Specialized savings accounts can help offset potential medical expenses

HSAs and FSAs allow you to save money, tax free for medical expenses
Published: Nov. 29, 2022 at 11:56 AM AKST
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InvestigateTV - A new study from MyVision.org revealed 61% of people said they avoided the doctor because of concerns over the cost and 44% of those surveyed say they are overdue for their annual checkups.

Maria Szatkowski worked on the report for MyVision, a website that helps answer questions about eye health.

She said besides worries over cost, a lot of people said they were having trouble getting appointments. She experienced it too; the pandemic forced many people to delay routine checkups.

“There’s been so much catch up having to be played by these offices that it is just hard to schedule an appointment because now everyone can go back in and see their doctor where maybe they had to put it off for a year or two,” Szatkowski explained.

So, what can you do to get back into the habit of regular checkups without fears of the cost?

Experts admit estimating the cost of a doctor’s visit can be challenging, especially for folks with a high deductible or those with no insurance at all.

One way to avoid medical debt is to contribute to a health savings sccounts (HSA) or flexible spending accounts (FSA).

Health savings accounts and flexible spending accounts allow you to put money directly from your paycheck, tax-free into a dedicated account to be used for out-of-pocket health care costs.

If you don’t have an option like that experts say to consider regularly setting aside money in a savings account or set up a separate savings account specifically for health expenses.