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Flex Debit Cards If there is one thing most people hate about traditional health plans, it's the lack of flexibility and the delay in processing and receiving reimbursements. In many cases, individuals have to wait for approval before being able to schedule a particular medical expense. Fortunately, newer health plan options have been developed, even offering flex debit cards to simplify the payment process. Using a Flex Debit Card with Your HSA HSA stands for health savings account. Created in 2003, these health plans work similarly to regular savings accounts. At the beginning of each year, the owner of the account decides how much money to set aside. Money is then taken from their paycheck throughout the year - tax-exempt - and is made available in the account for eligible medical expenses. Access to the money in an HSA is at the sole discretion of its owner. In addition, a flex debit card can be used in order to make payments. These cards work exactly like regular debit cards, drawing the money directly from the HSA. The take care debit cards do have some limitations, though; they can only be used to pay for eligible medical expenses (not for groceries, for example). In addition to the obvious convenience, the advantages of using a flex debit card are numerous. These cards reduce the amount of paper claims submitted, practically eliminate any wait for reimbursement checks, and provide a single, practical mode of payment for most medical expenses. Most importantly, they put much of the decision-making process back into the hands of the patient. |
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 Co-Pays and Over-the-Counter Medications Save on LASIK and Orthodontic Costs Section 125 Plan Administration |
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