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Flexible Health Spending Accounts When it comes to healthcare, most people don't tend to associate it with the word "flexible." In many cases, people feel trapped by their health plans - at the mercy of bureaucratic decision-making and slow reimbursements. Fortunately, a few years ago, flexible health spending accounts were created, providing individuals and families with the control they'd been seeking. Flexible Health Spending Accounts: HSAs In general, there are only two main requirements in order to be eligible for an HSA. The first is the purchase of a high deductible health plan and the second is the lack of any other type of health coverage. There are a few plans that may be allowable in conjunction with an HSA, such as dental, vision or disability, but it is important to check prior to applying. Flexible health spending accounts from take care® work similarly to regular savings accounts. Individuals decide how much they will put into the account at the beginning of the year and make regular contributions each pay period. The money placed into the account is tax-exempt and can only be used to pay for qualified medical expenses. The money in the account always remains the property of the account's owner and any leftover at the end of the year is simply rolled over for use in the future. Flexibility is the key to HSAs. Although there are significant tax breaks that come with having such a health plan, many people are attracted to them because of the control they gain over their health decisions. Coupled with a debit card or checkbook, money is taken directly out of the account for medical payments, giving the power of decision back to the consumer. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Medical Expense Accounts Healthcare Flexible Spending Accounts Health Reimbursement Arrangements IRS Section 125 Cafeteria Plans Medical Expenses and Income Tax Plan for Medical that Health Insurance Doesn't Cover Save 25% to 40% on Health Expenses Save on Co-Pays and Over-the-Counter Medications Save on LASIK and Orthodontic Costs Section 125 Plan Administration |
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