Flexible spending account question

[javasaurus]

My Google-fu is more like Google-fubar this morning. Sigh.

Is it possible to get a flexible spending account (FSA) for health care, other than through your employment? I've Googled this every which way I can, and yet, I keep finding information for employees. Specifically, can this be done if you are retired?

If you don't know what an FSA is, here is a

Brief description of an FSA

At work, I'm able to have money withheld each pay period for a "flexible spending account" and then I can draw on this account to cover medical bills (including co-pays, over-the-counter drugs, glasses, etc.) that insurance doesn't cover. I decide how much to put in each year, and if I don't use it all by the end of the year, I lose the excess. So why do it? Tax benefits -- the dollars that you put into the account are pre-tax, and do not get taxed when used. So your co-pays and over-the-counter meds are paid with non-taxed money. If you spend a thousand dollars a year on medical expenses, using such a plan might save you $200 to $300 per year, depending on your income tax rate.

Comments

[javasaurus.livejournal.com]

OK, I've learned a little bit. There is another similar program, called a Health Savings Account (for anyone with a qualified "high-deductible health plan"). Apparently this works similarly to an IRA, in that you add pre-tax dollars to it, and can take that money out tax free to use for medical expenses. The HSAs are aimed primarily at the self-employeed, or small businesses.

"high-deductible" for 2009 means an insurance with deductible of at least $1150 for individuals, or $2300 for families.