Plan ahead to use Flexible Spending Account
FSAs, or Flexible Spending Accounts, are becoming ever more popular. Why? Tax savings is the biggest reason. Many employers offer this important benefit that allows employees to set aside pre-tax money to be used toward eligible health care expenses.
The American Association of Orthodontists reports that about one in four new orthodontic patients use FSA funds toward orthodontic treatment for themselves or their children.
In addition to paying for orthodontic treatment, allowed expenses may include out-of-pocket costs for pharmacy and physician visit co-pays, some over-the-counter medicines, and services that are not fully covered by insurance such as eyeglasses, hearing aids and dental care.
FSAs help to make healthcare affordable. They are one of the few remaining tools Americans have which allow them to make independent decisions about their personal health care expenditures.
Current and future FSA account holders are advised to plan ahead to make the best use of tax-advantaged funds. Check with your employer for the dates of their FSA open enrollment period as well as guidelines that are specific to your employer's plan. Find out how much of your account can roll over from year to year.
If you or someone in your family is considering orthodontic treatment in the coming year, schedule an appointment soon and we can help you map out the best use of your FSA funds and other benefits.
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