Your dental insurance benefits may expire at the end of the year.
The end of the year is coming fast! So fast that we can almost hear the Christmas music! And December 31st marks the end of the plan year for most dental insurances, Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs)
If you have dental insurance, your policy allows for a certain dollar amount of coverage to be provided to you each year. If your maximum coverage benefit is not used during the year, you lose those benefits because unused coverage does not carry over to the next year. The good news is you can still take advantage of your dental benefits before they run out.
If someone offered us free money to spend, most of us would take it. Now imagine that the money is actually your own money and if you don’t spend it, you lose it.
That’s the scenario with most HSAs or FSAs. Some employers offer this benefit. It allows you to withhold up to $2,600 per year (this amount is estimated) from payroll to deposit pre-tax into an FSA or HSA to spend on non-covered medical expenses or to complement existing insurance plans. These funds can be used for a variety of health care expenses including non-covered medical bills, like co-pays, equipment, materials, health aids and prescriptions or larger one-time expenses like non-covered dental procedures, eye glasses, orthodontia or hearing aids.
The catch is that your FSA money has to be spent by a deadline, usually the end of the year. Employers may choose to add a rollover option to your plan. This means either the employee may rollover up to $500 of their FSA dollars into the new calendar year or any rollover dollars must be spent by March 15. Employers may choose either of those rollover options or neither. Check with your employer to find out the rules for your FSA plan.
In the case of dental plans covered by your Health insurance, most dental plans allow teeth cleanings two times per year. If you are due for a cleaning, have dental treatment pending or feel you may need treatment and you haven’t maxed out your insurance benefits for the year, we encourage you to call and schedule an appointment right away.
No one wants to lose their hard-earned money. With a little research and planning, you can check up, step up, stock up and save up with your FSA dollars, your HSA account or even on your dental plan.
If you participate in a Flexible Spending or Health Savings Account, in most cases money left in these accounts at the end of the year is forfeited. These are benefits that you have paid for! Make sure to use them before you lose them!
It is true that dental treatment is never dictated by an insurance policy, but our experience has shown that careful planning can often help maximize your benefits. Let’s make sure you are 2020 ready and with a beautiful smile!
Call us today at (305) 351-9383 to make sure you get an appointment before the end of the year. We look forward to hearing from you.