Comments on: Waiting for Flex Spending http://www.uncommon-cents.net/2009/11/18/waiting-for-flex-spending/ (Hopefully) simple personal finance Thu, 11 Mar 2010 22:36:03 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Frugality in Practice: Prescription Glasses | Uncommon Cents http://www.uncommon-cents.net/2009/11/18/waiting-for-flex-spending/comment-page-1/#comment-18951 Frugality in Practice: Prescription Glasses | Uncommon Cents Sun, 10 Jan 2010 21:50:45 +0000 http://www.uncommon-cents.net/?p=1524#comment-18951 [...] I promised myself (as my backup pair of glasses used for driving falls apart even more), I went to the ophthalmologist on January 4 to get a new prescription for glasses. Since I now have access to a flexible spending account at work, it’s really a great time to [...] [...] I promised myself (as my backup pair of glasses used for driving falls apart even more), I went to the ophthalmologist on January 4 to get a new prescription for glasses. Since I now have access to a flexible spending account at work, it’s really a great time to [...]

]]> By: pfstock http://www.uncommon-cents.net/2009/11/18/waiting-for-flex-spending/comment-page-1/#comment-17859 pfstock Fri, 20 Nov 2009 18:23:28 +0000 http://www.uncommon-cents.net/?p=1524#comment-17859 Nice blog! So, you are waiting until the beginning of next year to buy new glasses. I think that is a good idea. One thing to keep in mind is that most flex spending accounts operate on a "use it or lose it" basis, meaning that any balance you have in the account at the end of calendar year is forfeited to your employer. So, try not to leave any money on the table at the end of the year. Having been downsized twice in the last decade, I can tell you that the "use it or lose it" provision also applies if you are terminated without cause (i.e., laid off). This may seem totally unfair, but that has been my real life experience. Nice blog! So, you are waiting until the beginning of next year to buy new glasses. I think that is a good idea. One thing to keep in mind is that most flex spending accounts operate on a “use it or lose it” basis, meaning that any balance you have in the account at the end of calendar year is forfeited to your employer. So, try not to leave any money on the table at the end of the year.

Having been downsized twice in the last decade, I can tell you that the “use it or lose it” provision also applies if you are terminated without cause (i.e., laid off). This may seem totally unfair, but that has been my real life experience.

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