Keeping Up With The Bulls

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5 Little Known Health Insurance Benefits

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Sure you use your health insurance when you go to the doctor, but did you know some health insurance plans offer more? Health insurance benefits has now expanded to help you stay healthy before you actually get sick. This includes benefits like fitness reimbursements, acupuncture and more. Here are 5 little known benefits that your health insurance may offer.

Fitness Reimbursements

Certain health insurance plans offer a $300 fitness reimbursement per year. This is no longer limited to traditional gyms! The fitness reimbursement can include classes such as yoga and spin, fitness trackers, and core training equipment (including Peloton bikes & the subscription!). Check your plan to see what is covered before you spend money on a Peloton, FitBit, gym membership or other fitness related item. If you’re not sure what is covered, go to your fitness reimbursement plan provider. In your account, look for a fitness reimbursement account FAQ document. The fitness reimbursement account FAQ will clearly outline what is eligible and what is not eligible. Exercising regularly is a great way to stay healthier and avoid trips to the doctor as well.

Gym Discounts

In addition to fitness reimbursements, some health insurance companies and corporations have negotiated discounts directly with gyms and athletic clubs. These discounts are on top of the fitness reimbursement and help reduce the cost of going to the gym even further. If you aren’t sure if you are eligible for a discount at your local gym, ask them. Even if there is no discount available to you today, ask if they are open to discounts with local companies. There is always an opportunity to help your company negotiate the discount.

Acupuncture Coverage

Some health insurance plans have been expanded to include acupuncture. Acupuncture has been shown to improve your wellness. This includes reduced stress, reduced physical pain and improved allergy relief. My health insurance covers about 20 acupuncture treatments per year and I am charged only a co-pay of $50 / visit.

Dermatologist

Over the counter skin creams including anti-aging creams all claim great results at a high price point, but did you know that you could save money on skin care by going to a dermatologist? My dermatologist prescribed Retin-A which helps with skin aging and acne and with my insurance, the generic costs $8 and lasts about 3 months. Way cheaper than the $50+ per small tube of anti-aging cream at Sephora. In addition, we’ve found a skin care regimen that I stick to, saving money and eliminating the distracting ads on the latest skincare crazes. A dermatologist is considered a specialist, so standard co-pays apply.

Employee Assistance Program

Another benefit some health insurance plans offer is 24/7 access to unlimited phone consultations and eight free sessions per issue per year with EAP counselors. From there, some health insurance plan include in-network coverage where PPO members pay a $20 co-pay per visit.

BONUS: HSA / FSA Eligible Items

You know your doctors visits and prescriptions are eligible to be reimbursed by your HSA and FSA accounts, but did you know what else you can buy with these accounts? This is especially helpful if you have too much money to roll over in your FSA at the end of the year and you have to use it or lose it. Bandaids, Advil and sunscreen are examples of items that are not prescription but can be bought with FSA funds.

FSA store has a full list of FSA eligible items. They also note that medical face masks require a letter of medical necessity to be FSA eligible. Not all HSAs are the same, but here is a comprehensive list of HSA eligible items.

Additional HSA / FSA Eligible Items in the CARES Act

Did you know that the CARES Act passed in Spring 2020 in the United States expanded what you can use FSA and HSA funds? This act temporarily allows people to use FSA dollars to buy over the counter medications such as allergy relief drugs and pain relievers and feminine hygiene products. Take advantage soon though, right now this measure is only temporary!

What little known health insurance benefits have you found?

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Quadruple The Impact Of Your Charity Donations

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It’s nearing the end of the year, which is the perfect time to donate to charity. Because of the tax changes starting in 2017 most taxpayers won’t be able to claim a deduction when donating to charity. This is because the standard deduction nearly doubled. When you filed your 2017 taxes you would have seen for the first time how the tax law impacted your taxes. Just because the financial incentive to donate to charity is gone doesn’t mean you should stop your donations! There are many incentives to donate to charity like knowing the impact you’re making in a cause that’s important to you.

How can you stretch your charity donation to go even further? Luckily, there are two ways to help your favorite charities more without you personally spending any extra.

  1. Donate during the charity donation match period
  2. Leverage your company’s charity donation match when you donate

Do both, and you’ll quadruple the impact of your donation!

Donating to Charity Statistics

The share of Americans who gave money to charity fell from about 68.5% in 2002 to 53.1% in 2016 according to the University of Michigan/IUPUI Lilly School of Philanthropy Panel Study. Additionally approximately 63 million Americans volunteered their time to make a difference according to Nonprofits Source.

The Urban-Brookings Tax Policy Center estimates that the recent tax cuts will shrink the number of households claiming an itemized deduction when they donate to charity from about 37 million to about 16 million in 2018. They estimate that overall, the tax cuts will reduce the marginal tax benefit of giving to charity by more than 30 percent in 2018, raising the after-tax cost of donating by about 7 percent. Unless people increase the amount of money they donate, charities will receive fewer donations and will bear the most of these changes.

Charity Donations Match Period

Many charities have a time of the year where generous donors offer to match all donations. For example, the Greater Chicago Food Bank tends to have this period every year leading up to the holidays. For every $25 you donate, Greater Chicago Food Bank will receive $50. This breaks down to $25 from you, and $25 from the donor that is matching donations. Giving Tuesday is the Tuesday after Thanksgiving in the United States. This day in particular likely has donors offering to match donations. Sometimes donors offer to match donations up to a certain amount and others offer to unlock a donation once donations hit a certain amount that day.

Company Charity Donation Match

Some companies also offer to match donations to your charity of choice, up to a certain amount. The company I work for is one of these companies. They make this entire process really easy, with a company portal that has almost all charities listed. I have yet to find a charity I want to donate to that isn’t in this portal. In the portal we select the charity, how much to donate and then confirm the company match. We receive a confirmation of our charity donation. This can then be used to deduct charity donations on our taxes.

If you work for a company that offers a company match and you donate during this time period your charity offers donation matches that charity will now receive quadruple the amount of money you donated. For every $25 you donate, the charity now receives $100. You’re able to quadruple your impact without having to quadruple your spending.

What Charities Should You Donate to?

Don’t know which charity to donate to? Do a little due diligence before you make a charity donation. Not every charity makes the best use of your donations. Certain charities spend more on administration than others for example. Luckily, there are resources to help guide you. Consumer Reports has a list of best and worst charities that will help you determine which charities should receive your donations.