Don’t let your flexible spending account go to waste – Use it or Lose it.
What is a Flexible Spending Account
Flexible spending accounts, also known as FSA’s are special accounts that your employer puts away to cover certain out-pocket health care costs including medical and dental.
And Guess What? You don’t have to pay tax on this money. That’s right. Tax Free! Like a health savings account, it is pretax money, but it comes at a risk. You must use the money within the health care plan year or you can forfeit it.
How do you Use Your Flexible Spending Account?
One would use their FSA money by submitting a claim to the FSA (your employer will do this for you) with the proof of the medical or dental expense statement which has not been covered by your insurance. Here are some details one should know about FSA’s.
- The limit is $2,675 per year per employer.
- An individual can spend FSA funds to pay deductibles and copayments, but not for monthly insurance premiums
- You can spend FSA funds on prescriptions.
What if I don’t use my FSA account?
Typically, you must use the money set aside by your employer within the plan year. But your employer may offer one of 2 options. Important Note: Your employer can offer one of these options but not both.)
- Your employer may provide a “grace period” of 2 ½ extra months to use the money in your flexible savings account.
- It can allow you to carry over $750 per year to use in the following year.
Dental Expenses that can be Paid with FSA’s
According to the Internal Revenue Service Publication 752, an individual can use their FSA coverage for all dental procedures that treat or prevents a dental disease such as:
- Teeth cleaning
- Root canals
- Dental fillings
- Dental sealants
- Tooth extractions
- Inlays and onlays
- Periodontal therapies
- All diagnostic and preventative services
- Treatments for gingivitis, temporomandibular joint syndrome and disorder, gum recession, and oral surgery
Any procedure which is cosmetic in nature is automatically not covered by an FSA. Unfortunately, cosmetic dentistry procedures such as teeth whitening, veneers, orthodontics are disqualified.
Take the Time to Know Your Plan
Talk to your employer and your plan provider before you start any course of treatment whether medical or dental. If you are in the Holland Michigan area, Dr. Piero and his wonderful dental office at P. Piero DDS Family Dentistry are willing to coordinate with your insurance provider to make sure the services are covered under your current FSA plan.
The holidays make it a less painful time to part from your hard-earned cash because it is a gift-giving season. This is the perfect time of year in which to benefit from using your flexible spending account.
Dr. Piero and His Dental Team Cares
We will make sure you spend money on the right things to benefit the most from your Flexible Spending Account. We welcome the call any time of day, so please do not hesitate to contact us online or call our dental team at 616-399-0288.
Our team of professionals will work hard to provide the highest quality of dental care while providing a pain-free experience.