Flexible Spending Accounts (FSAs) Section: Tax Credits
If you purchased health insurance through an employer and had to pay for it out of pocket, you may qualify for a tax credit that’s calculated as a percentage of your contribution. The maximum credit you can claim is 15 percent of your contribution in 2014; if you paid $2,400 for an individual plan, your credit would be $420 (15 percent of $2,400). But don’t cash in just yet: Your FSAs are also limited to $2,500 or less annually.
Gives you Choices
When you are dealing with a medical problem, it can be tough to think about how much money you will have to pay. A health insurance plan gives you choices. You can choose how much you spend out of pocket, what doctors you see and even which hospital or clinic is best for your needs. Make sure that your family has good coverage so that when an accident or illness occurs, they aren’t left struggling financially to get their health back on track.