Updated November 12, 2014.
I’ve never been one for making New Year’s resolutions – why wait until January 1 to make important changes to your life? But then again, now is as good a time as any to think about what you can do to minimize your health care costs and make the most of your insurance plan. Here are three things you can try that will improve your health and save you money!
1. Take good care of your health.
Taking good care of your health now minimizes the risk of serious and costly medical problems in the future.
According to the American Cancer Society, American Diabetes Association, and American Heart Association, doing these four things will reduce your risk of cancer, diabetes, heart disease and stroke:
See EverydayChoices.org for more information on how you can protect your health.
2. Make good use of your pre-tax income.
Many employers offer Flexible Spending Accounts or similar tax-advantaged savings accounts that will help save you money. You specify the amount you want payroll to divert to your flexible spending account, and it is withdrawn from your paycheck BEFORE they begin calculating tax withholding amounts. You can use the money in your Flexible Spending Account for all kinds of medical expenses that are not covered by insurance. For more information on what you can use the money in your Flexible Spending Account for, and a general overview of how Flexible Spending Accounts work, see this terrific resource.
Ask your Human Resources Department if your company offers a Flexible Spending Account program that you can participate in.
They may also offer a Dependent/Childcare Savings Account that works the same way - only the money in your Dependent/Childcare Savings Account can only be applied towards day care or elder care expenses. This can be a great money-saver for families!
Read on for more resolutions!
I’ve never been one for making New Year’s resolutions – why wait until January 1 to make important changes to your life? But then again, now is as good a time as any to think about what you can do to minimize your health care costs and make the most of your insurance plan. Here are three things you can try that will improve your health and save you money!
1. Take good care of your health.
Taking good care of your health now minimizes the risk of serious and costly medical problems in the future.
According to the American Cancer Society, American Diabetes Association, and American Heart Association, doing these four things will reduce your risk of cancer, diabetes, heart disease and stroke:
- Eat right
- Get active
- Don't smoke
- See your doctor
See EverydayChoices.org for more information on how you can protect your health.
2. Make good use of your pre-tax income.
Many employers offer Flexible Spending Accounts or similar tax-advantaged savings accounts that will help save you money. You specify the amount you want payroll to divert to your flexible spending account, and it is withdrawn from your paycheck BEFORE they begin calculating tax withholding amounts. You can use the money in your Flexible Spending Account for all kinds of medical expenses that are not covered by insurance. For more information on what you can use the money in your Flexible Spending Account for, and a general overview of how Flexible Spending Accounts work, see this terrific resource.
Ask your Human Resources Department if your company offers a Flexible Spending Account program that you can participate in.
They may also offer a Dependent/Childcare Savings Account that works the same way - only the money in your Dependent/Childcare Savings Account can only be applied towards day care or elder care expenses. This can be a great money-saver for families!
Read on for more resolutions!
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