Schneider medical scam

This is not a scam, it is a standard IRS controlled Flexible Spending Account....most people will not benefit from this plan. Only those people with predictable large medical expenses will benefit from the tax savings aspect of this plan. Do not blame the employers for this plan, as rules are set up by the IRS and cannot be violated by the employer.

And the higher your income the more taxes you can save with this plan, but most truckers are not in a high income tax bracket, so they should be very careful about signing up for a FSA.

 

Section 125 of the IRS code....both the employee and the employer have to follow the IRS rules on this one.

 

By the way, I forgot to mention, that the employee can use his annual election amount before it is payroll deducted, and then quit his job and not have to pay back the overdraft on the account, so the employer takes it in the shorts!!! This is a double edged sword for the employer....

 

Inviting the wrath of God upon myself

Why would you do something like this to begin with ???

Are you all (ones that stated they had the same thing) so incapable of managing your own money. You have to hide it from yourself...with another person?

Adding further insult to injury. That person/entity gets to keep it, unless you spend it on a specific item, within a specified time frame. WTF ????

There's a better way.

It's called a SAVINGS account. The term "medical" need not apply.

People have had them for years. And best of all. It's theirs to spend, any way they want, when ever they want.

And guess what? I can get ALL of it back, with interest.

Of course I have to pay taxes on the interest. But the principle is ALL mine.

So what if you discovered a perceived tax shelter. I equate that tax shelter to the home mortgage deduction. Why ride that payment for 30 years for the tax credit....it makes NO sense. Pay the #### thing off. And bank the money saved in interest.

 

Isn't that the solution President bush came up with for high medical expenses. They call it bush care?

 

is the training legit and if so how much does it cost and how long