30 Second Insurance Tips©

Tip 75- Finders Keepers, Losers Weepers

Health plans by design don’t cover all our medical, dental and vision claims.

We pay deductibles, co‐pays and co‐insurance. Some elective services aren’t covered at all.

Section 125 or “Flex Plans” allow us to set aside funds for out of pocket expenses ‐ using payroll deductions ‐ on a pre‐tax basis. That saves employers and employees money.

At the end of the year, unused monies revert to the employer. That’s the “use it or lose it” provision of the law.

But most Flex Plans have a “run out” period giving employees extra time after December 31st to submit claims. Some plans, those with a “grace period”, even allow you to obtain new services after the year’s end.

Bottom line: everyone wins with a properly administered Flex Plan.