Karma
Member
- Joined
- Mar 20, 2015
- Messages
- 22
OK...I do not post much, although I read everyday! All of you are so smart/helpful & seem to give back in someway...either through your kind words or detailed experiences/research articles, I was trying to think of what I could contribute....hmmm??
Where I work, like most other companies, we are having our open enrollment for medical & other benefits in 2016. I have always been curious about whether my vitamins would be a covered expense under the flex spending account that is offered by my company. I called Allegiance yesterday, who is the admininster of the flex spending account for my company, and it would be a covered expense!! All I would need to do is get a note from my surgeon or PCP indicating my vitamins are medically necesary. I can then use my debit card associated with my flex spending account or save the receipts from my vitamin purchases & file a claim to get reimbursed! It will be like saving 33% on a $900 annual expense...which is about $300 bucks!!
Just thought I would post something just in case others are in the same situation & might want to check with their HR/Flex administrator to see if yours would be covered so you can sign up & save $$ too!
FYI - For those who do not know how this works...a flex spending account is a pre-tax contribution you sign up for during open enrollment where you can contribute up to $2,550 to cover out of pocket medical/dental/vision costs....ie co-pays, prescriptions, etc... The amount you contribute comes out of your paycheck weekly/bi-monthly..however you are paid BEFORE TAXES and it comes out in equal installments over the course of the year. You can then file claims or use a debit card provided against this accumulated money to cover costs you incur...like when you go to an urgent care or co-pays at a pediatrician's office...all dependents (kids/spouse) expenses can be applied as well. Because the money comes out pre-tax you 'save' because you will have less adjusted gross income to be taxed on. There is an example in my Benefits booklet & the savings could add up to 10-39.6% (depending on your tax bracket) off of the cost of the expenses incurred. OTC medicines & vitamins are not normally covered BUT if you get a note from your surgeon/PCP that indicates that these are medically necessary....which they ARE!...then they would be covered!!
Just my 2 cents (pun intended!)
Where I work, like most other companies, we are having our open enrollment for medical & other benefits in 2016. I have always been curious about whether my vitamins would be a covered expense under the flex spending account that is offered by my company. I called Allegiance yesterday, who is the admininster of the flex spending account for my company, and it would be a covered expense!! All I would need to do is get a note from my surgeon or PCP indicating my vitamins are medically necesary. I can then use my debit card associated with my flex spending account or save the receipts from my vitamin purchases & file a claim to get reimbursed! It will be like saving 33% on a $900 annual expense...which is about $300 bucks!!
Just thought I would post something just in case others are in the same situation & might want to check with their HR/Flex administrator to see if yours would be covered so you can sign up & save $$ too!
FYI - For those who do not know how this works...a flex spending account is a pre-tax contribution you sign up for during open enrollment where you can contribute up to $2,550 to cover out of pocket medical/dental/vision costs....ie co-pays, prescriptions, etc... The amount you contribute comes out of your paycheck weekly/bi-monthly..however you are paid BEFORE TAXES and it comes out in equal installments over the course of the year. You can then file claims or use a debit card provided against this accumulated money to cover costs you incur...like when you go to an urgent care or co-pays at a pediatrician's office...all dependents (kids/spouse) expenses can be applied as well. Because the money comes out pre-tax you 'save' because you will have less adjusted gross income to be taxed on. There is an example in my Benefits booklet & the savings could add up to 10-39.6% (depending on your tax bracket) off of the cost of the expenses incurred. OTC medicines & vitamins are not normally covered BUT if you get a note from your surgeon/PCP that indicates that these are medically necessary....which they ARE!...then they would be covered!!
Just my 2 cents (pun intended!)
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