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- A medical flex plan is a policy you add to your current health insurance coverage.
- There are multiple benefits to flex plans and you can choose which ones you want to add to your current insurance.
- Some flex plans offer coverage for daycare expenses and transportation.
- You can use flex health plans to save money without sacrificing coverage.
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Medical flex plans, also known as flexible medical plans, are policies you add to your existing coverage. The deductible works much as they do for specified health insurance. Money is taken out of your income before taxation.
Flex plans have a variety of coverage. You also get the choice as to pay into the group plan or place the funds into a Health Savings Account. Depending on your policies and planning, your flex plan may offer health, dental, and vision insurance.
Also, some flexible medical plans allow usage for caregiver or daycare expenses, transportation cost, private insurance premiums, and even adoption expenses. You may even find your paycheck goes up with the addition of a flexible medical policy because less of your income is taxed.
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Flexible Medical Plans
– Insurance Group Premiums
Dental, vision and health insurance are the general insurance premiums that are paid by the group insurance. The group plan insurance is taken out pre-tax and covers basic procedures.
– Out-of-Pocket Expenses
Some group policies require a medical flex plan for things such as co-pays and deductibles. A gap insurance will ensure you will not go broke meeting your deductible. The flex policy may also cover better eyewear, non-generic medication, and dental procedures such as braces.
Once you have met your deductibles, your group health insurance coverage will begin to pick up the claims. Your medical flex plan will have done its job and paid the amount required for your primary insurance to kick in.
– Caregiver or Childcare Coverage
Daycare, after-school care, pre-k, or elder care, is also covered with medical flex plans. It works much like gap insurance. The insurer will either reimburse you directly or pay the facility, directly.
Childcare is a necessity when both parents work. Through one or both parents, medical benefits that have flexibility which makes it easier on the parents and children when the expense is covered.
– Cost of Transportation
Each medical flex plan covers transportation, differently. Insurance companies have minimum mileage, gas prices, and commuting that is required. The spans of time you have to use a form of transportation differ between flex policies.
Transportation is required when going and coming from your workplace. Having a plan in place is the best way to make sure your budget does not take a hit. Instead, with the medical flex plan, you are reimbursed for your traveling expenses that reoccur.
– Adoption Assistance
Many do not realize that there are medical flex plans that offer adoption assistance. The policy reimburses you for the costs of the process while also assisting. The specific flex coverage is subject to some taxation but not federal taxes.
Unlike many other aspects of flex policies, if the adoption process is ceased or finished, the coverage then lapses and is no longer in effect.
Research and Understanding the Ins and Outs of Medical Flex Plans
Flexible benefit plans are one of those things in life that if you do not use it, you lose it. Most policies have an expiration date, and if no claim is filed, the funds paid into the flex account is forfeited.
Also, it is your responsibility to submit your claims in a timely manner based on your policy. Knowing your medical flex plan inside and out is key to knowing what to ask. For instance, many insurance companies do not carry over your unused funds to the next year, even if they go unused. You need the information so you can weigh the need based on your budget and bottom line.
Ask any and all questions you may have about your medical flex plan. Know your policy, and what it covers so you do not find yourself in a situation that is not under your control. For example, ask about cross-overs and access to your policy online.
Regardless of if you choose a supplemental plan, looking into the option hurts nothing. Rather, you are ensuring you and your family has the best coverage from top to bottom.
[su_spoiler title=”References:” icon=”caret-square” style=”fancy” open=”yes”]
- https://www.leeuniversity.edu/uploadedFiles/Content/human-resources/fsa-overview.pdf
- http://www.iii.org/
- https://www.irs.gov/government-entities/federal-state-local-governments/faqs-for-government-entities-regarding-cafeteria-plans
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