Why Should I Establish a Health Spending Account When I Have Health Insurance?
Health spending accounts are sometimes used as stand-alone solutions for covering the costs of health care. At other times, they serve as a means of augmenting the benefits offered by a traditional health insurance plan. Some people with personal or group health insurance wonder if they need to invest in some type of HSA. The answer is yes. Here are some of the reasons why a health spending account is a smart move.
Managing Co-Pays and Deductibles
Traditional health insurance plans typically include co-pays that the insured party must provide at the time medical services are rendered. While some of the co-pays may be relatively small, they still must be paid out of pocket. Wouldn’t it be nice to already have the money set aside to cover the co-pay? Doing so means one less expense that you have to work into the household budget each month.
Deductibles are also something that comes with many of the points of coverage found in your health insurance plan. How much must you pay out of pocket before the general deductible is paid in full and you begin to enjoy the benefits of your policy? If you have a high deductible, it could take the better part of a year to satisfy it.
That same high deductible could create financial distress if you end up in the hospital. You’ll find that Benecaid HSA accounts alleviate that distress by providing the funds to settle the deductible immediately. Instead of fretting about how to pay, you can concentrate on getting better.
Covering a Wider Range of Medical Services
What types of medical services are covered in your health insurance plan? If you decide to pay a visit to a chiropractor, will your insurance be of any use? Perhaps your plan does not come with a dental rider. How will you pay for the cost of a crown or replacing a damaged tooth with an implant? What happens if you need to have your eyes checked and it’s time for a new eyeglass prescription?
The nice thing about a health spending account is that it can be used for just about any type of medical service. Since you have the funds in the account, you don’t have to worry about how to pay for your new glasses or contact lenses. The money is already there if you need some type of dental work. If you throw out your back, a series of adjustments with a chiropractor will not throw the household budget into disarray since the HSA funds will cover the cost of the treatments.
The bottom line is that everyone can benefit by having a health spending account in place. Even if you have low deductibles on your insurance policy, knowing the money is already set aside if you need major medical care will provide peace of mind during what will be a trying time. Talk with a professional today and learn more about what HSA accounts cover. Rest assured the time will be well spent.
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