Archive for December 17, 2009
Lab Tests Eligible for Flexible Spending Accounts, HSAs and HRAs
Many people are either spending their remaining Flexible Spending Account money for the 2009 plan year – OR – budgeting their Flex dollars for 2010. With the significant plan changes that many employers are making, please keep in mind that lab testing is eligible for Flex Spending money.
For example, many Employer based and Individual plans are moving to either Health Savings Accounts (HSAs) or Health Reimbursement Accounts (HRAs). In either case, lab testing is subject to plan deductibles. For example, if you take cholesterol medication, thyroid medication or are diabetic, you know that you need to test your cholesterol, thyroid or glucose one to four or more times per year. When done in conjunction with a doctor visit, these expenses easily run $100 – $150 or more per visit. Often, doctors set up multiple visits – a visit to meet and order labs and then a visit to review lab results and make adjustments to diet, medication, etc.
A better and more efficient way to manage your lab testing needs is to go to a Direct Access Lab. The reason – you can get your labs drawn and get your results in 24 – 48 hours. With most expenses now subject to deductibles, it is far more efficient to get labs drawn prior to a doctor visit and bring those labs with you on your doctor visit. You can save money in a couple of ways – you skip a doctor visit AND save money on your lab services.
A few examples of lab charges at MedExpress Labs:
Fasting Lipid Profile (cholesterol) $49
Thyroid Stimulating Hormone (TSH) $59
Hemoglobin A1C $54
Prostate Specific Antigen (PSA) $59
Remember that lab tests are eligible for Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Accounts. As you plan for 2010, keep this in mind.
