Since I’ve been tracking every cent of spending this year from January 1st on, I was able to easily track how much I’ve spent in Medical expenses this year. Then I estimated what I’d be spending now through December. I came up with an obscene (at least to me) amount……. $968.99 !!
I need to not be so expensive. Geeze. I know a majority of the expense is my main prescription, which is $132.00 quarterly. But still. What have I been doing? Well, there’s been dentist appointments, sick visits, prescriptions, eye doctor appointment, gyno appointment and over the counter meds. But geeze! I can’t imagine what it’d be without insurance.
Anyway, I’ve decided to go ahead with the Health Savings Account through my work. They take the money out of my account pre-tax. I get a debit card to use from the account. All of which seems easy to use.
Now to figure the amount out. Now I know what I’ve spent this year, with nothing out of the ordinary. I’m set on contacts, but in the upcoming year, I’ll need new glasses. Actually, I need them now, but I want to wait until my annual appointment before investing in a new pair. Just in case my prescription changes. Which it better not, or those contacts will be useless.
I also don’t want to put too much into the account & then have a lot leftover in my account. At least the IRS allows us to go 3 months into the next year to use up any balance left in the account. So I’m figured that I’m going to estimate that I’ll be spending about 1000.00 next year. Well, really I’m figuring that it’ll probably be closure to $1100.00 with the glasses, but I want a little wiggle room until I’m comfortable with the account.
I currently have budget 82.00/month for medical. And the out of paycheck would be roughly 82/month. According to my benefits website estimator, I’ll be saving $326.50 in Federal & FICA tax savings. Which sounds good to me.
So I’ll be enrolling tomorrow. Whew. That was tough.
In other news,I had a no spend day on Monday and today. Also, the Breast Cancer benefit went really well. I had a few drinks, got a bit generous and ended up spending/donating $38.00 total instead of my planned $15-20 amount. But hey, it went to a great cause.
I have several things coming up in the next few weeks. On Sunday, I’m treating my sister & my nephew to the Pennsylvania Renaissance Fair. Tickets for the 3 of us will cost roughly $90.00. Then I’ll need some spending money. But it’ll be worth it. I really liked the PA Ren Fair as a kid and I know that my nephew will LOVE it.
I have set aside $100.00 towards my Halloween party. And roughly $200.00 towards my vacation week. I want to set aside a few extra bucks, but I’ll be waiting until my 10/30 pay check to use those funds. Which is halfway through my vacation, but works out just fine.
I get paid on the 15th and I’ll be sending 413.00 towards my Student loan. It’s a bit lower than the $500.00 per paycheck than I wanted, but I actually ended up doing a little less overtime than I expected and I’ve recognized that I’m getting a little burnt out on the overtime. So now I’ve rethought my goal and I’ve lowered it to $400.00 per paycheck. Which is still a VERY substantial amount.
So in conclusion, today I’ve made a couple of big decisions. And I feel good about them 
Making Decisions
October 10th, 2007 at 10:56 pm
October 10th, 2007 at 11:24 pm 1192058682
October 11th, 2007 at 01:58 am 1192067881
October 11th, 2007 at 04:14 am 1192076049
October 11th, 2007 at 01:33 pm 1192109608
October 11th, 2007 at 01:49 pm 1192110543
October 11th, 2007 at 09:12 pm 1192137131
Dont' forget, there are lots of things you can buy and get reimbursed for at year's end if you find you have leftover money in the account. Like, I take a baby asprin every day. That's reimbursable. So is saline solution and other contact lens supplies, birth control and other stuff.
October 11th, 2007 at 10:08 pm 1192140502
October 16th, 2007 at 05:42 pm 1192556538
http://www.treas.gov/offices/public-affairs/hsa/
Check out this link. It will answer your questions.