A Different Kind of Spring Cleaning
Take a Fresh Look at Your Health Planning
The beginning of spring is the time for cleaning up and cleaning out. Take a day or a weekend to wash the windows, put away the sweaters and blankets and organize your life after the brutal wintry season. Not only is this the perfect time to clean out your messy closet, but it's also the perfect season to organize your health records.
A quick clean up can have some big payoffs with your health benefits plan; if your records are accurate and organized, you can:
- Prepare and plan for tax season
- Learn new ways to save money by using pre-tax dollars to pay for eligible medical expenses
- Make the right health benefit choices for this time in your life
"The change in season is just the right time to get your health and financial records in order," said Elizabeth Jetton, CERTIFIED FINANCIAL PLANNER professional CFP®, chair, Financial Planning Association (FPA®). "This can be a first step toward setting your goals, taking control of your finances and setting up a solid financial plan you'll benefit from for the rest of the year."
Quick & Easy Cleaning Tips
While sweeping under the bed...
Locate medical bills and receipts from doctors' visits during the year — whether paid by you or your insurance company. Next, talk to your tax advisor about any new tax laws that could impact your personal health insurance needs. There have been changes in the tax code in recent years that may influence how families save and pay for health care and long-term care needs. Remember, the deadline to file taxes is April 15.
Locate medical bills and receipts from doctors' visits during the year — whether paid by you or your insurance company. Next, talk to your tax advisor about any new tax laws that could impact your personal health insurance needs. There have been changes in the tax code in recent years that may influence how families save and pay for health care and long-term care needs. Remember, the deadline to file taxes is April 15.
While dusting the furniture...
Remember that allergy season is fast approaching. See if your trip to the allergist is covered. Also, check with your HR department to determine if you should consider a Flexible Spending Account (FSA) next year. With an FSA, money is taken from your paycheck and put into an account to be used for medical expenses, like allergy medication or contact lenses, throughout the year.
Remember that allergy season is fast approaching. See if your trip to the allergist is covered. Also, check with your HR department to determine if you should consider a Flexible Spending Account (FSA) next year. With an FSA, money is taken from your paycheck and put into an account to be used for medical expenses, like allergy medication or contact lenses, throughout the year.
While organizing your office...
Take a moment to review your health benefits plan to make sure that your plan is right for your current situation. For example, having a baby, getting married, taking a new job and starting over are all times when you have an opportunity to re-evaluate your health insurance needs. Some other considerations for when you are sitting in your office chair:
Take a moment to review your health benefits plan to make sure that your plan is right for your current situation. For example, having a baby, getting married, taking a new job and starting over are all times when you have an opportunity to re-evaluate your health insurance needs. Some other considerations for when you are sitting in your office chair:
- Think about the aspects of your plan that you utilized the most in the past year and those that you did not
- Be prepared:
- Review your Open Enrollment packet
- Understand any changes to your insurance package and how best to use your health benefits
- Visit your health plan website or your employer's intranet site for information specific to you and your needs
- Keep track of your annual health care expenses including co-payments for doctors' visits and prescriptions
One easy way to track health care expenses is with a good health records filing system. To make your filing system easier and more efficient, separate your files into active (those you refer to often) and inactive files (those you may need at a future date).
Active — what you'll need at your fingertips for easy access and reference. Be sure that more than one person knows where your files are kept in case of an emergency:
- In the event of an emergency hospital or doctor visit, keep a list of current family health records for this year and last year, including information likepre-existing conditions, medications you are taking and family physician name and contact information.
- Insurance policies, with a record of dates and premiums paid (this information may be on your paycheck or another document from your insurance company).
- Medical bills, receipts and papers — whether paid by you or your insurance company — for the current and past year. The current year records will be needed for income tax purposes if you claim medical expenses as a deduction.
Inactive — what you may need in the future, keep on file for tax purposes and reference:
- Medical bills, receipts and papers — whether paid by you or your insurance company — more than two years old.
- Health history records for reference. Create a list that includes: blood type, allergies, immunizations, dates and the nature of all illnesses and injuries, names of doctors consulted, records of hospital and clinic stays, medications prescribed and taken, and dates and types of X-rays and shots. Update the list as needed, based on changes in your health.
Now that you've organized your health records, be sure to maintain your new system throughout the year. Set aside time each week when paying bills or sorting mail to keep your health records organized. When things don't pile up, it's easier to have more time to enjoy spring.
