FOR BREAKING wellness
NEWS VISIT WWW.QNS.COM NOVEMBER 15, 2018 • WELLNESS • THE QUEENS COURIER 37
How to save on your healthcare costs in 2019
Your cable bill, entertainment
expenses and travel
extras - these oft en top the
list when families sit down to
discuss where they can save
money.
One expense you should
add to your list this year is
healthcare costs. Because
autumn marks the beginning
of the annual open enrollment
period for employees,
now is the ideal time to sign
up for a new health benefi
t plan or adjust your current
plan. Flexible Spending
Accounts (FSAs) and Health
Savings Accounts (HSAs) are
two options for you to consider
if you’re looking to save
money in the new year. But,
how do they work?
Both FSAs and HSAs are tax advantaged
accounts, allowing individuals to
set aside money, tax-free, to pay for eligible
healthcare expenses such as co-pays,
coinsurance deductibles, prescriptions,
etc. However, there are several key diff erences
between the two.
An FSA, which can only be provided by
your employer, generally does not have
any eligibility requirement and allows you
to set aside up to $2,700 (contribution
limit for 2019) in the account - most of
which must be used within the plan year.
An HSA - which you can obtain on your
own or through your employer - requires
that you have a qualifi ed high deductible
health plan (HDHP). Contribution
to HSAs are limited to $3,500 for individuals
with self-only HDHP coverage and
$7,000 for individuals with family HDHP
coverage, and the money can be used
to cover medical expenses throughout
your lifetime. With all FSAs and employer
linked HSAs, a portion of your paycheck
can be set aside for deposit into
your FSA or HSA account automatically
pre-tax, saving you money in the long
run. Plus, your employer may also contribute
funds to your HSA.
Signing up for an FSA or HSA is a convenient
way to ease your spending when
your healthcare plan doesn’t cover certain
expenses, such as over-the-counter
prescriptions, travel vaccines and diagnostic
tests. In fact, 48 percent of FSA
users said they would be likely to cut
back on medicines and treatments if they
didn’t have an FSA, according to a 2018
Flexible Spending Account and Health
Savings Account Consumer Research
study commissioned by Visa and conducted
by Kelton Global. According to
the study, 89 percent of FSA users agree
that saving money through pre-tax contributions
tops their list of reasons for
having an FSA.
In addition to fi nancial benefi ts, there
are emotional benefi ts to having an FSA.
Seventy-nine percent of FSA users said
their account helps them take control
of their medical expenses and an equal
number said it makes them feel confi dent
they can pay for a medical emergency.
One of the most convenient ways to
access funds in an HSA or FSA is with a
Visa Healthcare Card. It allows employees
to easily access and use the funds in
their HSA or FSA to pay for qualifi ed
medical expenses wherever Visa debit
cards are accepted, making it easy to pay
for expenses such as:
• Co-pays and deductibles
• Prescriptions
• Dentist visits: Cleanings, orthodontia,
dentures
• Exams: Physicals, dermatologist
• Vision care, including exams, new
glasses, LASIK
• Hearing exams and aids
• Medical equipment such as blood pressure
monitors, thermometers
• Smoking cessation programs
For added convenience, most pharmacies,
grocery stores and other retailers
that sell healthcare products have
the capability to distinguish between
covered items and non-covered items
when you pay for them using a Visa
Healthcare Card, so you don’t have to
wonder whether something is covered.
By using a Visa Healthcare Card at
these locations, you no longer have
to pay out-of-pocket and then submit
receipts to be reimbursed for your medical
expenses, saving you time and paperwork!
Th ere’s a reason why 64 percent of FSA
users prefer to access their funds with
their FSA card, and 74 percent of users
without a debit card are interested in
one. Likewise, 60 percent of HSA debit
card owners cite “easy to use” as their top
reason to like their HSA debit card and
86 percent would recommend an HSA
to others. As you review your options
this open enrollment season, ask your
employer if they off er an HSA or FSA
with a Visa Healthcare Card to provide
easy access to your funds. To learn more,
visit www.visahealthcare.com.
Courtesy BPT
8 WELLNESS COURIE MEDICARE
AND MEDICAID
ENROLLMENT
/www.visahealthcare.com
