We all know that Health Care Plans are not what they used to be.  It’s more than just an annoyance to have to come up with a co-pay for every doctor or dentist’s appointment, and most times a second co-pay is required for prescriptions. Sometimes it’s more money than we have set aside. Whether you’re an employee who hasn’t taken advantage of your company’s flexible account(FSA) or a company thinking of implementing one, the availability of an FSA can be a huge relief.

FSAs are accounts in which a percentage of money is automatically set aside to cover medical expenses and co-pays. Your employer or your private insurance company may offer one, and no taxes need to be paid on the money that goes into these accounts. The money you put into them is sometimes matched or supplemented by your employer, depending on the terms. A little over $2,500 can be put into an FSA each year, and it’s easy to access the funds. Indeed, some companies provide a debit card specifically for use of the account, to directly pay for expenses out of the FSA.

In addition to prescription medications and co-pays for doctor and dental visits, FSAs can cover a whole lot more, too. According to healthcare.gov, and the IRS’s website, these accounts can cover things like contact lenses, hearing aids, chiropractor visits, wheelchairs, wigs and insulin. Women’s health issues like birth control and pregnancy test kits can be covered as well, even over-the-counter pain, cold and flu medications and supplies like thermometers. Check the IRS’s page for a full list of items an FSA can cover. You might be surprised by what is a coverable expense.

If you’ve ever been inconvenienced by having to provide small payments for every medical expense out of your pocket, a flexible spending account is something you should talk about with your employer or insurance provider. An FSA is simply a safety net. We can never predict our health needs, but we can certainly prepare for them.