Flexible Spending Account Changes - KTUL.com - Tulsa, Oklahoma - News, Weather & Sports

Flexible Spending Account Changes

Posted: Updated:

The health care reform law has some new rules that affect how much you can contribute to your flexible spending account.  That's the use-it-or-lose-it tax-deferred health care account to pay for qualified medical expenses.

In most cases, you have until next March to use your 2010 flexible spending account money.  Kiplinger.com says there are three new rules that may affect the amount of money you decide to set aside in your account for next year, and how you use your money left over in the last few months of this year.  

  • Starting in 2011, you'll no longer be able to use FSA money for non-prescription drugs.  So ask your doctor if you can get a prescription for an over-the-counter medications you use on a regular basis.
  • Also, the law will let many parents use their accounts to pay for medical expenses incurred on behalf of a child through the end of the year in which the child turns 26.
  • And while FSA limits aren't changing next year... they're still federally capped at $5000 a year... that's going to shrink to $2500 in 2013.  So you might want to get in that costly elective medical procedure that's not covered by insurance, such as laser eye surgery, during the next couple of years.

Click here for Kiplinger's "new Rules for Flexible Spending Accounts"

  • NewsMore>>

  • A New Approach To Neglected Lots

    A New Approach To Neglected Lots

    "It's a black and white issue, or in this case, green and yellow. "It's terrible," said Danley Clow, "it is just unbelievable the way they let it go."He has a gorgeous yard himself, and spends a couple of days a week keeping it in pristine condition. But across the street..."This is just pitiful," he said.It is a tiny strip of land, that's changed hands time and again. The last time at county auction. The new owner says Mr. Clow, has yet to mow it, and it got very overgrown before someone cal...More >>
    "It's a black and white issue, or in this case, green and yellow. "It's terrible," said Danley Clow, "it is just unbelievable the way they let it go."He has a gorgeous yard himself, and spends a couple of days a week keeping it in pristine condition. But across the street..."This is just pitiful," he said.It is a tiny strip of land, that's changed hands time and again. The last time at county auction. The new owner says Mr. Clow, has yet to mow it, and it got very overgrown before someone cal...More >>
  • Investigation Continues After Mother, Son Found Dead in Midtown Home

    Investigation Continues After Mother, Son Found Dead in Midtown Home

    Investigators stated that both individuals were found with fatal shotgun wounds. No signs of a struggle were reported inside the residence, according to a statement from the Tulsa Police Department.More >>
    Investigators stated that both individuals were found with fatal shotgun wounds. No signs of a struggle were reported inside the residence, according to a statement from the Tulsa Police Department.
    More >>
  • True Love Never Changes

    True Love Never Changes

    Life can sometimes change you as dramatically as an aluminum can in a crusher. It was roughly 60 years ago when George Mercer lost his arms in an industrial accident.George recounted that day with his co-worker, saying "And so he started it back up. Raised it up off of me and I come up with this hand this arm hanging straight down, this one down. A little bit of skin a holding them on."He was undoubtedly different, and yet still the same, when just a week later he called out to his wife Claud...More >>
    Life can sometimes change you as dramatically as an aluminum can in a crusher. It was roughly 60 years ago when George Mercer lost his arms in an industrial accident.George recounted that day with his co-worker, saying "And so he started it back up. Raised it up off of me and I come up with this hand this arm hanging straight down, this one down. A little bit of skin a holding them on."He was undoubtedly different, and yet still the same, when just a week later he called out to his wife Claud...More >>
Powered by WorldNow

P.O. Box 8 Tulsa, OK 74101-0008

Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and KTUL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.