An arrangement you set up through your employer to pay for many of your out-of-pocket medical expenses with tax-free dollars. These expenses include insurance copayments and deductibles, and qualified prescription drugs, insulin and medical devices. You decide how much of your pre-tax wages you want taken out of your paycheck and put into an FSA. You don’t have to pay taxes on this money. Your employer’s plan sets a limit on the amount you can put into an FSA each year. There is no carry-over of FSA funds. This means that FSA funds you don’t spend by the end of the plan year can’t be used for expenses in the next year. An exception is if your employer’s FSA plan permits you to use unused FSA funds for expenses incurred during a grace period of up to 2.5 months after the end of the FSA plan year. (Note: Flexible Spending Accounts are sometimes called Flexible Spending Arrangements.)
Now that the Affordable Care Act (ACA) has become law, many families are taking advantage of its benefits and are looking for health insurance for their children during an enrollment period in Kansas. The process of researching policy and coverage information can be incredibly time consuming and frustrating. That’s why HealthMarkets Insurance Agency has come up with a better way to find the coverage you need.
Building your foundation of essential knowledge about individual health insurance policies.
What Is Individual Health Insurance?
Regulated under state law, individual health insurance is coverage purchased by an independent person (like you), not provided by an employer. Although it is called individual health insurance, the available policies can cover your family.
When we think about an exchange, it’s a trade, one thing for another. So if you’ve heard the phrase health insurance exchange, you might be confused. In the context of health insurance, exchanges offer a place to compare different insurance policies or purchase the one you choose. And they are the easiest way to make sure that you’re choosing a health insurance policy that best fits your needs, your family size, and your budget.