Schneider medical scam

i guess they are making a little extra money on the side off of drivers, you would think that would be illegal.

 

125 cafe plan?

 

It does sound like a flexible spending account. You save up your medical receipts and sent them in (check your paperwork) and you get that money back. It has nothing to do with Schneider. Yes, they should have explained all that to you, or maybe you took a nap during that part.
Go back and look thru all your paperwork or ask HR at Schneider if you are signed up for the Flexible Account.

 

Yeah, any FSA I've ever read about is the same.
But the OP doesn't seem interested any more.

 

Well, if he's not gonna use the funds on his Benny card, can I have 'em???

 

No, I answered first!!!

 

Don't bother with FSA or HSA anymore.

BarryCare nullifies all tax benefits as of Jan. 1

 

It is an FSA, they put it on a card so you don't have to do the receipt thing. Normally you have till April 15th to spend the funds in the account from the previous year. All FSA are use it or lose it.

 

Why would anybody be stupid enough to sign up for an account that you will lose your money if it is not spent. Really, this is the dumbest thing I have heard of. Just roll down the window and throw it out.....

You would sign up to allow someone to take your money without reading the papers your signing, really. Just send me your banking information and I promise I wont give it back either.

 

You only want to put your money into a FSA for known predictable medical/dental/vision out of pocket expenses (eyeglasses, prescription copays, sunglasses, clariton, contact cleaner, etc) that you will incur, as that is the only way you can get your tax free dollars back from this account. This is an IRS plan, not a company plan, so the company has to follow the IRS rules. This account allows your weekly deduction to be done a on tax free basis. So Uncle Sam is not taxing you or the employer for these funds.

When you signed up for this, did you have prescriptions or other medical/dental/vision expenses you knew of? If not, you should not have signed up for the FSA. Otherwise you were signing up for a lottery where you could only lose.

Pay attention to what you are signing up for....this is a standard plan that has been around for 20 years, and no employer can violate the IRS rules on this plan...you and they play by the IRS rules!!!! This is not an employer ripoff....the employer gets to keep the funds you dont' claim, but again this is per the IRS rules. The employer saves the FICA tax on the funds, just like you did when you had the funds deducted from your paycheck...plus you dont' pay any income taxes on those funds....

Only 10 - 20% of the people will benefit from this account, as you have to have predictable medical/dental/vision expenses to benefit from this....if you dont' have those predictable expenses, DON'T SIGN UP FOR THE FSA PLAN!!! As the IRS says, you use the money or you lose it.....again, it is an IRS rule, and not the employers.

Unfortunately, you did not understand what you were signing up for, but do not blame the employer, unless they failed to tell you the details of the plan, and did not give you a plan summary (which they are required to do by law, so you likely got one). You need to use your Benny Card to buy as much eligible items as you can, and you may still be able to get your money back that way...unless your card has been de-activated.

Most truckers don't make enough money to benefit from the tax free aspect of this plan anyway, so it is not something anyone earning under 50k should probably even get into....as they are likely to end up in a situation similar to yours.