Tuesday, May 24, 2005
You All Thought I Was Lying...
... back before the election when I railed again and again against Bush's depiction of the so-called "flexible" health savings account as other than a way for an employer (and the health care industry) to con us out of our money:
Flex Account Deadline Extended
A Treasury Department ruling issued Wednesday will give workers with flexible spending accounts more time to spend their money before it disappears.They can push the "deadline" wherever they want, but you still have to spend what's in the account, and not actually "save" it for anything, like oh coming down with cancer or something.
But a use-it-or-lose-it provision forces participants to forfeit funds that aren't used by the end of the year to their employer.
The new ruling from the Treasury Department says employers with flexible spending accounts can give workers an extra 2½ months to spend the money [ed. wow! so generous!].
"Rather than spending the money before New Year's Day, you'll have until March 15," says Joe Martingale, a health care strategy expert [ed. whose job would disappear if we had a real health care system in this country, i.e., no need for "strategists"] for consulting firm Watson Wyatt.
The extension will "ease the year-end spending rush prompted by the prior rule," Treasury Secretary John Snow said in a statement.
Flexible spending account supporters say the use-it-or-lose-it rule discourages many workers from using the accounts.[ed. ya think? exactly who (other than Martingale) are these supporters?]
But, oh boy, I feel safe from Osama. Thanks, Ohio.
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