The National Association of Dental Plans estimates that less than 3% of participants who have dental insurance use up their annual maximum on funds which can typically range from $1,000-$2,000 of paid dental benefits. The funds in a Flexible Spending Account (FSA) are designated for patients to use with medical or dental care and expenses. With an FSA, pre-tax and pre-paid dollars are placed into a savings account that a policyholder can draw on to pay for eligible dental treatments or products. However, these plans have an expiration on them, which is usually every December 31st. Any funds or benefits left unused will disappear, and the policy will start over on January 1st.
The Use It or Lose It Policy
If you have dental insurance or an FSA, you have a valuable resource that will help you maintain good oral health. Dental insurance plans often focus on preventive care and there are allowances for restorative treatment such as fillings, root canals, extractions, crowns, Invisalign, and other major dental procedures
The Differences in Benefit Plans
Whether you receive your dental benefits through an employer-sponsored plan or through the Health Insurance Marketplace, failing to take advantage of the dental services received in exchange for your payment of a premium could equal hundreds of dollars wasted. While the actual details and coverage amounts will vary by plan, the following items are generally covered in a dental plan:
- Preventive care (ie: Exams, X-Rays, Cleanings)
- Minor restorative care (ie: Fillings, Root Canals, Extractions, Gum Therapy)
- Major restorative care (ie: Crowns, Bridges, Dentures/Partials, Implants)
The Exclusions of Your Plan
With the end of the year looming ahead, now is the time to focus on your oral health. There are some procedures that are excluded from coverage by both an insurance plan and FSA funds. As much as you would like to stock up on dental floss or toothpaste, these products aren’t eligible for FSA funding either. Oral pain management products may be included, although you should check with your plan for a complete list of inclusions or exclusions.
The Moment Is Now
WANT TO SAVE MONEY? Time is running out to use your 2020 Dental Insurance or Flex Spending Benefits! Avoid pain and future additional expenses. Schedule your appointment with us by calling (919) 596-7447 or visit us online at rtdental.com today!