If you don’t use it, you might lose it.
In recent years, Flexible Savings Account (FSA) holders forfeited around $7 billion dollars in contributions (Money.com). Sadly, this means if you don’t use your benefits, your hard-earned money may be sent to your employer’s pockets.
If you enrolled in an FSA program, September is an important time to think about spending your remaining balance on dental services, checkups, and procedures for the remainder of the year.
We’ve created an easy guide on how you can use your account to cover all of your dental care needs.
So, what is FSA?
When selecting a health care plan at your job, you may have noticed the option to enroll in a Flexible Spending Account, otherwise known as a FSA plan. This account is a special place you put a percentage of your paycheck into to cover out-of-pocket health care costs.
FSA money is tax-free, which is a huge benefit. This means that you will save an amount equal to the taxes you would have paid on the money in the account (Healthcare.gov).
Rather than paying for a plan with more restrictions, you can choose where and when to spend your dollars.
However, you must use your allotted balance in the same calendar year. Otherwise, that money will sadly be gone. (Healthcare.gov)
How You Can Use FSA for Dental Care
You may be wondering how you can apply your FSA dollars to dental services. The good news is that there’s lots of options!
FSA funds can be generally be used for:
- Copayments for office visits and cleanings
- Invisalign aligners
- Braces and orthodontic care
- Dental procedures such as fillings, root canals, and extractions
- Oral surgery
- Medicine and other supplies
Cosmetic procedures such as teeth whitening generally aren’t covered under an FSA plan. Make sure to check the details of your plan for specifics on coverage.
Have any questions about how your FSA can apply to your next dental visit? Locate an office near you and book an appointment today!