when they update that form or where else could i get a reliable list of eligible FSA medical expenses.

Thanks a lot.
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Flexible Spending Account (Health)

posted at 11/17/2008 10:43 AM EST
Posts: 2442
First: 2/12/2000
Last: 9/14/2011
Is there a specific problem?

The tax guides for the current year are designed to help with the tax return due the following April 15th. Like the revised forms they do not come out until nearer to year end. The 2007 guide should be fine to use as a guide.
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Flexible Spending Account (Health)

posted at 11/17/2008 10:53 AM EST
Posts: 59
First: 9/5/2008
Last: 9/4/2009
Thank you.
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Flexible Spending Account (Health)

posted at 11/17/2008 10:54 AM EST
Posts: 59
First: 9/5/2008
Last: 9/4/2009
Actually, i was thinking that in April we'll file for 2008 year thus for 2008 FSA expenses. Why would we use the 2007 guide?

that's what I can't understand.
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Flexible Spending Account (Health)

posted at 11/17/2008 4:32 PM EST
Posts: 2442
First: 2/12/2000
Last: 9/14/2011
My note to you indicates that I believe that the new pub will be out soon. Probably in Jan-Feb.

But if there is bascially no change what would the difference be from year to year. That is why I asked you if you had a specific issue. If not, the 2007 guide would be fine for you to use.
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Flexible Spending Account (Health)

posted at 11/18/2008 5:31 AM EST
Posts: 1047
First: 4/11/2002
Last: 9/14/2011
Just a thought, but why not outsource this process? The opportunity cost has to outweigh your company handling it internally.

For example, let's say an FSA administrator charges $400 to set up your plan and has a minimum monthly fee of $50. That means the FSA plan is going to cost your company $1000. So long as $14,000 is set aside by your employees on a pre-tax basis, the plan pays for itself. This example assumes a small company with between 15 and 20 participants. If your company has more participants, the monthly administrative charge is going to increase, however, so should the amount your employees are setting aside pre-tax.

And if you aren't quite getting the necessary amounts set aside pre-tax in order to at least break even, I think the minimal difference versus having medical information flying around your office outweighs this.
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Flexible Spending Account (Health)

posted at 11/18/2008 6:13 AM EST
Posts: 59
First: 9/5/2008
Last: 9/4/2009
Thank you for the suggestion. We have 30 people enrolled in the FSA but some set aside as little as $500 a year.
What vendors would you recommend?

Thanks.
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Flexible Spending Account (Health)

posted at 11/18/2008 8:08 AM EST
Posts: 59
First: 9/5/2008
Last: 9/4/2009
If any of you has administered the FSA in-house - do you know if we can accept scanned copies of medical receipts for reimbursements?

Thank you.
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Flexible Spending Account (Health)

posted at 11/18/2008 11:19 AM EST
Posts: 2442
First: 2/12/2000
Last: 9/14/2011
Question-Would you allow an employee to turn in a drug reciept to the main plan, receive remimbursement and then turn around and submit the drug claim as a new FSA claim? Double dipping?

If not then a how do to you cross check?
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Flexible Spending Account (Health)

posted at 11/19/2008 2:55 AM EST
Posts: 59
First: 9/5/2008
Last: 9/4/2009
Very true.
I was demanding the original receipts so far. I was only thinking if i have the right to demand the originals.
Thanks.
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