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Flexible Medical Expense Accounts If many consumers could change one thing about their health plans, it would probably involve increased flexibility. To that end, a number of flexible medical expense accounts have been created in recent years, provided through companies like take care. Although most of these accounts follow similar principles, they each have different rules - making it important to clearly understand their differences before selecting one over the other. Choosing the Right Flexible Medical Expense Accounts HSAs, also known as health savings accounts, are currently one of the most popular and flexible medical expense accounts available. A recent creation, put into effect with the Medicare bill of 2003, HSAs are designed to allow individuals and families save for future medical expenses on a tax-free basis. In order to qualify for an HSA, a high deductible health plan is required. These plans can have a deductible no lower than 1,000 dollars for individuals and 2,000 dollars for families. Beyond this requirement, HSAs are far less restrictive than many other medical expense accounts - in fact, almost anyone can apply for one. One of the major appeals of HSAs is the amount of flexibility they offer individuals when it comes to medical decisions. Instead of relying on someone else to approve or disapprove expenses, individuals simply use the money in their account directly by using either a check or debit card. Even more importantly, if there is any money left over in the account at the end of the fiscal year, it can be kept in the account for future medical expenses. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Health Spending 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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