Your taxes must be filed by the 15th of April. Were you able to take a $3,050 or $6,150 deduction for your 2009 Medical Expenses?

For those of you with your own private individual or family major medical health insurance, this blog is for you!

• Do you currently take prescription medications for daily or monthly treatment?
• Do you currently take a brand name birth control prescription medication (YAZ)?
• Do you currently have anxiety or depression and take maintenance medications?
• Do you currently have Asthma that requires prescription medication (inhaler)

Well...if so...how do you pay for these prescriptions?

a) copay

b) separate Rx deductible of $500 or $1,000 before you receive a copay for a Brand Name drug

c) final discounted cost of prescription is applied towards deductible

If you answered "a" or "b", than the money you pay in a copay does not apply towards your plan, nor does the separate Rx deductible.  This applies only for Rx, not medical.

If you answered "c" then you must ask yourself, is your current plan compatible with a Health Savings Account? If not, than you need one!

No matter your employment status, in order to take a deduction on your medical expenses, the total # must exceed 7.5% of your Adjusted Gross Income (AGI)....unless your health insurance plan is compatible with an HSA.

If your insurance plan is compatible, than as an individual you can contribute up to $3,050 or $6,150 for family coverage into the HSA.  The money contributed into the HSA can be used to pay for or reimburse qualified medical expenses, such as your deductible, prescription drugs, dental, vision...you name it!

Any funds remaining in the account at the end of the year, roll-over to the next for additional contributions.

And if you answered "yes" to the initial questions, than that cost of medication would be applied towards your plans deductible then covered 100% for the remainder of the year (copays will always remain even if the deductible and out-of-pocket) have been met.  Having the cost of the prescription medications applied towards the deductible will only lower your responsibility at time of an accident or illness.

Not to mention, at the end of the year, you will be taxed on less money.

Please call or stop by the shoppe to learn more about the savings with an HSA.

-The Shoppe