to determine if you are getting the benefits you need without paying for benefits you don’t need.
The subject of this blog is to help you maximize the financial benefits of your current plan.
1. Preventative Healthcare: Have you gone in for your annual wellness check, physical, or other preventative procedures? Major medical health insurance plans are now required to pay for many preventative measures in full without copays or coinsurance.
2. Flexible Spending Accounts (FSA): Have you utilized these tax advantaged accounts for copays, prescriptions, and other qualified expenses? Make sure you understand the rules of your specific plan including eligible expenses. Do you have a grace period should you run out of time? Remember, to be eligible for tax advantaged treatment, OTC drug purchases must now be accompanied by a Doctor’s prescription (new for 2011).
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3. Health Savings Accounts (HSA): In addition to using these accounts for qualified expenses (similar to FSAs) have you maximized your 2011 contributions. Remember, unlike FSA’s these accounts "carry over" and can help you build a significant tax advantaged fund for a more cost effective, consumer driven health plan.
Paying attention to these three areas can result in significant savings on your medical expenses.
