Flexible Spending Accounts Brooklyn, NY
Flexible spending accounts or flexible spending arrangements, also known as FSAs, are a type of savings account offered to employees by their employers. Employees can contribute a portion of their regular earnings, or employers can contribute to the employees' accounts. The employee must use these contributions for reimbursement for qualifying expenses related to dental and medical services.
At Nostrand Dental, we are proud to serve patients in Brooklyn and the surrounding area. We accept FSAs and dental insurance. Call us today at (718) 513-9685 to schedule an appointment or learn more about our services.
How FSAs Work
FSAs help bridge any gaps that other health insurance plans leave behind by using tax-free funds to cover out-of-pocket healthcare expenses. At times, they can even help replace a traditional employer-provided health insurance plan. According to Investopedia, funds contributed to an FSA are deducted from the earnings before taxes, thus lowering one's overall taxable income. Consequently, regularly contributing to an FSA may reduce one's annual tax liability.
FSAs can also help supplement or replace a traditional employer-sponsored healthcare plan. In either case, the FSA's main purpose is to cover out-of-pocket healthcare expenses. These funds can go towards coinsurance, copayments, deductibles, and some prescription and over-the-counter drugs. FSAs can sometimes even go towards medical devices, such as crutches.
“FSAs can also help supplement or replace a traditional employer-sponsored healthcare plan.”
Pros and Cons of an FSA
The primary advantage of an FSA is tax savings. FSA funds are deducted before taxes, thus lowering an employee's overall taxable income. As a result, some actually find that an FSA increases their take-home pay. Additionally, FSA funds are always available and can even be linked to a debit card for extra convenience. FSAs also do not require pre-approval or additional paperwork.
Still, FSAs also come with their own set of disadvantages. For one thing, there is a limit to the amount of money that employees can contribute per year. For another, FSA funds are intrinsically linked to an employer – meaning employees cannot keep their current FSA if they change jobs.
“The primary advantage of an FSA is tax savings.”
How to Save Money With an FSA
With an FSA, employees can set aside money from their paycheck. Enrollment is available for a limited time at most workplaces. One's employer can provide more details about where, when, and how to sign up for an FSA.
During the enrollment period, employees determine how much money they plan to save. Choosing the FSA budget can be tricky. If an employee underestimates how much money they need, they might lose out on tax savings. If they overestimate, they may lose the money. The exact amount one needs will depend on their family's unique circumstances.
After enrollment, the money is deducted from each paycheck. Employees have until March 15 of the following year to use their funds. Keep in mind that unused funds will expire. It's the employee's responsibility to use their funds before the deadline.
“One’s employer can provide more details about where, when, and how to sign up for an FSA.”
Check out what others are saying about our dental services on Yelp: Flexible Spending Accounts in Brooklyn, NY
FSAs and Dental Treatments
In addition to covering standard healthcare expenses, FSAs can cover the costs of preventative dental care. They may cover both deductibles and copayments. However, it is essential to note that FSAs do not cover all types of dental procedures. In particular, no cosmetic dental procedures are covered by an FSA.
However, exceptions may apply for medically necessary orthodontics. Since there is no specific set of rules that defines what procedures qualify for coverage under an FSA, patients should overview the details of their plan with their orthodontist before beginning treatment.
“In addition to covering standard healthcare expenses, FSAs can cover the costs of preventative dental care.”
Questions Answered on This Page
Q. How do I sign up for an FSA?
Q. Where can I use my FSA funds?
Q. What are some of the pros and cons of an FSA?
Q. Do FSAs cover dental treatments?
People Also Ask
Q. Is dental insurance worth it?
Q. How often should someone have a dental checkup?
Q. How can someone determine what type of dentist or service they need?
What Treatments and Procedures Are Eligible
FSAs cover a wide range of dental services, including:
- Routine cleanings
- Filling, sealants, and extractions
- Diagnostic and preventive care
- Gum disease treatment
- Oral surgery
- Crowns, bridges, and dentures
Employees can also use their FSA funds for other health care expenses, such as:
- Prescription medications
- Medical and diagnostic devices
- Over-the-counter medications (with a doctor’s prescription)
- Copays
- Deductibles
- Coinsurance
- Eyeglasses
- Eye surgery
- Hearing aids
- Hospital expenses
FSA funds can go toward most preventive and diagnostic procedures, though some exclusions may apply. One's employer and plan provider can provide details about specific rules and exemptions.
“FSA funds can go toward most preventive and diagnostic procedures.”
Frequently Asked Questions
Q. What is the maximum amount I can put in my flexible spending account?
A. While maximum annual contributions may vary, the most you can put into a medical FSA is $2,750. The yearly maximum for a dependent care FSA is $5,000. Ask your employer for more details about your policy.
Q. Do my FSA funds roll over?
A. It depends on your employer. If you have money left in your flexible spending account at the end of the year, your employer may give you 2.5 more months to spend the money. They may also allow you to carry over up to $500 for the next plan year.
Q. What is the difference between a medical FSA and a dependent care FSA?
A. As the names suggest, medical FSAs are reserved for medical expenses only. Dependent care FSAs are reserved for dependent care services. The latter include before or after-school programs, child or adult daycare, preschool, and summer day camp.
Q. What is the difference between an FSA and an HSA?
A. Flexible spending accounts (FSAs) are owned by an employer. Health savings accounts (HSAs) are controlled by an individual. However, both allow employees to save on their medical expenses with pre-tax money.
Q. Are FSAs the same as HRAs?
A. No. Flexible spending accounts (FSAs) are funded by the employee and sometimes by the employer. In contrast, HRAs are funded only by the employer. However, patients can have both accounts at once.
Scan here to view this page, Flexible Spending Accounts, on mobile
Dental Terminology
Call Us Today
An FSA can help you set aside health care funds and save money at tax time. If your health care plan doesn't cover out-of-pocket dental expenses, an FSA might be able to help. But it's your job to make sure that your funds don't expire. If you don't use your FSA funds each year, you may forfeit the money.
Let Nostrand Dental in Brooklyn help you put your FSA to use. Call us at 718-513-9685 to learn more about applying FSA funds toward dental care.
Helpful Related Links
- American Dental Association (ADA). Glossary of Dental Clinical Terms. 2024
- American Academy of Cosmetic Dentistry® (AACD). Home Page. 2024
- WebMD. WebMD’s Oral Care Guide. 2024
About our business, license, and website security
- Nostrand Dental was established in 1998.
- We accept the following payment methods: Cash, CareCredit, Check, Discover, MasterCard, and Visa
- We serve patients from the following counties: Kings County, New York County, Richmond County, Queens County, and Nassau County
- We serve patients from the following cities: Brooklyn, Manhattan, Queens, Staten Island, and Long Island
- NY (License #46702). View License Information and Specifics
- National Provider Identifier Database (1457434540). View NPI Registry Information
- Norton Safe Web. View Details
- Trend Micro Site Safety Center. View Details
Scan here to open directions to Nostrand Dental on mobile
Back to top of Flexible Spending Accounts
Related Posts
Cosmetic Dental Services When You Have Gaps Between Teeth
Cosmetic dental services, like composite bonding or the placement of restorations, can help fix unnatural gaps between your teeth. Medically termed diastemas, these gaps can impact how your smile looks and the way that you feel about your appearance.A gap between teeth is one of the things that most people notice when you open your…
How Does A Dentist Use Laser Dentistry For Dental Cleaning?
Laser dentistry is a relatively young concept that can target diseased soft tissue and improve the health of gums, jawbone, and more. Dental lasers are approved by the Food and Drug Administration (FDA), and the risks of the procedure are minimal. Subsequently, dentists often recommend laser dentistry for deep dental cleaning procedures. A routine dental cleaning…
Cosmetic Dental Services To Restore The Shape Of Teeth
Cosmetic dental services can be performed to help restore the shape of damaged teeth. Teeth are regularly exposed to bite forces and acids that can break off parts of their structures. They can also be damaged by bad habits like teeth grinding or by getting hit in the face.Damaged teeth can affect the appearance of…
Explore additional topics covered on our website:
Call Us Today
Scan here to call Nostrand Dental on mobile