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> FSAs are insane, conceptually. Indeed. I don’t understand why they cant just make medical expenses tax-deductible up to a certain amount. The effect would be
by cblum 11mo ago
> FSAs are insane, conceptually.
Indeed. I don’t understand why they cant just make medical expenses tax-deductible up to a certain amount. The effect would be the same. Why do I need a separate account for it, and why do I have to guess how much I’ll need every year (as you pointed out)?
I guess at least part of the answer is that the companies administering FSAs make money out of this system. Sigh.
- khuey 11mo ago> I don’t understand why they cant just make medical expenses tax-deductible We have that, although the deduction only starts after a certain amount which makes it useless to almost everyone.
- cogman10 11mo agoThe issue is that it only kicks in when you itemize your deductions and it has something like a $10k cap. The standard deduction is 15k for a single and 30k married. Unless you have a bunch of other things to deduct, it's often the right choice to just use the standard deduction.
- malfist 11mo agoUnless your a homeowner with a mortgage, then it's almost always better to itemize