How to Save on Medical & Dental Treatment Costs With or Without Insurance
Learn why you should enroll into either an FSA or HSA account and discover other financial options that are available even if you don’t have insurance. By investing into any or all of these options, you can get access to the dental treatment you need without having to sacrifice your holiday budget!
The holidays are a favorite time for many of us, but they can also be quite stressful. Around mid-to-late October is when everyone starts thinking about their finances. There’s property taxes to pay, Thanksgiving holiday travel planning, Christmas shopping and more. It’s also open enrollment time at many companies that offer health insurance.
At The Smile Generation®, we like to think of medical insurance (especially dental benefits) as a lifesaver rather than a financial drowner. And with the right kind of knowledge, you can actually turn your insurance into something that helps you save more than just your health… you can actually save money, too!
HSA or FSA?
Does your insurance plan include either a Flexible Spending Account (FSA) or Health Savings Account (HSA)? Maybe your company offers both, but you are confused about which one to choose. Well, here’s where we can help you save more!
The main thing to remember is that both FSAs and HSAs allow you to stock away pretax dollars for any medical expenses. That’s a good thing for you whether or not you regularly see the doctor or dentist. By automatically putting money into either your FSA or HSA, you get to build up your savings AND reduce your taxable income.
Now, onto the differences…
To be eligible for an HSA, you must sign up with a high-deductible plan. You’ll get to use your HSA funds for any medical expenses (or you’ll have to pay a fee for a non-medical expense), and you’ll never lose your money even if you’re no longer contributing to the account. Sometimes, your employer will incentivize you to open an HSA account by contributing to it too.
FSAs are affiliated with an even higher-costing health plan, one with a higher premium and lower deductible than an HSA. You can’t contribute as much money into the FSA account as you can with an HSA, and the money does not roll over year to year. So unlike an HSA, you need to maximize the money you have in the account before it expires! An FSA is a great choice for people who have a clearer understanding of how much money to set aside every year for their medical expenses. Some employers offer a limited purpose FSA when they don’t offer dental or vision insurance as a way to help their employees save a little money.
So, bottom line? An HSA offers more flexibility in that you never lose your money and can contribute more into it. An FSA is geared toward those who know exactly how much they want to put in and does expire every year. Both HSAs and FSAs are accessed with a debit card and offer pretax savings.
In addition to FSAs and HSAs, there are other ways you can save money on your dental costs. The most important thing, of course, is to actually take advantage of your insurance benefits before they expire.
Need dental treatment, but don’t have dental insurance? The Smile Generation, in fact, offers two budget-friendly options that can help you save on dental treatments you need even if you don’t have dental insurance.
The My Smile Dental Plan™ is a discount dental plan that offers generous discounts on dental treatments. Some procedures like exams and X-rays are also offered for free. Members pay only one fee for the entire year, and there is no monthly premium.
Smile Generation Financial helps to significantly lower dental bills through affordable monthly payments.
To learn more about My Smile Dental Plan or Smile Generation Financial, visit SmileGeneration.com or ask your local Smile Generation-trusted dental office for more details.
Find a Smile Generation-trusted dentist near you at SmileGeneration.com and use your benefits before they expire!