Sorting it out |
FLEXIBLE SPENDING ACCOUNTS
BY BETSY Q. CLIFF
F
all is a crucial time for planning to use a flexible spending account for medical expenses. At the end of the year, employees are asked to sign up and to decide how much money to set aside from their take-home pay for the next calendar year. Local experts say a growing number of employers are using flexible spending accounts to help employees pay for out-of-pocket health costs. If you have never used this type of account, or if you’re wondering how to make the best use of it, here are some tips.
Flex
What is a flexible spending account? Often called an FSA, these accounts are essentially your agreement as an employee to have a portion of each paycheck withheld to pay for upcoming medical costs. And you won’t be taxed on the amount you have deducted. • How does it work? Money is withheld regularly throughout the year but is available as soon as you need it to cover qualifying expenses. That means you can ask for reimbursement for up to the entire annual amount as early as January (if you have medical expenses) though it won’t all come out of your paychecks until December.
your medical spending muscle
• Can I sign up? It’s not something just anyone can sign up for; your employer must choose to offer an FSA. Why should I use
CK KSTO THIN
Complete Health & Wellness Dr. Celso Gangan and Dr. Derek Palmer Primary Care Providers for two decades, are pleased to announce expanded adult health care services. Dory Hethcote, Women’s Health Care Nurse Practitioner (WHCNP), provides comprehensive care and brings 30 years of experience in the field of medical care for adult and adolescent females. Redmond Medical Clinic, (formerly Redmond Internal Medicine) has been meeting the health care needs of adult patients in Central Oregon since 1999.
an Dr. Celso Gang Dory Hethcote, WH
er Dr. Derek Palm CNP
Redmond Medical Clinic (541) 323-4545 1245 N W 4t h S t ree t • Sui te 201 • Redmond, OR Page 26
FALL / WINTER 2011 • HIGH DESERT PULSE