If you are fortunate enough to be employed by an employer who offers a health Flexible Spending Account (FSA) option, you know what a great benefit this is. A healthcare FSA is a tax-advantaged financial account that can be set up through a cafeteria plan by an employer in the United States. An FSA allows an employee to set aside a certain amount of their earnings to pay for eligible healthcare expenses. The money that is deducted from an employee’s payroll check and placed in an FSA is not subject to payroll taxes. This provides a very smart and cost-effective means for employees to pay for their healthcare expenses.
Although an FSA is a great benefit, there is one disadvantage to this type of plan. It is called the “use it or lose it” rule. This rule basically states that any funds left over in the account when the plan year ends are lost to the employee. This provides a big incentive for employees to use the balance of their FSA funds before the end of the plan year.
If you have an FSA and your plan year ends on December 31st, you may be scrambling to figure out how to best utilize the remainder of your FSA funds. Many individuals do not realize the fact that FSA funds can be used to cover eligible dental expenses. Did you know that FSA funds can be used for dental expenses such as teeth cleaning, sealants, fluoride treatments, X-rays, fillings, extractions, dentures and more?
If you have funds remaining in your FSA account that must be used by December 31, now is a good time to schedule an appointment with your dentist for some routine maintenance, preventive care or even that filling you have been putting off. Getting the dental care that you need today will help to prevent costly dental expenses in the future. You can protect your FSA investment and start protecting your future dental health by taking care of your teeth today!
Posted on behalf of Dr. Hye Park, Green Dental of Alexandria