Visit Your Local Frederick Orthodontist To Spend Your Unused Funds
As the end of the year approaches, you may find that you or a loved one has unused funds from this fiscal year within a HSA (Health Savings Account) or FSA (Flexible Spending Account) plan. We here at The Village Orthodontist want you to know that orthodontic treatment qualifies for use in HSA and FSA plans, and we want to make sure you do not lose that money and have it disappear. Now is the time to take advantage of your money before it vanishes, so schedule an initial complimentary exam for you, a spouse, or your child with us today! We are also able to provide you with all the necessary information for reimbursement.
The Difference Between HSA & FSA
There are a few key differences between a HSA and FSA. An HSA is essentially like a 401(k) retirement account, but for medical expenses. You own the account, and you can only have an HSA if you enroll in an HSA-compatible health plan. A FSA is set up by your employer, and they own the account. You do, however, get to decide which qualified medical expenses to pay for with your FSA, and it works with most of the available PPO employer-sponsored health plans.
Both a HSA and FSA have money deposited into them tax free, and when money is taken out, it is also tax free or tax-deductible. You can also use both to pay for qualified medical expenses (like orthodontics).