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Thankfully I have a Medical Savings...

May 17th, 2007 at 11:25 am

..even though I'm bummed I'll be practically draining it next month. I had a teeth cleaning appointment today and was gently reminded that I do need to get a crown for the root canal I had done last year. I also have a small cavity that needs to be filled. They didn't charge me for today's appointment, which is odd because usually I have to pay the $50 deductible for my x-rays. But I'm not complaining too much, they'll bill me later if necessary.

I got the numbers for the work to be done. $690 for the crown, ins will pay 50% after the $50 deductible has been satisfied so that's $370. $170 (a little less but I rounded up because I couldn't remember) for the filling, ins will pay 80% so that's $34. Total out of pocket $404. Total in my Medical Savings account $353.

I was anticipating paying the $50 deductible for today's visit plus my regular payments for prescriptions (but I got my most expensive for free this month that was unexpected). So I didn't deposit any into my Medical Savings figuring I'd just have to pull it back out anyway. I have $134 in my bank account earmarked for Medical.

I do plan on going to the chiropractor soon which will be $20 plus I'll be paying for my brother to go as well and I think they're regular visits without insurance are $45 so that's $65 I'll need. I will probably refill two other prescriptions this month, that'll be $15. Plus I have a doctor appointment in a week which is another $20 co-pay. I get paid tomorrow which adds $35 to my Medical amount available. So that leaves $69 for Medical in the bank at the end of the month when all is said and done. Plus $353 in savings that's $422 or just barely enough to cover my dental visits in June. I also intentionally set the appointments for after my first June Pay Day which introduces more money from my budget to put towards it.

All in all I won't be completely draining the account but I'm really glad it's there. However, it does cause a little bit of panic since I have some tests coming up that I know I'll need to pay for at some point. Perhaps it'll be built back up again by then.

I will pull whatever I'm anticipating needing out of the account when necessary. I will not be charging anything. That is the goal. Although if I estimated incorrectly I may need to temporarily charge something just long enough for money to transfer out of ING.

4 Responses to “Thankfully I have a Medical Savings...”

  1. Amber Says:

    Oh dear, I just had major dental work myself done and what a bummer. Now the tooth that I spent close to a $1000 needs to be replaced because something or another with the post and that will cost me almost $3000 for a bridge

    It is times like these that I too am glad I have a little saving

  2. Fern Says:

    my employer doesn't even offer dental insurance, so you're doing better than me!

  3. Aleta Says:

    Would it help if you set up a sub account for medical stuff and fund it each month. That way your Emergency Funds won't be used. I have a medical fund and that works for me. Also, I have a friend that has dental insurance and she will only have so much of her work done in a year because of the deductible and pay outs.

  4. LdyFaile Says:

    Aleta, actually that's what I do have, a sub account at ING just for medical. If push came to shove and I really needed to I could pull out of EF but the 353 is what I have in my Medical sub account. I am the same as you're friend, if it can wait and I've used all my benefits for the year I'll wait til the next year. Smile

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