FSA / HSA
What is it?
(FSA) meaning Flexible Spending Account, is purchased through your employer for health expenses, enrollment typically opens in late October and early November. An FSA allows employees to receive financial reimbursement for various medical treatments. This is also considered to be tax-exempt, meaning taxes won't be taken out from the payments and you don't have to file them on your taxes. The catch is once the year is over, all the money that was not spent is returned to your employer. In fact, U.S. workers end up losing about $3 billion a year in unused FSA funds, according to an analysis from Money. So, it is very important for you to know about your benefits and take advantage of them.
(HSA) Health Savings Account can be purchased both through your employer or individually. When enrolling you must have a HDHP, a high deductible health plan. Money can be deposited monthly tax free. The money deposited should be used for deductibles, copayments, and medical expenses. With HSA your money is rolled over into the new year and your funds don't go away even if you change or lose your job. Though it is not required, some jobs will actually contribute to your HSA.
How can FSA and HSA be used here?
Both your HSA and FSA cards can be used here. Dental health is considered important medical treatment. Simply pay with your card after your treatment has been completed as if it was a credit card. We will be very happy to email you over the receipt of payment to forward over for reimbursement with your FSA.
Treatments Accepted:
Things not considered:
Cosmetic Dentistry such as whitenings and veneers, for these procedures you will need to pay out of pocket. Also, not considered is tooth paste, toothbrushes, dental floss, and mouthwash. Though we know these are important and desirable parts of Dental Health, both FSA and HSA do not cover it.
It's important to know what your job has to offer and to make the right decision for you and your family. Be sure to research into what plan is better suited for you. Here at Madison Dental Loft we accept both FSA and HSA plans so that no one is left behind. Also, we can help you maximize your benefits by planning your dental work together. To book your appointment call 646-687-7898 or visit our homepage.
