FSAs are touted as this great "pre-tax" benefit, where one can basically pre-expense their health bills for the year (so for example, you know you need to buy a year's worth of disposable contact lenses, and they cost $100, you can option to expense $100 of your pre-tax dollars, but you have to submit a claim for each dollar you spend).
Now to me, the pre-tax benefits are pretty enticing, however, I'm not sure if it's worth it. My understanding is that: you purchase your health expense, you submit a claim to the FSA office with receipts, then you get your money back.
If you are constantly expensing something (like monthly prescriptions), to me it seems like a lot of paperwork and just a waste of time. Especially if one needs to wait a month to get their claim back.
Does anyone here contribute to one? Can I get some feedback on it?
Now to me, the pre-tax benefits are pretty enticing, however, I'm not sure if it's worth it. My understanding is that: you purchase your health expense, you submit a claim to the FSA office with receipts, then you get your money back.
If you are constantly expensing something (like monthly prescriptions), to me it seems like a lot of paperwork and just a waste of time. Especially if one needs to wait a month to get their claim back.
Does anyone here contribute to one? Can I get some feedback on it?