Do you have medical expenses that you incur every single year? Do you always use up your entire medical insurance deductible on co-pays?
If so, there are a couple of medical saving plan available that would allow you to use tax-free money to pay for your medical expenses. That is an automatic 28%+ savings! You see every time you pay the co-pay using your checkbook, credit card, or debit card you are paying with money that has already taxed by the federal, state, and local governments.
The first medical savings plans that allows you to pay for your co-pays with tax free money is called a Flexible Spending Account, or sometimes just called a Flex Account. How does a Flex Account work? Simple. You simply inform your employer that you wish to set a portion of your paycheck aside for medical expenses. To do this you will need to visit your Human Resources department and fill out the appropriate form. And then each pay period, the designated amount of money is withheld from your check, tax free, and deposited in a savings account for you to use for your next doctors visit. And the best part, since you are withholding the money tax free, you will pay less in taxes at the...
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