How the Health Care Overhaul Could Affect You

[Papa_Complex]

Originally Posted by goof2

Health care flexible spending accounts are tax free accounts managed by a person's insurance where a person can deposit money to cover health expenses throughout the year. The government sets the limits on the amount that is tax free and what the accounts can be used to purchase. This "reform" cuts both.

My mother's additional benefits package is a "flex care" setup, so I understand the principle, if not the application in the US. Interesting. I'll be reading more to see how this all pans out but my feeling at this point is that no one does, and that there's a hell of a lot of FUD going on.

[goof2]

Originally Posted by Papa_Complex

My mother's additional benefits package is a "flex care" setup, so I understand the principle, if not the application in the US. Interesting. I'll be reading more to see how this all pans out but my feeling at this point is that no one does, and that there's a hell of a lot of FUD going on.

On these flexible spending accounts it is pretty straightforward. The amount eligible will be cut and funds in these accounts can no longer be used for over the counter medication. The only ambiguity on this point is when it will be implemented. It is currently set for 1/1/11. If the reconciliation bill passes it is pushed out to 1/1/13.

[Captain Morgan]

Originally Posted by derf

Sorta like doing taxes. They tell me how much to pay, I make up a number in the middle and lie until I get close to the number I made up originally? Because thats how taxes really work, I mean there is no way that I have installed energy efficient windows in my house for the past 5 years.

Stuff like that eventually gets caught, then you have to pay penalties and interest. If they deem it to be outright fraud, there is a 75% fraud penalty. Oh, and interest accrues on the penalties. Even if they only catch one year of it, that one year could cost you more than you've saved all five years, depending on how long ago it was.

Originally Posted by EpyonXero

Obama ran on a platform of health care reform and its a pretty big reason why he got elected. I think most people who wanted government health care reform wanted a single payer system, unfortunately we ended up with a half assed compromise as usual. Either way, Obama did what he could to give the people what he promised when he was elected.

Obama ran on a platform of "I'm different than the guy you hate, so that automatically makes me a great person to be president, regardless of all the political bs and lies I've told in the past" and America bought it. Now we get to pay for it. Yay us.