Pay for Your Orthodontic Treatment with a Flexible Spending Account
Orthodontic treatment is one of the few healthcare expenses you can anticipate in advance. If you’re planning on braces for you or your child in 2017, a Flexible Spending Account (FSA) can save you money.
What is a Flexible Spending Account
A flexible spending account is tax-saving way to set aside funds to pay for any healthcare services not covered by your insurance. The current law allows individuals to set aside up to $2,550 per year. That’s $5,100 for a two-income household.
Money added to your FSA is tax free, so if your family is going to pay for orthodontic treatment this will save you quite a bit of money.
Limitations of a Flexible Spending Account
As said above, there is a limit to how much you can put in your FSA in a given year, and you can only use it toward medical expenses.
A Flexible Spending Account is not a long term savings account; it does not pay you interest — so if you’re looking to save money tax-free, stick with your IRA.
Year-to-year, no more than $500 can be rolled over in your flexible spending account, so you want to be sure to use the money you’ve invested. If you’re concerned about losing your FSA, talk to your orthodontist, we can work with you to make sure that doesn’t happen.
Your Orthodontist Can Help
We’ve helped thousands of happy people over the last thirty years. Improving their smiles isn’t the only thing we do—we also help our patients figure out financing and payment for their treatment.
At Meyer Orthodontics in Brookings, your initial consultation is always free. We’ll discuss the fees of treatment based on the severity or complexity of your orthodontic problem and help you figure out the best way to pay for your treatment—whether that’s with your FSA, using our own financing or an orthodontic credit firm.