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Don’t give away your hard-earned pay this way |
Here’s a health-related donation to avoid: Don’t give your hard-earned pay back to your employer by failing to mind the provisions of your company-provided health insurance — specifically at this time of year, by knowing where you stand with cash you saved in Flexible Spending Accounts or FSAs. Most Americans get their health insurance through their jobs. With so many companies shifting health coverage costs onto employees, many workers find themselves with burdensome plans that cost more overall. Employers also may offer lower monthly premiums, though, if workers take on higher deductibles — costs they must pay out of their own pockets until they hit levels where their coverage kicks in. To help with deductibles and to cushion medical expenses, such as those for costly prescription drugs, companies and federal regulators have allowed for FSAs in which employees can stash tax-free savings. FSAs are limited to $2,750 per year for a worker per employer. If married, spouses can put up to $2,750 in an FSA with their employer, too. The big catch with FSAs: Accumulated savings must be spent, typically, within a 12-month period. It doesn’t have to match the calendar and may be linked to “open enrollment” periods for employer coverage. Employers may grant a grace period for FSA spending, and federal regulators have allowed flex in the rules on this issue due to the coronavirus pandemic. But eventually, FSA savings unspent within the required timeframes will revert to employers and will be lost (in other words, donated) by employees. With many staffers working from home and feeling overwhelmed by the pandemic and other stresses, workers may not be keeping up on important health coverage information and details from their Human Resources folks. Don’t lose money by failing to ask questions and not maximizing your benefits. |
In time of giving, thanks, too! |
Over the years, this newsletter has suggested other health-related charitable activities, including You may resolve to share service-oriented activities with others and in your community, as members of our firm do. |
Recent Health Care Blog Posts |
Here are some recent posts on our patient safety blog that might interest you:
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HERE’S TO A HEALTHY END OF 2021!
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Sincerely, Patrick Malone |