These US healthcare systems are effectively scams. Yes in theory they can save you money, however in theory there is no difference between theory and practice, while in practice there is.
These US healthcare systems are effectively scams. Yes in theory they can save you money, however in theory there is no difference between theory and practice, while in practice there is.
It works incredibly well for my family. We can put $3,200 in the FSA next year and not get taxed on it as well as spend the money tax free. You can buy cold medicine, advil, go to the dentist, go to the doctor, etc.
Same. I put in $1,500 last year and saved like $450 in taxes. I just elected to put in $2,000 next year. It’s totally worth the few seconds it takes to snap a pic of a receipt in an app to save $450 or more.
Why are your health expenses taxable in the first place?
Don’t fall for “orphan crushing machine” policies.
I’m not saying we have a good system. I mean a better system would be to write off medical expenses when you file your taxes after the end of the year rather than this awkward in-advance thing. I’m just saying that FSAs are not a scam in that they’re intentionally designed to fleece you. The whole system sucks.
If you follow the intentionally onerous rules, you might get to spend some of your own money on healthcare without being taxed.
Ask yourself why you had to jump through those hoops in the first place.
These are policies created by bad people to rip off ordinary Americans. Making healthcare appear affordable also deflects calls for universal healthcare like they have in every other developed country.
Basically HSAs are a scam put out by health insurance lobbyists.