Originally Posted by
MikeF16
Or you could just save the receipts and claim it on your income tax at the end of the year for a refund. Easier than dealing with the FSA IMO. Might be some difference to the bottom line, but probably at the noise level when it comes to actual savings.
I am not a tax expert, but current IRS rules do not allow medical expenses to be deducted until they exceed 10% of your adjusted gross income. That is a lot of copays and prescriptions. If you use the FSA, the money comes straight off of your taxable income. At a 20% effective tax rate, you could save over $400 if you put $2250 into the FSA.