Hope this helps someone out there and isn't too late... It's benefits time at my work and I upped my 'flexplan' dollar amount to max this year due to knowing that Halfpint will be spending most of our dollars on therapy this next year.
So, for those who do not itemize their taxes and have flexplan available to them through their work benefits, I highly suggest you use this method of pretax money going towards medical bills. A medical flexplan is money taken out of your paycheck (pretax) and set aside to use for copays, deductibles, pharmacy purchases (mostly prescribed, some not prescribed, be sure to read your benefits) eye exams/glasses/contacts, dental, etc. Some flexplans make you pay for the medical item and send in your receipt for reimbursment. Mine gives me a Visa credit card, which has the whole balance up front January 1st and I could spend it all (if medically necessary) that day, or I can spread it out throughout the year as needed. The maximum amount you can put aside is $5000 a year.
So the pro's of a flexplan are as follows: a large sum upfront to help you with your deductible/copay (which will probably start with your first Dr. visit in January). You can use it to pay for prescription medications. (My flexplan Visa slides right through the pay machine at the Walmart pharmacy, and my flexplan does not ask for receipts, it can 'see' what I purchased and whether or not it is covered by my flexplan). Same with eye exams/glasses/dental exams, I am sure you get the idea.
Con's are of course the money is coming out of your paycheck (although it is pretax, so it saves time/money if you do not itemize your taxes and once they accept your flexplan payment as approved, you don't have to keep the receipts around until next April). If you pay for something on a flexplan Visa that isn't approved, you have to pay it back, of course, which could be a pain. If you have a flexplan that does not give you a Visa, but instead askes for copies of receipts to reimburse, you it may take awhile to get the reimbursement back (so you are out the money you had deducted on your paycheck as well as what you paid for the service/item and are waiting to be reimbursed). I have not had this problem, but have heard other people have this problem, so check with your Human Resource person if you have questions about your work's flexplan provider and how they handle payments, etc.
There may be more pro's and con's and advice on flexplans. I just wanted to get this out there incase it would help anyone like it helps my family. It has been a lifesaver to us in the past, and I think it will be very helpful to us starting in January, since we will have to start all over with the meeting of our deductibles and copays before things start paying 100%. Sadly, due to heath concerns with me and Halfpint's stint in the hospital/psychiatric stuff, we met everything this year. Guess there is a first to everything.
If anyone wants to add on to or 'fix' my advice here, please feel free. I really appreciate this community and hope my advice helps someone.
Hugs,
Ma Kettle
So, for those who do not itemize their taxes and have flexplan available to them through their work benefits, I highly suggest you use this method of pretax money going towards medical bills. A medical flexplan is money taken out of your paycheck (pretax) and set aside to use for copays, deductibles, pharmacy purchases (mostly prescribed, some not prescribed, be sure to read your benefits) eye exams/glasses/contacts, dental, etc. Some flexplans make you pay for the medical item and send in your receipt for reimbursment. Mine gives me a Visa credit card, which has the whole balance up front January 1st and I could spend it all (if medically necessary) that day, or I can spread it out throughout the year as needed. The maximum amount you can put aside is $5000 a year.
So the pro's of a flexplan are as follows: a large sum upfront to help you with your deductible/copay (which will probably start with your first Dr. visit in January). You can use it to pay for prescription medications. (My flexplan Visa slides right through the pay machine at the Walmart pharmacy, and my flexplan does not ask for receipts, it can 'see' what I purchased and whether or not it is covered by my flexplan). Same with eye exams/glasses/dental exams, I am sure you get the idea.
Con's are of course the money is coming out of your paycheck (although it is pretax, so it saves time/money if you do not itemize your taxes and once they accept your flexplan payment as approved, you don't have to keep the receipts around until next April). If you pay for something on a flexplan Visa that isn't approved, you have to pay it back, of course, which could be a pain. If you have a flexplan that does not give you a Visa, but instead askes for copies of receipts to reimburse, you it may take awhile to get the reimbursement back (so you are out the money you had deducted on your paycheck as well as what you paid for the service/item and are waiting to be reimbursed). I have not had this problem, but have heard other people have this problem, so check with your Human Resource person if you have questions about your work's flexplan provider and how they handle payments, etc.
There may be more pro's and con's and advice on flexplans. I just wanted to get this out there incase it would help anyone like it helps my family. It has been a lifesaver to us in the past, and I think it will be very helpful to us starting in January, since we will have to start all over with the meeting of our deductibles and copays before things start paying 100%. Sadly, due to heath concerns with me and Halfpint's stint in the hospital/psychiatric stuff, we met everything this year. Guess there is a first to everything.
If anyone wants to add on to or 'fix' my advice here, please feel free. I really appreciate this community and hope my advice helps someone.
Hugs,
Ma Kettle