Post # 1
I know that when you have a baby you are able to make health insurance plan changes. I thought the same applied to FSA. But I was wondering about what if you were pregnant. Obviously pregnant me vs non pregnant me would go to the doctor way more often, have way more lab tests, etc.
So I called my insurance to confirm. I was told that neither a pregnancy nor a birth of a child will prompt a FSA Plan change!
Is that the case for you ladies as well??
I need to re-enroll for the new plan year and don’t want to sign up for too much FSA. But then I would hope that some point in the next 13 months I would be pregnant!
What would you do? Would you plan your FSA enrollment amount for being pregnant??
Post # 3
What’s FSA? The pretax deductions? I signed up for that when I was pregnant with Moose, but I would never sign up for it again due to pregnancy.
Post # 4
Oh, for my FSA I can only make changes at the end of each year. That’s the same time I adjust my 401k deductions and any changes I want to my health insurance. Yeah, it’s hard because when I start TTC, I need to make sure that I’ll be able to use my FSA. I also need to make sure I get pregnant because that would suck if I put $5K aside for daycare expenses and then end up having trouble conceiving and therefore that $5k goes to waste. Sucks. I guess that’s why I want to start TTC this summer so hopefully by the time I do become preganant, I will be be able to adjust my FSA at the end of the year in anticipation of me giving birth.
ETA: FSA is a flexible spending account that is pre tax. The purpose to put money aside for qualified expenses, in my case medical or dependent care expenses. It saves me a little bit of money because it’s pre tax money. What sucks is that if you don’t use the full amount that you set aside each year, you lose it.
My company has two types, one for medical expenses and the other is for dependant care expenses. I think other companies can have one for commuting expenses. My husband has medical issues so it’s hard to estimate how much we will use. The good thing is that if I have extra at the end of the year, I usually, well ‘treat’ myself to a new pair of sunglasses since that’s usually approved as a medical expense. That or I load up on pregnancy tests because thats an approved item I think. Last year, I was considering leaving the company so I needed to make sure I didn’t put too much money in my medical FSA. Luckily, I decided that I wasn’t leaving the company so I upped it to our usual amount.
Post # 5
you should be able to change your elections when you have the baby. it’s considered a qualifying life event.
A Qualifying Life Event is an event defined by the Internal Revenue Service in Section 125 that allows you to change your FSA election. QLEs include:
– Change in your legal marital status (i.e., marriage, legal separation, divorce, or death of your spouse)
– Change in your number of tax dependents
– Birth of a child or date you adopt a child, or placement for adoption
– Death of a dependent
– Change in your dependent’s eligibility (for example, your child reaches age 13 where he/she is no longer eligible under a DCFSA)
– Change in child care/elder care provider or cost or coverage, such as a significant cost increase charged by your current daycare provider, or a change in your daycare provider. This applies to a DCFSA only. It does NOT apply to a HCFSA or LEX HCFSA.
– Change in employment status
Post # 6
Why would you not sign up for FSA again due to pregnancy?
Yes! Exactly! You understand my qualms.
That’s what I thought was the case too. I guess it’s possible IH misinformed me on the phone. I don’t really want to ask my HR to confirm bc I don’t want everyone to know I’m TTC.
Post # 7
@regberadaisy: I asked my HR about the maternity leave policy. I phrased it as… I’m thinking about having in kid in the next year or two and I was just curious…. That way I was being really vague about it. I didn’t give any specific dates, I just said that I was thinking about it. You could try that.
Or, what I did was ask someone who is currently pregnant in my company. I asked her admin but she took too long to get back to me. I had already gotten the answer from HR.
Post # 8
@regberadaisy: Because I signed up for it expecting to spend a lot of money with a new baby, but Moose died at week 34. I will never enroll in something without holding the baby in my hands. I’m currently pregnant and not doing anything I can’t reverse.
Post # 9
I think it’s perfectly reasonable to put a good estimate of “best case scenario” money into an FSA if you are already pregnant at enrollment time. You may not be able to predict the really rare exceptions where the baby doesn’t make it, but regardless – there will be doctor’s visits, vitamins, etc involved. Just hedge your bets on the conservative side so that you don’t lose a lot of money if the baby is lost.
Since you can change your FSA withholding after the baby is born, there’s no reason to worry about that phase until it happens!
Post # 10
Thank you ladies for your input.
After talking with my husband I decided that I will keep the same amount as last year’s. Last year I increased my enrollment due to wisdom tooth extraction, dental work etc.
He made a good point that if I don’t get pregnant in the next 13 months. On the flip side in 8 months (in Dec it’ll be 12 months of TTC) I’ll be likely going to a specialist to start getting tested for fertility issues.
So either way pregnant or not pregnant that money will likely get used up.
BTW did you ladies know that you can use your FSA account for your husband even if he’s not on your plan??? I didn’t!
Post # 11
we opened an FSA after our son was born – I think we had 30 days from his birth to set it up – it is counted as a life change or whatever allows you to make changes at times other than year end.
Post # 12
If you are leaving your job, you can actually use the full amount even though it hasn’t been withdrawn from your paycheck. HR told me this and I’ve done it twice now, it’s the flip side of not using it all and losing it. So if you put in $1200 over the year, $100 out each month and spend all $1200 in January, if you leave in June you essentially get $600 free. (When I left my jobs, I did not, sadly get quite such a benefit, but it’s completely legit.)
Post # 13
If your FSA plan gave you a debit car, why don’t you check out http://www.fsastore.com – everything they sell on their site is preselected to be FSA eligible items, so it should not cause any issues later, like any questions from your employer or complicated paperwork. We’ve been using them or a couple of years, to buy anything from prenatal vitamins to band-aids!
Post # 14
I did this! My insurance covers 90% with a total out of pocket of 1200. So we got an FSA for 1200 before we found out we were pregnant! We just figured we would spend it on getting me lasik or fertility treatments if it came down to it, but we will spend it on the hospital bill now.