Do you have benefits remaining with either your dental insurance or Flexible Spending Account? If so and if you have dental work that needs to be done, it may save you money to get it done before the year is up.
To put it simply, most dental insurance plans are on a calendar year cycle which means they run from January 1 – December 31. The majority of these plans do not allow you to roll-over any unused benefits into the new year. This means that if you don’t use all of them that year, you lose them.
For example, if your dental plan has $1,500 in dental benefits each year and you have $800 remaining right now, your benefits on January 1 will reset to $1,500, along with your deductible, and you will lose out on those $800 in benefits you didn’t use (but paid for) this year. A Flexible Spending Account (FSA) is similar in that if you don’t use the funds you set aside for health care costs this year, you lose that remaining money unless your employer has set it up differently.
To find out if you have dental benefits remaining, give us a call at 303-779-2797 and we can help research your benefits. Similarly, you can contact your FSA representative (or your Human Resources department if you are unsure) and find out if you have a remaining FSA balance. In particular with an FSA, it is important to research the types of services that are approved so you can be reimbursed. In general these include dental treatments for the prevention and alleviation of dental disease, including teeth cleanings, fluoride, x-rays, fillings, braces, extractions and other dental treatment. Please note that teeth whitening and other cosmetic services are typically not covered. Click here for a list of covered services from the Internal Revenue Service.
If you have dental work that needs to be done and benefits you can use, don’t wait until the end of the year when everyone else is trying to get in. Rather, give us a call now at 303-779-2797 to make sure you get on the schedule in time.