My Benefits Primer

Track Spending and Usage for Next Year

It's important to keep track of your premium and out-of-pocketout-of-pocket
Amounts such as copayments and deductibles that an individual is required to contribute toward the c... more
costs, in order to adjust your benefits plan for the following year. If you're aware of how much you can afford, you can save even more by increasing your Health Savings Account or opting for a higher annual deductibledeductible
A set amount that you must pay for your medical services before the health plan starts to pay.... more
. And by doing your homework you'll be one step ahead when Open EnrollmentOpen Enrollment
A time, often in the fall, when employees choose their health plans for the following year. You typi... more
begins.

Health Care Expenses

Take a fresh look at health planning

Track health care expenses by maintaining a health records filing system. Separate your files into active (those you refer to often) and inactive files (those you may need at a future date).

  • Active: what you'll need at your fingertips for easy access and reference. Be sure that more than one person knows where your files are kept in case of an emergencyemergency
    A serious medical condition resulting from injury or illness that arises su... more
    :
    • In the event of an emergencyemergency
      A serious medical condition resulting from injury or illness that arises su... more
      hospital or doctor visit, keep a list of current family health records for this year and last year, including information like pre-existing conditions, medications you are taking and the name and contact information for your family physician.
    • Insurance policies, with a record of dates and premiumspremiums
      The amount charged by a health insurer for a health insurance policy. If you have a health plan thro... more
      paid (this information may be on your paycheck or another document from your insurance company).
    • Medical bills, receipts and papers - whether paid by you or your insurance company - for the current and past year. The current year records will be needed for income tax purposes if you claimclaim
      Information submitted to a health plan to request payment for medical services provided to a person ... more
      medical expenses as a deduction.
  • Inactive: what you may need in the future, keep on file for tax purposes and reference:
    • Medical bills, receipts and papers - whether paid by you or your insurance company - more than two years old.
    • Health history records for reference. Create a list that includes: blood type, allergies, immunizations, dates and the nature of all illnesses and injuries, names of doctors consulted, records of hospital and clinic stays, medications prescribed and taken, and dates and types of X-rays and shots. Update the list as needed, based on changes in your health.

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Tax-Advantaged Savings Accounts

Manage tax-advantaged accounts

Tax-advantaged savings accounts help you pay current health care costs or save for anticipated future expenses. Review your plan to find out if you can open - and how to manage - a Health Savings Account (HSA)Health Savings Account (HSA)
This savings account allows people to pay current health care costs or save for future expenses. To ... more
or Flexible Spending Account (FSA)Flexible Spending Account (FSA)
A FSA is an account tied to an employer-sponsored health plan. It can be used to pay for medical exp... more
. Check your statements to track your spending for the year. And make sure you've submitted all health expenses for the year so you know if you should increase or decrease your contributions for the year ahead.

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