Going to bootcamp - FSA vs HSA
As the days tick down, and Friday races to deliver me the last few hours at my current job, I find myself with exit surveys and interviews and lots of loose ends to tie up.
As I read through my exit logistics, I see that my WageWorks debit cards for Commuter and Flexible Accounts will deactivate on my last day of work.
I know I had over $500 in my FSA, the last I checked. Cue immediate panic. I have enough things to worry about in being unemployed for 3 months. It's hard to figure out healthcare for bootcamp, it is truly a special case. As I tallied my coverage, I was leaning on this healthcare account to hold me over in case I cannot find coverage (break glass in case of emergency kind of deal).
My last employee had an HSA plan and I still have that account working for me. I assumed I would have both as a nicely designed tent to cover me.
...Not so much....
An FSA is very different from an HSA. It is very much use it or lose it. Both FSA and HSA are pre-tax accounts that allows you to set aside money for use on healthcare expenses. The HSA option is YOURS. It follows you independent of your job.
The FSA starts with F for a reason, if you leave without using it, you can just forget about it! You get a $500 carry over, year over year, but it's attached to the job that you have. You leave your job, you leave that money on the table. Your money. It just evaporates.
That seems so broken!
I went through the angry phase about that. Then I asked some questions and got a better understanding of the system. Now, I accept the challenge to splurge on health in the last couple days that I have left.
There is so much stress already wrapped up in this decision that I've made to leave an amazing cush job. It is increasingly more apparent why some of my loved ones are so scared of this limb I decided to venture out on. It's tremendously slim.
I will have to do a lot of leaning. In the meantime, I'm in the market for some really expensive eyewear and bandaids. The journey continues.