Re: checking in/Saving Money on Out-of-Pocket Med Costs

[Guest guest]

Check if your employer has a flex medical spending account. Many OTC

items qualify under that. It allows you to set aside tax-exempt

money to pay for out-of-pocket medical expenses. It won't pay the

cost of the items, but you will save the taxes on the expenses.

Items such as health insurance copays, uninsured treatments, vision

care, eyeglasses, contacts & over-the-counter drug purchases

qualify. Check with your employer about supplements. They may be

applicable if prescribed by your doctor for specific conditions.

For example, if you spend $1000 out-of-pocket, and are in the 15%

tax bracket, you'd save $150 in taxes. Obviously, you'd save more if

you are in a higher bracket.

Here's some info:

http://www.bankrate.com/brm/itax/news/20001129a.asp

Health Savings Accounts and Other Tax-Favored Health Plans

http://www.irs.gov/pub/irs-pdf/p969.pdf

FSAs

http://www.irs.gov/publications/p969/ar02.html#d0e1635

Over-the-Counter Drugs To Be Covered

by Health Care Flexible Spending Accounts

http://www.irs.gov/newsroom/article/0,,id=112623,00.html

There are Archer HSAs & MSAs if you qualify (used less frequently)

http://www.irs.gov/publications/p969/ar02.html

> Thanks Linn,

> I agree bout the cost of supplements. It's sad that Insurance

doesn't pay for it. Or do they???

> Jackie