Open enrollment season for Flexible Spending Accounts (FSAs) for the coming calendar year is in full swing. Enrolling in your employer's flexible spending program is a great way to significantly reduce your out-of-pocket expenses for orthodontic treatment that may not be covered by your traditional medical or dental insurance plans. The FSA is not a replacement for conventional dental insurance, but rather a means of augmenting that insurance. Here's how they work:
What Is An FSA?
A Flexible Spending Account (FSA) is a tax-free account that allows you to use pre-tax dollars to pay for eligible out-of-pocket health care expenses. You choose the annual amount to contribute to your account, and your employer deducts your salary contribution before calculating your taxes. Paying for eligible expenses, such as orthodontic treatment, with these pre-tax dollars saves you money. Since eligibility varies from plan to plan, be sure to check with your human resources administrator for details on your benefits.
Use It Or Lose It Rule . . . Act Now To Maximize Your 2016 Benefit
Participating in a Flexible Spending Account (FSA) is a great way to stretch your health care dollars, but keep in mind that they do come with restrictions. The most controversial provision, known as the Use It Or Lose It Rule, requires that you use all of your tax-advantage dollars within the plan's coverage period or you forfeit any remaining pre-tax dollars. For many, December 31, 2016 marks this year's deadline to incur expenses and use dollars set aside in a FSA. The end of the year is rapidly approaching, so now is a great time to put your FSA dollars to good use. To find out how your remaining FSA dollars can be used for orthodontic treatment, contact our office today.
Sign Up Now For Flex Spending To Cover 2017 Orthodontic Expenses
If your company offers a FSA account, now is the time to start thinking about allocating dollars to your account for 2017. Since many plans allow you to apply FSA dollars to orthodontic care, it's a great time to schedule a new patient exam or a growth and development follow-up visit to evaluate your child's orthodontic needs for the upcoming calendar year. Give us a call . . . we're here to help you understand your and your child's orthodontic care and to provide you with the necessary information to take advantage of FSA tax-free benefits for orthodontic treatment.