Saving on Dental Care

A great way to SAVE MONEY on trips to Feist Dental!

Health Savings Account

    Many companies are switching to High Deductible  Health Plans (HDHP).  These plans work well for small businesses and self-employed professionals.  Lower monthly premiums and the ability to utilize a Health Savings account are benefits of HDHPs.  Without copays, you pay for every medical expense until your deductible is met.  These pre-deductible expenditures (dental care) can be paid with your Health Savings account (HSA).  You would need to check if dental expenses apply towards your deductible.  Your HSA account can still be used for dental expenses that are not applied to your deductible.

   Health Savings Accounts are funded by you and your employer with pre-tax dollars.  Depending on your tax bracket, you could save around 30-40% on all your dental bills!  Also, if you switch jobs, the account is portable.  Like an IRA or 401k, HSA funds can be rolled over to future years gaining interest.  HSA funds are penalized only when used for non-medical expenditures.

For more information about Health Savings Accounts, visit here

Flexible Spending accounts (FSA) have some key differences.  You have to declare how much you would like to deduct from  your gross pay each calendar year (generally cannot change once amount declared).  Declared funds must be spent within the tax year.  Money not spent for a designated year is penalized.  Self-employed individuals are ineligible.  FSAs are generally better for more predictable expenses like childcare.