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Chances are you have at least some out-of-pocket health care expenses each year such as deductibles, copayments and other expenses, which are not covered by any benefit plan. If this is the case, you may want to consider the Health Care Spending Account.<\/p>\n
With a Health Care Spending Account, you can set aside from $2 to $100 per pay period on a pre-tax basis to help pay for eligible out-of-pocket medical, dental, and vision expenses. The maximum annual contribution for this year is $2,550. (To be eligible, the expense must at minimum qualify as a medical deduction on your federal income tax return.) The amount you choose should be based upon anticipated out-of-pocket health care expenses for you and your dependents. Once an eligible service is performed, complete an Expense Reimbursement Request Form, attach your receipt or explanation of benefits, and mail to the plan administrator.<\/p>\n
Medical expenses reimbursed through the account cannot also be claimed as a deduction for income tax purposes.<\/p>\n