Unlike FSA, with an HSA plan, you can roll over your funds to the following year. By using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.įor the year 2021, the minimum deductible is $1,400 for an individual and $2,800 for a family. What is HSA?Ī Health Savings Account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. If you’re married, your spouse can put up to $2,750 in their own FSA with their employer. How much money can be in my FSA? FSAs are limited to $2,750 per year per individual. To make the most of the funds in your FSA, we recommend patients use it towards their clear aligners. Most FSA plans expire on the first of the year and any funds that were not used do not roll over. You don’t pay taxes on this money, which means you’ll save an amount equal to the taxes you would have paid on the money you set aside. Here are some frequently asked questions we get about dental benefits, FSA, and HSA: What is FSA?Ī Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. With the end of the year fast approaching, we want our patients to know they can use their dental insurance benefits and FSA/HSA for their clear aligner treatment at Impress.
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