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FSA Consumer Accounts Card - Good Idea?

August 21st, 2008 at 03:51 pm

$49.29 was just reimbursed to our bank account from our flexible spending account (FSA). It took about a month for this to happen so I'm wondering it getting a Consumer Accounts Card would be a good idea. We're about to have a baby (in 1.5 weeks or so) and are funding our FSA accordingly, but don't want to have that hospital bill taken from our bank account for any amount of time. The card seems like a good idea since it is a debit card for the FSA account and can only be used for approved things or it's declined.

Does anyone else use a card to access their FSA? Has it worked well? Is there anything I should know? I'd really appreciate any feedback!

Posted in My Financial Learning | 5 Comments »

5 Responses to “FSA Consumer Accounts Card - Good Idea?”

  1. Maismom Says:
    August 21st, 2008 at 06:48 pm 1219340923
    1219340923

    I use my FSA debit card for doctor visit and I love it. I used it for my dentist bill, eye glasses, etc.

    Make sure you keep your receipt, though. I just received a letter saying my expense may be "ineligible" if I don't send my receipts in. I guess IRS is auditing these guys if they collect supporting document for eligible expenses. I had all the receipts anyway, so I faxed them over. So, no problem there.

  2. sillyoleme Says:
    August 22nd, 2008 at 12:14 am 1219360498
    1219360498

    No experience with FSA's, but I would definitely get the card if the money would otherwise be taken from your bank account for a while. No experience with having babies either, but I know it's gotta be a sizeable amount to be without!

  3. Personal Finance Student Says:
    August 22nd, 2008 at 04:03 am 1219374208
    1219374208

    Thanks so much for your opinions. I think I need to request a card.

  4. creditcardfree Says:
    August 24th, 2008 at 12:00 am 1219532439
    1219532439

    I don't currently have a card or FSA...just isn't needed for military health care. However, in the past we did have the account with the debit card. I loved it. It doesn't matter if you don't have the money in your checking account because you just pay out of your FSA...directly. There is no need to send in claim forms or wait for reimbursement checks. As maismom said, keep all of your receipts...I had a folder just for this, because occasionally you'll have to send in a receipt. Also, you can keep using your FSA up until you reach your limit...even if it is only March!! Loved it. Enjoy!

  5. Personal Finance Student Says:
    August 24th, 2008 at 03:27 am 1219544851
    1219544851

    Thanks so much creditcardfree! I like to hear that you can use up to your amount early in the year since our "year" starts each July and this baby is due Sept. 1st. We expect her to be the bulk of our medical expenses this year. I really appreciate the feedback!

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