OT: FSA spending account - need recommendations

[C40_guy]

Originally Posted by commonguy001

Compression boots are eligible for FSA dollars and feel great after a long ride or hard workout. My wife is a runner and we tried them at the Mesa Marathon, bought a set when we got home.

I've used the Normatec a couple of times...truth is I probably don't stress my legs sufficiently or often enough that it would make sense to own a set...but that having been said, if it gets towards the end of March and I still have a balance I'll buy a set.

Wife just bought two sets of prescription (transition and sun) glasses at Costco. That put a small dent in the balance. Half what a single set would have cost at our friendly local optometrist..who *is* a friend!

And I ordered two sets of SportRx prescription lenses for my Rudy Project glasses. We're down to about $1k (use it or lose it money)

[tkbike]

Originally Posted by rothwem

Don't confuse an HSA and an FSA. FSA money is your money that you put in tax free, but you have to spend it all by the end of the year. HSA is your money tax free that you DON'T have to spend by the end of the year. You're on eligible for an HSA if you're in a high deductible plan, but the big advantage is that it is NEVER taxed. No capital gains tax like a regular investment account, and no tax when its withdrawn, like a 401k or IRA. And since a large amount of your expenses in retirement are likely to be health related, its good to max this out if you can.

HSA>>>and as a bonus, once you hit a specified age it doesn't need to be used for health care...I've been in since the beginning and there is no better investment tax wise!

[slowpoke]

Side note: HSAs are great, but keep in mind they can only be used with a high-deductible health plan (HDHP). If you're single, healthy, and without any dependents, I think it's a great idea. If you're on a family plan, the deductible can be as high as $15k/year.