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Save on Co-Pays and No matter the type of health care plan your employer offers, most will leave you with some non-reimbursed expenses. These costs come in the form of co-pays, over-the-counter medications and other expenses that are normally not covered. For these, employees must pay out of pocket. Unfortunately, these costs can quickly add up. How to Save on Co-Pays and Over-the-Counter Medications With flexible spending accounts, it is possible to save on co-pays and over-the-counter medications. These accounts work in conjunction with your health care plan. You can use the money you put into these accounts to cover expenses you would otherwise pay out of pocket. The best part is, all of your contributions into your flexible spending account are tax-free. Flexible spending accounts give you the power to decide how much you want to put into such an account. Simply calculate how much you spend annually on additional expenses such as dental services, eyeglass prescriptions, and childcare, and even in some cases, transit and parking fees. Pre-tax dollars will then be deducted from your paychecks each month and placed in your account. Taxes, social security, and other contributions are then calculated based on the remaining total. This plan allows you to get the most out of your health care dollars. With a take care flexible spending account, it's easy to save on co-pays and over-the-counter medications. Simply use your take care debit card at any qualifying location, such as a drug store or pharmacy, to pay for purchases. The money is then deducted from your account, and in many cases, requires no additional claim filing. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Health Spending Accounts Flexible Medical Expense Accounts Health Care 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 LASIK and Orthodontic Costs Section 125 Plan Administration |
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