Make this fourth of July your Healthcare Independence Day. Independence can take many forms, including healthcare independence. Through a pre-tax benefit account, you can increase your healthcare options and maintain healthcare independence at any age.
Increase Your Options
Everyday Needs
Pre-tax benefit accounts provide you and your dependents with increased control over your healthcare expenses. You can cover everyday expenses (ankle braces, bandages, etc.) as well as prescriptions and larger expenses, like medical bills and hospital visits. A variety of products and services can be purchased using your benefit account funds.
If you have an account through Benefit Resource, you may have received the Beniversal® Prepaid Mastercard®. The Beniversal Card is linked to your pre-tax account (or accounts) and you can easily pay for eligible medical, vision and dental expenses permitted by your plan.
Emergency Needs
Pre-tax benefit accounts are great for every day situations, but also come in handy during emergency situations. Insurance coverage can certainly help if you have a large unexpected expense, but you are also personally responsible for a portion of the expenses as well. Sometimes people confuse health insurance with pre-tax benefit accounts. Although both are “benefits” they are different. However, the two can be complementary.
You can typically use your pre-tax account to pay out-of-pocket expenses not covered by insurance, such as your deductible. Once you’ve met your deductible, you can continue to use your pre-tax account to pay for co-pays and co-insurance. If you have a high deductible health plan, a Health Savings Account (HSA) may be paired with it. You can read more about those options here. A Flexible Spending Account or FSA is a great option to pair with any variety of insurance options.
Healthcare Independence at any age
Regardless of what kind of pre-tax account you have, you can use it to maintain healthcare independence at any age.
| For Babies and Kids | For Young Adults and Families | For Empty Nesters and Baby Boomers |
| Prenatal | Knee brace | Sleep aid |
| Breast Pump | Hot and cold pack | Back pillow/lumbar support |
| Sunscreen | Sleep aid | Denture cleaner |
| Nose wipes | Glasses and contact lenses | Cane |
| Pregnancy test | Lasik | Arthritic support |
Many of these items are available at drug stores or large national retailers (Target, CVS, etc.). You can also find them online through the FSA Store or HSA Store.
A little planning and preparation at open enrollment goes a long way to keeping your expenses on track all year long. Whether open enrollment is just around the corner or months away, it is never too early to estimate your expenses and take a step towards healthcare independence.
However you choose to celebrate Independence Day this year, we hope you can achieve greater healthcare independence along the way!
