Track Spending and Usage for Next Year
It's important to keep track of your premium and out-of-pocket 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 deductible. And by doing your homework you'll be one step ahead when Open Enrollment 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 emergency:
- In the event of an emergency 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 premiums 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 claim 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.
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) or Flexible Spending Account (FSA). 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.