Debit card coming for ’07 Health Care Savings Accounts

Members who enroll in the Health Care Spending Account (HCSAccount) for 2007 will be able to use a debit card to pay for prescriptions, doctor or provider copayments instantly, instead of paying cash, and then submitting the receipt for reimbursement.

According to Bob Carrothers, PEF’s director of Contract Administration, “The debit card will significantly reduce the amount of paperwork members have to submit for reimbursement, so more people should take advantage of the Health Care Spending Account. It’s a great pre-tax savings benefit.”

The HCSAccount is a benefit PEF negotiated that allows you to have pre-tax dollars deducted from your paychecks and set aside in a special account to pay for your out-of-pocket health care costs.

Enrolling is voluntary. Savings will vary depending on your annual income, the number of dependents you claim on your taxes, and the amount of money you contribute through payroll deductions to your HCSAccount.

If eligible, for 2007 you may contribute any amount from $100 to $4,000 in pre-tax dollars to the account for out-of-pocket medical, dental, vision, or hearing costs not reimbursed by health insurance. Some examples of allowable costs are dental implants, orthodontia, fees paid to non-participating providers, copayments, deductibles, laser eye surgery, contact lenses, and certain over-the-counter items.

Watch for more information about the 2007 HCSAccount enrollment period in the September issue of The Communicator and in the Health Benefits section of www.pef.org. — Deborah Stayman

The Communicator July/Aug. '06

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