I am trying to figure out if it is worth it to have a flex spending account. The plan does not offer a debit card so claims need to be sent by mail. I sent in my claim form with receipt for a prescription on 1-15. I was told on 1-26 that my claim was received. I was told today that my claim was processed (2-15). I was then told the check would be mailed in 2-3 business days and should expect to receive my check in 10 days or so. That is nearly 6 weeks without my money. I know I'm saving money on taxes but if I have to wait 6 weeks, my money could be earning interest (and for people using their credit card to pay...saving on finance charges!) and save myself the hassle of filling out paperwork, postage, making copies (I've had lost claims) and having to call to follow up on the claim/reimbursement.
Is this normal? I have CIGNA and can't believe it takes this long to process a reimbursement.
2007-02-15 09:04:33 · 3 answers · asked by Xerxes32 2 in Business & Finance ➔ Other - Business & Finance
I did Flex Spending for my birth control pills a few years ago. It wasn't worth it for me.
Flex Spending benefits people who have massive, foreseeable medical expenses.
My friend is going through fertility stuff. It benefits her. I wouldn't do it again for medicine.
2007-02-15 09:11:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I have a similar situation. It does take a long time to get reimbursed!
I guess you decide whaether it is worth it or not if the amount is small or large. A larger amount makes it worth the hassle with the taxes you save.
2007-02-15 17:08:10 · answer #2 · answered by christine_ 4 · 0⤊ 0⤋
I think it really depends on how many FSA's you have (my family has three - one for parking, one for medical, and one for dependent care)...and how much you put into it. For us, it is worth it and the hassle is minimal - a lot more minimal than yours is for you. I simply print a form...fill it out, fax it, and the money is deposited directly to my checking account within a few days. (We set that up ahead of time). Yours sounds like a nightmare. If you are FSAing just a few hundred bucks, its probably not worth the effort...and no, it shouldn't take that long for processing.
2007-02-15 17:09:32 · answer #3 · answered by CG 6 · 0⤊ 0⤋