(ARA) - In these tough economic times, everyone is looking to save more. While you may have already found ways to save on everyday household expenses, you may be overlooking important tools from your employer that can go a long way in helping you save and pay for health care needs.

"You have a window of opportunity once a year to make changes to your health care benefits plan, but during this time people often overlook valuable tools that can assist in managing health care expenses," says Chad Wilkins, CEO, OptumHealth Financial Services, a UnitedHealth Group company. "For example, your employer may offer flexible spending accounts and health savings accounts, which can help you save and pay for health care needs tax-free."

OptumHealth suggests several resources for people to look at during their health benefits sign-up period:

* With flexible spending accounts (FSA) and health savings accounts (HSA), you put aside pre-tax money for health care expenses and any money you withdraw for eligible medical reasons is also tax-free. These accounts are also convenient, with many providing you with a debit card linked directly to the account for ease in paying for doctor's visits or prescriptions at the pharmacy.

Covered expenses could include doctor visits, special treatments and surgeries, medical equipment, child care, optometry and dental work, prescription and over-the-counter medications.

There are some key differences between FSAs and HSAs. FSAs are an employer-sponsored benefit, and money you put aside is usually only available for a year. HSAs help you save for future medical expenses and are yours to keep, even if you change employers or benefits. HSAs can also help you save for health care in retirement. HSAs are tied to high deductible health plans.

* Long-term care insurance can help you pay for care in the future if you should develop a chronic illness or become disabled. This type of insurance can help pay for treatment outside a hospital, such as in a nursing home, assisted-living facility or in your own home. Certain long-term-care policies are eligible for federal income tax breaks, and perhaps state income tax breaks too, depending on where you live.

* Short-term disability coverage pays a percentage of your salary if you become temporarily disabled, meaning that you are not able to work for a short period of time due to sickness or injury, excluding on-the-job injuries, which are covered by workers compensation insurance.

So before you sign that dotted line on your health benefits paperwork, be sure to check with your human resources representatives. Look into all your options and make sure you are taking advantage of the right ones to help you save now and for the future.

Finally, for more tips on saving and paying for health care, visit www.myOptumHealth.com for detailed tips and guidance on how to make the most out of your health care dollars.

Courtesy of ARAcontent