(UPDATE: The giveaway is now closed. We have our winner! See the comments for more info.)
Earlier, I outlined the benefits of the popular Flexible Spending Account (FSA). An FSA allows you to take advantage of pre-tax dollars contributed by you and/or your employer to pay medical costs.
If you have a high-deductible health insurance plan, there’s another option in the alphabet soup of savings accounts that might help you save on medical costs: a health savings account (HSA). A high-deductible health insurance plan means that the amounts you are required to pay out of pocket – on top of premiums – meet certain thresholds. For 2014, those are $1,250 for an individual or $2,500 for a family.
Under the terms of the HSA, you can contribute pre-tax dollars (directly from your paycheck) of up to $3,300 a year for an individual or $6,550 for a family into the account (for those 55 and older, the contribution limits are up to $4,300 for an individual and $7,550 for a family). You can withdraw these funds tax-free so long as you use them for qualifying medical expenses (a 20% applies if you use the funds for other purposes).
Qualifying medical expenses do not include over-the-counter medicines without a prescription or other personal care items. Qualifying medical expenses do include doctor’s visits and prescription medicines – including those that might not be covered by your insurance plan like vision care and dental care.
And unlike the FSA, the HSA is not a use it or lose it account: the funds simply roll over at the end of the year. You can use the funds the next year without penalty – and you can top it up – so there’s no guesswork involved in funding.
And that brings us to our next giveaway! One reader will receive a $99 gift card to Visionworks to spend on a new pair of back to school glasses. Visionworks (formerly Eye Care Centers of America, Inc.) is a leading provider of eye care services with more than 640 optical retail stores in 40 states and the District of Columbia. At Visionworks, they believe glasses are a child’s most important tool in the classroom. If a child can’t see materials, how can they learn?
To enter to win, just answer this question: How many people in your immediate family wear glasses or corrective lenses? I’ll go first: Four.
Entries must be posted in the comments section for this blog post in the space below by 10:00 p.m. EST on October 2, 2014. It’s just that easy. I’ll choose one winner randomly (using a number generator) out of all of the qualifying entries.
Be sure and read the fine print for more rules because, as you know, I’m a lawyer and I like rules:
- Don’t panic if your comment doesn’t show immediately. If it goes to moderation because, for example, you’re new here, the time stamp on your comment is what counts.
- I love my Twitter followers and my Facebook fans but for this particular giveaway, tweets and Facebook comments will not be counted. Ditto for emails. You must leave your comment on the blog at this post.
- You can enter as many times as you like but you must leave a different answer each time you comment.
- Offensive comments or comments that otherwise violate the comment policy will be deleted and will not be considered valid for purposes of the contest. Similarly, pingbacks and other links will be disregarded for purposes of the contest.
- I will need your full name and your email address: be sure to use your real information when you register to leave a comment. I won’t publish your email address but I do need contact information for the winning entry. If you win and I can’t reach you, it’s a forfeit.
- Due to shipping considerations, you must have a valid United States address. Sorry, Canada, eh?
- I respect your privacy and I will not send you anything unrelated to your entry in this contest. By entering the contest, you agree that I may post any part or all of your submission including your name as a part of the contest announcements or promotions, with the exception of your email address.
- Like Judge Judy, my determination is final.
- Prizes are provided directly by our sponsors and are not exchangeable or redeemable for other prizes. Sponsors do not pay for placement and do not receive any compensation for contributions – neither do I! I have no affiliation, paid or otherwise, with any of our sponsors.
- If you aren’t allowed to participate in giveaways because of the laws in your state or your age or an agreement you’ve made with your mother, consider this giveaway not applicable to you. In other words: void where prohibited or restricted.
Comment away! And thanks for participating in Back To School 2014!
