Re: FSA Question

The way I track it is to create a separate Bank account in Moneydance, which
tracks #1 and #3. The #1 payments increase the balance of this account
(which I call Flex Healthcare). The #3 deposits to a checking or savings
account are set with Flex Healthcare as the category, which decreases the
balance of that account. At the end of the plan year, the balance of that
account should be zero.

The #2 expenses are deducted from a checking and savings account just like
normal, and are set to categories like normal as well (since FSA expenses
can be of many types, I have something like 6-8 different categories). If
you'd like to make sure all these expenses match up with the #3
reimbursements, then apply a tag to each of them, then you could run a
transaction report (filtered by tag), income and expense report, or tag
total report for the date range of interest.

Good luck!

--Kevin

On Mon, Nov 22, 2010 at 10:58 PM, Yaakov Winiarz <[email protected]> wrote:

> Hi
>
> I have a question regarding how to keep track of the my FSA eligible
> expenses and how much  of my annual contribution I have consumed
>
> OK A few things about how my FSA works
>
> Essentially I chose how much I want to put towards the FSA  and 1/52nd of
> that amount is withdrawn weekly from my paycheque re-embursing my employer
> for laying out the money to my health insurance who is overseeing my FSA.
>
> When I incur an FSA eligible expense I have to pay it out of pocket and
> then
> bill my health insurance company (I can set up that certain expenses such
> as
> co-pays are automatically billed but others I have to manually submit eg
> bandaids) who then sends me a cheque for that amount.
>
> What is the best way in money dance to keep track of the following three
> items
>
>
>   1. the weekly payments to my employer
>   2. the fsa eligible expenses I incur
>   3. the reimbursements I receive  back from my health insurance
>
> Ultimately I want to be able to know, by the end of March 2012 (until when
> I
> have to spend the 2011's contributions),  whether or not  the values of  1,
> 2 and 3 are equal and if not how to adjust them for 2012.
>
> Thanks
>
> Yaakov
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