As we are quickly approaching the end of the year, it is a great time to review what’s available in your Flex Spending Accounts! FSA’s are know for their “use it or lose it” rule. Don’t let that money go to waste! Use it to start treatment now or to make a payment if you’ve already started. Planning ahead is crucial, as well.  It’s that time to verify with your employer your Flex Spending for 2018. In addition, it’s great to keep in mind Health Savings Accounts and any changes in insurance coverage. Each year, many clients lose out on hundreds of dollars through their dental insurance provider, simply because time has slipped away. Don’t forget to take advantage of your remaining dental insurance benefits before the end of the year!

Not sure what benefits you have available or how it works?

Like most other services or treatments covered in your personal health insurance plan, the orthodontic coverage included in your policy will most likely refresh on December 31st, with the full coverage amount resetting on January 1st. This means that if you haven’t used all of your maximum annual allotment, anything that has been left unused will disappear. However, all insurance policies are unique. They offer a wide range of coverage maximums and vary in the way they set and calculate coverage maximums. For example, some offer a lifetime amount, while others will pay a certain percentage of your treatment each year. Be sure to confirm what your plan offers you by checking in your policy or by getting in touch with your provider.

If you work for a company that provides you any type of benefits, be sure to ask your manager or Human Resources Department if you can have a Flexible Spending Account. Under Section 125 of the IRS code, a flexible spending plan gives employees power in determining how their health care benefits are used.

FSA’s are often an overlooked and under used employee benefit…partly because they don’t generate significant profits for the administering companies, so they are not openly presented as much as standard insurances.  Flexible Spending may have an enrollment period, usually at the beginning of each calendar year, and you get to determine how your health care money will be spent! So, be sure to contact your Human Resources right away.

Major advantages

FSA’s provide the opportunity to use pre-tax dollars for medical benefits, in turn reducingtaxable salary,  and increasing percentage of take-home pay. They also offer increased deductions for dependent care expenses and help with expenses of insurance increases in premiums, co-pays and deductibles.

One of the listed medical benefits under Section 125 is orthodontics, so you could get some help with pre-tax money (both state and federal) in paying for braces!  When you think about it, orthodontics is one of the few medical expenses that have a predictable amount for annual expenditure. This can go a long way in providing that beautiful new smile for you and/or your loved ones.

Call us today!

Find out today whether your employer provides a Flexible Spending Account, and then ask for their help with the rules and regulations it might have. Then, contact us and we can help you maximize your benefits and plan for your treatment investment!