Individuals
Important milestones are a special time to reflect on the past, celebrate achievements, create a vision for the future, and express appreciation.
This year, we at Flexible Benefit Service LLC (Flex) expect to do no less as we proudly mark our 25th anniversary.
If you have a flexible spending account (FSA), the year-end FSA frenzy is here. FSA participants that may have contributed too much money may be in panic mode, but it does not have to be that way for you. Let’s take a look at some ways to use your FSA money.
Visit your:
- Doctor to make sure to get all immunizations done.
- Dentist/Orthodontist to get a check up on those pearly whites.
- Optometrist to get an eye exam! Buy a new pair of eyeglasses, prescription sunglasses, contact lenses, or even stock up on contact lens solution.
- Dermatologist to get prescriptions, such as acne treatments.
More and more, employers are starting to offer high-deductible health plans (HDHPs) in their benefits program. Correspondingly, the rate of employees enrolled in a HDHP has grown year-over-year. Even though this isn’t the standard health plan option you might be used to, here are four reasons to be thankful for your HDHP this enrollment season:
- Covers 100% - Just like a traditional health plan, basic preventive services such as vaccinations and wellness exams are covered at 100%! You can stay proactive with your health care and save money.
In their own words, politicians on either side of the fence agree that the middle-class is hurting.
“Middle-income families are being crushed.” – Mitt Romney
“The Middle Class has been buried.” – Joe Biden
A hot topic during the 2012 presidential election has been health care reform and the Affordable Care Act (ACA). American workers are paying more out of their pocket for health care expenses than ever before. No matter which party line you side on – everyone seems to agree that the financial burden carried by the middle class is disproportionate in one way or another.
According to an estimate by Kaiser Health News, a couple retiring in 2012 will spend $240,000 on health care expenses. Statistics also indicate that a majority of employees (consumers) save virtually nothing on their own for retirement, other than through employer-sponsored plans (i.e., 401(k) plans).
There is an elephant in the room and people are starting to take notice. Flexible Benefit Service LLC (Flex), in a nod towards National Save for Retirement Week (a congressionally endorsed, national event that takes place from October 21 – 27, 2012) is featuring the capabilities of a health savings account (HSA) repurposed as a smart way to begin to save for retirement.
Don’t let unspent FSA dollars haunt you
It can be scary to think about how much health care costs you and your family. If you have a flexible spending account (FSA), there’s no need to fear. Flexible Benefit Service LLC (Flex) has conjured up six not so spooky ways to use your FSA before the end of your plan year.
- Prescriptions – Don’t be afraid to ask. Your doctor can write a prescription for everyday over-the-counter items.
Flexible Benefit Service LLC (Flex) recently joined forces with various associations and insurance companies representing employers, producers and insurers to submit comments on the selection of Illinois’ state Essential Health Benefits (EHB) benchmark plan.
The purpose of the consolidated comments was to underscore the importance of affordability of coverage for individual consumers and small employers in Illinois. The target for this effort was the state’s Health Reform Implementation Council (HRIC) Workgroup, who was considering specific factors in choosing the EHB package. The benchmark plan will eventually determine the cost of future premiums and how broad coverage will be for Illinois consumers.
Marketplace recognition increases and enrollment grows - and it's about time!
We continue to see an increase in news, surveys and reports that consumer driven health plans (CDHPs) and tax-advantaged programs are growing in popularity and enabling more Americans to make better health care decisions. We strongly agree, but this is not new to us at Flexible Benefit Service LLC (Flex).
The Benefits Buzz Blog was created with the simple idea of getting relevant information to you - when you want it. From updates on health care reform, the employee benefits industry, compliance, continuing education and more – we invite you to read and walk away with some value adds to help you get through the day smarter.
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