Getting the biggest bang for your buck! That is something I
think most people look for when they are making major purchases in their
lives. Not only do they want the best
quality, but the best value. Most people
don’t realize that they have an untapped resource when it comes to health care.
That resource is their Flexible Spending Accounts (FSA) offered through their
employers. Employees can use FSA pretax dollars after insurance benefits are
applied. We have found at Aleman
& Sternstein Orthodontics that some choose not to take advantage of this
program mainly because they don’t understand it and are afraid of the “use it
or lose it” mandate behind it. What they
fail to realize is the beauty of the using it in the orthodontic world. At
Aleman & Sternstein Orthodontics you are given your orthodontic fee at the
beginning of treatment. Therefore, you
can flex the maximum amount over the treatment period as a typical treatment
time estimate is 2years.
There is an additional benefit of using the FSA account in
that you are saving approximately 25%. (This is based on your tax bracket.) Flex money is non-taxable income. Another great benefit of using the FSA in the
orthodontic practice, is that most accounts funds are available at the
beginning of the FSA calendar year.
For many, the end of
May is the deadline to declare for your FSA if your calendar year is July 1st.
It is important to know your employers guidelines. You should talk to your plan administrator or
call our office at 217-546-9600 if you are interested in getting the biggest
bang for your buck!
