When it comes to making orthodontic care affordable, planning ahead can make all the difference. While insurance typically covers a portion of the treatment, you’ll likely be responsible for some out-of-pocket expenses. One option that can significantly mitigate the cost of treatment is a Flexible Spending Account (FSA), which is available through your employer. As part of your employee benefits package, an FSA allows you to allot pre-tax dollars for eligible health care expenses.
Here’s how it works: before taxes are taken out of your paycheck, money is set aside in your FSA account. When you incur health care costs, the FSA money can be utilized. Eligible expenses include orthodontic treatment and prescriptions, as well as other out-of-pocket expenses such as deductibles, office visits, and dental office procedures. And, an FSA can be used not only for you, but also for your eligible dependents and spouse.
FSAs have start and end dates, and the time in between is called the “plan year.” Typically, FSA accounts are funded around October or November of the current year, and go into effect on January 1 of the next year.
By thinking ahead about the cost of orthodontic care for you or your child, you can save for it at a pace that works for you. Best of all, by taking advantage of the benefits of an FSA, you are ensuring that you are able to offset healthcare costs, and doing so with pre-tax money.
Check with your employer to learn more about the deadline for funding your FSA, and then talk to us. At Adirondack Orthodontics, we can develop a plan that times treatments so you can maximize the benefits. Think of your FSA as a tool to help you to receive a beautiful smile that you can afford!