Best Way To Spend Your End of Year FSA
An FSA is an efficient way to save on healthcare expenses, but there is a catch
Use it or lose it
Credit: Unsplash
If you elected to utilize a Flexible Spending Accounts (FSA) from your employer, you made a smart move by saving your pre-tax dollars to use on qualified health care related expenses for you and your dependents. The downside? If you don’t manage to spend it all in 2022, you get to keep up to $570 of the balance. The rest goes back to your employer!
The 2020 Cares Act No longer in play
The 2020 Cares Act was passed during the pandemic to allow you to roll all of your unspent FSA funds into the following year. Which, for better or worse, gave many a surplus of funds without enough options to spend. With the act now expired, balances are estimated to be 46% higher this year than average.
Orthodontic treatment is Typically covered by FSA or hSA
While there are exceptions, FSA or HSA will typically cover eligible orthodontic treatment. To be specific, whatever your insurance doesn’t cover as a co-pay or deductible, can be paid with your FSA or HSA funds and that number can be significant. Contact your insurance carrier or employer for details.
What are the best orthodontic options for me?
If you wore braces in your teens, do you still wear (or have possession) of your retainer? You may want a new one before it’s too late. If that ship has sailed, have you considered Invisalign to bring your smile back to its youthful glory? If you have adolescent to teenage children, have you been procrastinating a consultation? It’s better late than never. If you feel your child may be too young, a reminder that the AAO (American Association of Orthodontics) recommends a first visit to the orthodontist for an evaluation by age seven.
Whatever your situation, orthodontics provide a great outlet and value for your HSA funds when the clock is ticking at the end of the year. Greenpoint Orthodontics offers free consultations if you have any questions. Let’s find a reason to smile together.
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