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Medical savings.

November 9th, 2006 at 01:34 pm

I just opened a second ING account for medical savings. I have lots of things coming up to pay for, new eyeglasses in January, eye exam, sometime next year I need a crown, not to mention whatever tests need to be run for my heart. This month was the first that I didn't have to use the money allocated in my budget for 'medical'. Ok, let me rephrase that, this was the first month I didn't have to use any money aside from my regular medications.

So it occured to me that instead of leaving it in my checking account where I can 'borrow' from it, I should move it to a savings account. But not my emergency fund because I want to keep it seperate.

The plan as it stands right now is if I have a dr apt that month, I'll keep the budgeted money in my checking account until after the apt. Spend whatever I need to up to the budgeted amount and whatever is left over, if anything, gets transferred to the medical savings account. If I don't have a dr apt that month, anything not going to medications gets transferred to the account. That way when I finally get a bill for tests and the like, I have some place to draw from.

I waited til after my dentist apt today to actually open the account. My cleaning was covered 100% but I didn't know if I was due for XRays or not. I wasn't. So the account has been initially funded with $100. Since I haven't seen anything from my ins yet about the Echo I got in July, I doubt I'll get a bill from the clinic this month.

3 Responses to “Medical savings.”

  1. JanH Says:

    Good idea! I started a medical fund separate from my meds in the last couple of months. I have a medical fund for doctor visits cos we have several a year among all of us to monitor our meds. Then there are the preventive things like mammograms and gyno visits. The dental and eye funds are separate cos we have so many glasses/contacts/etc. among all of us. I have used the meds fund and the doctor fund already. So I am excited to see if the dental/eye works out well. I will try out the dental one next week.

  2. LuckyRobin Says:

    I think this is a smart idea.

  3. PRICEPLUS Says:

    I think your idea is a great one. I hope it works out well for you!Smile

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