Our clients are the best! Thank you so much Lawson family!!! That is an AUTOGRAPHED Kasey Kahne car we now have as office decoration, thanks to you all!
Tina Taylor, Agent
January 12, 2018 at 5:41 PM ·
Welcome to the first installment of FAQ Friday! Here’s this week’s question and answer:
Question: What are considered Qualified Medical Expenses when using funds from a Health Savings Account?
Answer:
Allowable medical expenses that are withdrawn from an HSA must be primarily used to alleviate or prevent a physical or mental defect or illness, including dental and vision. Funds that are withdrawn for non-qualified expenses will be taxed at your income tax rate and will also be subject to an additional penalty if you are under the age of 65.
Eligible medical expenses may include:
Acupuncture, Alcoholism, Ambulance, Annual Physical Examination, Artificial Limb, Artificial Teeth, Bandages, Birth Control Pills, Chiropractor, Contact Lenses ,Crutches, Dental Treatment, Diagnostic Devices, Drug Addiction, Drugs, Eye Exam, Eyeglasses, Eye Surgery, Fertility Enhancement, Guide Dog or Other Service Animal, Hearing Aids, Home Care, Home Improvements, Hospital Services, Laboratory Fees, Learning Disability, Lifetime Care—Advance Payments, Lodging, Long-Term Care, Meals, Medicines, Nursing Home, Optometrist, Organ Donors, Osteopath, Oxygen, Pregnancy Test Kit, Prosthesis, Psychiatric Care, Special Education, Sterilization, Stop-Smoking Programs, Surgery, Vasectomy, Vision Correction Surgery and Weight-Loss Programs.
Non-eligible expenses may include:
Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby, Controlled Substances, Cosmetic Surgery, Electrolysis or Hair Removal, Funeral Expenses, Hair Transplant, Health Club Dues, Health Coverage Tax Credit, Illegal Operations and Treatments, Insurance Premiums, Maternity Clothes, Medicines and Drugs From Other Countries, Non-prescription Drugs and Medicines, Nutritional Supplements, Personal Use Items, Teeth Whitening and Veterinary Fees.
For more information you can refer to www.irs.gov (Publication 502)
It is always best to consult with your tax advisor if you have any questions concerning the funds that have been deposited into or withdrawn from your Health Savings Account.
Make it a happy and healthy weekend!
Friends, this is why I'm constantly preaching coverage on your insurance. This is my next door neighbor's truck, which obviously caught fire. Last night, I noticed a small flame coming from underneath the hood when I looked outside at around 5:30. As I ran outside while my wife called 911, the flame had turned into a full on inferno. My neighbor's son and I emptied 3 fire extinguishers on the truck, and barely put a dent in the fire. But what had myself very concerned, along with the other surrounding neighbors, was the 2 full propane tanks on the front of the travel trailer literally being licked by the flames. Luckily, the fire department arrived very quickly and put it out before disaster struck. But imagine the damage that could have resulted, or worse the bodily injuries. If those tanks blew, this relatively minor loss would have been catastrophic. Unless you have a solid risk management plan in place to keep you protected in circumstances like these, you could potentially be paying for losses out of your OWN pocket. In that instance, what good is your insurance anyways? Do you know if YOUR insurance would have had sufficient coverage for a worst case scenario? This event ended without tragedy, but you may not be so lucky. Let us REVIEW your insurance, to make sure you are covered for things like this. WHETHER YOU DO BUSINESS WITH US OR NOT FOR ANY REASON, YOU WILL HAVE THE KNOWLEDGE YOU NEED MOVING FORWARD TO MAKE SURE YOUR INSURANCE WILL DO FOR YOU WHAT IT IS INTENDED TO DO IN THE EVENT OF A LOSS. The right coverage, with the right agency. Give us a call, and have the comfort of knowing you have the protection you need to cover you from any risk you ever encounter in your life. So we can all sleep soundly at night! We want you covered, with or without us. Let us educate you, no strings attached. You'll be glad you did...👍
Healthcare is a huge mystery, not to mention a major concern to most of us. Tina Taylor, our in house healthcare expert, can help and answer your questions. Tell her we sent ya!
Tina Taylor, Agent
January 5, 2018 at 12:27 PM ·
“FAQ Friday” begins one week from today! Please feel free to submit any questions that you may have regarding your health coverage concerns. If reduced health care expenses are something that you would like to achieve in 2018, I will do my best to help you find a solution.
I am committed to helping you throughout the year. If I can be of service, please let me know.
Make it a happy and healthy day!
Tina Taylor, Agent
January 4, 2018 at 7:45 PM ·
The cold and flu season is in full swing again! Unfortunately, many of us make the decision not to see a doctor until after our sickness gets to the point of being serious. Most ACA-Qualified Health Plans only cover doctor visits for a sickness or injury AFTER the plan’s deductible has been satisfied. Not knowing what the out-of-pocket costs for a doctor’s visit will be is one of the main reasons people put off getting the care that they need. To save money, many may resort to the Internet for self-diagnosis and home remedies.
Who likes to wait for hours with a bunch of sick people in an urgent care facility or emergency room when their primary care doctor is not available for an immediate appointment? The emergency room is the most expensive and often the least efficient way to provide non-emergency care, and the out-of-pocket costs could easily run $1,000 or more depending upon the services provided.
If you’re looking for an affordable way to gain quick access to a doctor for a non-life threatening illness or injury, a telemedicine benefit plan may provide the solution that you have been looking for. Telemedicine is a cost-effective alternative to urgent care facilities or the emergency room for the treatment of minor concerns like colds, the flu, sore throats and ear infections. Access to a telemedicine provider may also prevent the need to arrange for childcare, travel or time off from work for a doctor office visit during the week.
Small business owners who offer a telemedicine benefit to their employees may be able to save money on group health insurance medical claims and further help their employees’ reduce their out-of-pocket medical expenses. Access to immediate doctor consultations may also help to reduce absenteeism due to sick leave, increase employee productivity and promote an overall healthier workplace.
Telemedicine is not designed to replace the need for a relationship with a primary care physician, but when needed, it can serve as very affordable and convenient alternative option. A telemedicine visit may be conducted by phone, Skye or web conference depending upon the product selected. There are usually no age restrictions or maximum use limitations.
There are several telemedicine memberships available for purchase so you will want to do your research to determine which plan makes the most sense for you and your family.
Some plans charge a monthly premium that entitles all members of a family to have access to unlimited conversations with a licensed, U.S. based doctor, 24/7 365 days per year, with no additional consultation fees. Some plans may have a less expensive monthly premium, but then also add a per consultation fee when the service is used. Members will also be responsible for the cost of any medication that may be prescribed.
Some telemedicine memberships may provide additional benefits at no extra charge. These benefits may include a health and wellness discount card, a prescription drug card, discounts on veterinary services for pets and identity theft protection.
If you ever need to consult with a doctor late at night, on weekends, while at work, or when you need to fill an existing prescription, a telemedicine supplement may be the most cost-effective and efficient way to get the care you need as soon as you need it. Consultations may be conducted from the privacy of your own home, office, or hotel room if you are traveling.
To quote Benjamin Franklin, “an ounce of prevention is worth a pound of cure.” If you believe this to be true, then a telemedicine membership may be a very worthwhile investment to pursue.
If you are interested in finding out more about the telemedicine benefit options that are available to you, please reach out to me. As always, I am here to provide my assistance.
Make it a happy and healthy day!
