It’s that time of the year when many companies are reenrolling employees for 2016 insurance plans. Now is the perfect time to ask your employer about flexible spending accounts (FSAs). Many companies offer FSAs alongside health insurance. The benefit of an FSA is it gives you tax advantages to offset healthcare costs. Basically you save money by setting aside a certain percentage of your income before taxes into an FSA account to pay for out of pocket medical expenses. Here are some tips when considering if an FSA account is the right decision for you.
Talk with Dr. Marra. It’s always a good idea to make sure you are a candidate for a specific dental procedure or procedures before setting money aside to pay for them. Once you put money into an FSA you can’t change the amount.
Get an estimate on cost of the procedure. You lose the money you do not use in an FSA by Dec. 31 of the calendar year unless your plan offers a grace period. Having an estimate on expenses helps you plan accordingly.
Know what’s covered and what’s not. Cosmetic dental procedures are not approved for FSAs unless the procedure is connected to a medical condition.