Take Advantage Of A Flex Spending Account
Have you been delaying recommended dental treatments due to out of pocket costs or lack of insurance coverage? While we know that many of our patients are busy preparing for the upcoming holidays, now is the perfect time to consider starting and taking advantage of a flexible spending account, or FSA. This is a great way to enjoy the income tax savings and utilize it to receive dental care that will improve your quality of life. If your employer offers you this benefit option, It is a great way to pay for your dental needs with money that is not subject to Federal income tax!
You might be wondering, what is an FSA and why would you need one? Flexible spending accounts allow you to contribute pre-tax money into an account that is intended to be used on various medical procedures, including certain dental treatments. It can be a great savings as opposed to using post-tax money from your bank account. Distributions can remain untaxed as long as they are used for the intended purpose.
An FSA may be extremely useful if we recommended a restorative treatment that you have been postponing due to out of pocket costs. It is extremely important to read your policy carefully and reach out to your HR department for any clarification on which procedures are covered.
Be sure to reach out to your employer to see if you are able to start an FSA for the 2022 calendar year. Enjoy the income tax savings of this opportunity to pay for your dental care and the reduction of overall taxable income. We also recommend speaking with your tax advisor. Now is a great time to sign up for an FSA for 2022 for your dental needs.
If you have any questions, or need to schedule an appointment, don’t hesitate to reach out to our office at 973-363-3190. We want to give a friendly reminder to be sure to use your 2021 dental insurance benefits or FSA before they expire at the end of December. We are more than happy to help! We wish you and your family a joyous holiday season and a happy and healthy 2022!