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Top 4 Reasons to Sign Up For a Health Spending Acc

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Many employers offer health spending accounts as well as health insurance to their employees. Instead of going with one or the other, why not enroll in both plans? Doing so will prove helpful in an number of situations. Here are as few examples of how this arrangement will make a difference.

Funds to Cover Deductibles and Co-Pays

It's true that Benecaid has accounts are not structured to cover health insurance premiums. However, this type of plan does come in handy when you have co-pays or deductibles that must be paid out of pocket. For example, if you have a co-pay for an emergency room visit, your HSA will cover that portion while your insurance plan takes care of the rest. You are left without having to figure out a way to cover that co-pay while you are trying to get well.

Pay for Treatments Not Covered by Your Health Insurance

Most health insurance plans cover specified medical treatments and services. That’s fine as long as those are the types of treatments you need. What happens if you believe an alternative treatment would improve your condition? The only option would be to pay for those services out of pocket.

The nice thing about having an HSA is that it often covers treatments that your health insurance will not. Perhaps you believe acupuncture would ease some of the back pain you are experiencing and alleviate the need to take pain killers. Since your health insurance does not cover acupuncture treatments, turn to the funds in your HSA. With a little luck, the treatments will alleviate the back pain and you are not left with worries about how to pay for them.

Help When You Reach the Limits of Your Health Insurance

Even when your health insurance does cover a procedure or treatment, there may be a limit on how much the plan will pay out per calendar year. What happens when you run out of benefits? Do you just drop the treatments? Without an HSA, that may be your only option.

With the HSA in place, the balance in your account will pick up where your insurance benefits left off. That means if you are seeing a therapist and exhaust your insurance benefits, the money from the HSA will cover the cost of more sessions, and possibly get you through to the end of the year.

Added Financial Security

A combination of beneguard family health insurance and your own HSA goes a long way to provide financial security. Between the two, there is every chance that any type of medical need or emergency will be completely covered. That’s important, because your focus should be on getting better after an illness or accident, not wondering how to pay for the medical treatments and still keep the mortgage, care payment, and other essentials up to date.

Talk with your employer about adding HSA plans to the current benefit package. Remember that many of these plans allow employees to contribute to the balances as well as employers. Make sure you have enough on hand to help with any medical costs above and beyond your insurance benefits. All it takes is one serious event to see how helpful this type of arrangement can be.

Benecaid Health Benefit Solutions Inc

185 The West Mall #80
M9C 5L5

Latest Activity: Feb 19, 2018 at 9:57 AM

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