Flexible spending accounts can be a bit confusing, so we want to make sure you’re getting the most out of yours each year! It pretty much boils down to, use it or lose it, but let’s get a few more details hammered out, shall we?
What is a Flexible Spending Account? An FSA is an employer-sponsored benefit that allows you to pay for medical AND dental expenses. These accounts are pre-taxed dollars that you can set aside each month/year to cover procedures throughout the year. But, if you don’t use the entire amount of monies you have allotted at the end of each calendar year, you lose it.
There is a great software available to help you manage your FSA account, which you can find here.
Getting the Most Out of Your FSA
At the beginning of each calendar year, it would be wise to create a budget, calculating your expected out-of-pocket medical and dental costs and set your amounts accordingly. Your Flexible Spending Account will actually save you money by reducing your income taxes.
Make the most out of your 2015 FSA budget by getting a head start on it now! Your oral health will thank you later!
For a beautiful smile!
Cater Galante Orthodontic Specialists