As health care costs jump, money-saving flex spending accounts offer more savings. This employee benefit lets you use pretax income to pay for out-of-pocket expenses. The catch: Unspent funds don’t carry over into 2011. Try our easy formula.
Deductibles
Count on at least $200 for in-network fees and about $100 more than your 2009 out-of-network deductible.
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6 to 12 co-pays
Half are for doctor visits, the rest cover drugs. “Plan on a physical and two sick visits—plus two follow-ups,” says Dale Block, MD, who has managed claims for insurance companies. Figure you’ll get one to three Rx’s per sick visit, and add a few co-pays for unexpected trips to specialists.
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A year’s worth of pricey OTCs, like 30+ SPF, antacids and some supplements.
Check out drugstore.com’s FSA tracker
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If you have a chronic issue
Consider what you need to manage symptoms, such as acupuncture for pain or PMS. And don’t forget therapy, dietary counseling and exercise. Fees related to a diagnosed symptom, such as hot flashes, may be eligible with a doctor’s note.
Dale Block, MD, author of Healthcare Stewartship: A Guide to Improving the Health of All Americans, offers these additional tips:
· Check with your accountant and HR reps to make sure readers understand how an FSA works and exactly what is covered, because laws do change.
· Consider the cost of a dental cleaning, dental exam and an eye exam. Factor in extra if you're due for x-rays or need new glasses.
· If your insurer charges for preventive care, you’ll be charged a copay for at least one screening. For guidelines about tests recommended for your age, go to womenshealth.gov/whw/health-resources/screening-tool/
· When factoring how you’ll reach you deductible, remember that some over-the counter items count toward a deductible.
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