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Check into Your Flexible Spending Account
CompBenefits Offers Tips on How to Spend Wisely Before You Lose It
Atlanta, Georgia December 19, 2006 As year-end approaches, most Americans are trying to figure out how to pay for holiday expenses and gifts. It is also the time when most people are reviewing their annual budgets, taxes and filling out their benefits enrollment packages for calendar 2007.
For those consumers who have participated in their employer-sponsored Flexible Spending Account (FSA) plan, now is the best time to treat yourself and your family to some vision and dental services and products with money you have already put aside in your FSA. It's time to spend it or lose it.
Each FSA plan is unique so be sure and check with your plan administrator to get your account balance and the exact list of reimbursable healthcare-related expenses. Also, verify the time frame that your plan requires for incurring and submitting expenses, some may use December 31; others, March 15. Whether the deadline is December or March or anytime in-between, there are plenty of places you can spend the money and help your health along the way.
Although FSA plans usually cover up to three different types of expenses: child-care, certain health insurance premiums, and qualified healthcare-related expenses, CompBenefits encourages consumers to consider the value of investing in their dental and vision health.
There are many categories of eligible expenses for reimbursement under an FSA. In addition to reimbursement for deductibles and co-pays on insurance products, two of the most important areas that most FSA plans cover are expenses related to vision and dental health. Even with insurance coverage, your vision and dental healthcare costs can add up so be proactive.
If you start considering your options now, you should have ample opportunity to schedule appointments with your dentist or eye care professional and purchase the items and procedures you really need.
For example, eligible vision expenses may include:
Eligible dental expenses may include:
- Eyeglasses either prescription or over-the-counter
- Contact lenses
- Prescription sunglasses
- Laser eye surgery, such as LASIK
- Contact lens solutions
Before you scramble to spend your FSA money on laser surgery or routine dental care, make sure you have claimed all the eligible expenses you've already incurred. Then, look at investing your money on needed vision or dental care products and services, deemed eligible under your plan.
- Orthodontia you may be able to prepay certain costs
- Bridges, crowns, extractions and dental implants (non-cosmetic)
- Cleanings, routine prophylaxis, x-rays, fillings and sealants
- Endodontic care (root canal) and periodontal services
Proactive trips to your dentist and eye care professional can prevent large, unexpected healthcare costs later. It's a merry way to start the New Year.
CompBenefits Corporation, headquartered in Atlanta, GA, provides dental and vision benefit plans to over 4.8 million members in 31 states. CompBenefits offers a diversified portfolio of products designed to fulfill the oral and eye health benefit needs of public and private sector employer groups, government-sponsored plans, health plans, and individuals.