after many years of being card free…. I finally got one in February. I use it regularly for things like utilities, gas, cell phone, etc. to earn cash back. I pay it all the time…..often multiple times a week…. once a week minimum…..just to make sure I never pay interest or have a late fee.
Since you don’t think you can do an HSA, I would put it in an ING Capital One checking account and get the separate debit card/checks. That way it would be a special account just for medical expenses. That way at the end of the year, it would be really easy to see how much you spent on medical/vision/dental and you can make notes on the actual charges in the Capital One account so you could see which family member had what expenses.
I’m currently putting $400 a month in my HSA and am spending it as fast as I put it in! I’ve got Ortho at $90/month and a hospital visit for $100/month. That leaves $200 for other medical and I’ve got at least $2,000 balance on the rest of the outstanding bills! Not to mention upcoming dental and vision expenses! I’m drowning in medical right now. Can’t wait to payoff a few, so I can hopefully get ahead of it!
at least not the ones I’ve looked at, they won’t accept us. We can likely offset some of that 6k in an FSA. My worry with FSAs is that if you don’t use it you lose it. Last year our highest outlay (with DD18 hospitalized twice) and my copay for an ER visit “only” came to about $3000 and that’s if I lump in medications, glasses etc. But that was an unusual year.
I recognize with a 20% patient copay it could be much higher this year…but knock on wood I’m hoping it wouldn’t amount to $6k worth!! (To fund an FSA).
I’m thinking maybe put about $150 a month (1,800 a year) into the FSA. I know we could easily spend $100 a month on meds for DH and DD. Then put $4200 in a “FFEF.”
If I did as Shay suggested and funded it at $500 a month it would take me 8 months to get there but it wouldn’t retard our debt snowball too much. In fact I could take it out of my babysitting money. Or I could fund it all in two months and be done with it.
Sigh. I just don’t know. It’s just a huge amount to possibly be liable for without something In place and it worries me.