Flexible Spending Account Orthodontia Expenses
Save on Orthodontia Expenses Braces…they’re expensive. But you can save from 25-40% by paying for them with tax-free money from your health FSA or limited-purpose FSA. Pay for yourself, your spouse, and your tax dependents. Savings will vary. There are many parts to your orthodontia payment plan and each will affect your costs and savings: your orthodontia contract, dental insurance, negotiated savings, your tax bracket, and more. Here’s How it Works You negotiate your payment plan and send a copy of the signed contract to Chard Snyder. Pay using your Chard Snyder Benefit Card or submitting claims on the Chard Snyder Mobile App or online account. You may continue to pay across several years, based on your contract.
The Chard Snyder Mobile App
Manage your FSA on the go, anywhere, anytime
Orthodontia Insurance / FSA Total cost = $5,000 Insurance pays lifetime max during year one. Participant makes monthly payments for two years
Negotiated Savings/ FSA
Orthodontia Contract / FSA Total cost = $5,000 Payments begin in July and are made over three tax years
Three Examples of Ortho Payment YEAR ONE Participant Paid Insurance Paid YEAR TWO Participant Paid YEAR THREE Participant Paid
Original cost = $5,000 Ten percent discount given for one up- front payment. No insurance
Features • Submit FSA claims with receipt images using your phone’s camera • View account balances and transaction details • Enable Face ID or Touch ID for easy, secure access • Catalog past and current receipts using your phone’s camera • Scan any product for eligibility using your phone’s camera (Plan restrictions may apply)
$4,500 $2,700 paid with FSA dollars
$1,674
$2,125 $1,000
$2,100
$1,875
$1,225
Total Paid
$5,000
$5,000
$4,500
Total Savings*
$1,882
$1,506
$1,017
*Savings will vary based on your payment plan and tax bracket.
Orthodontia Contract Your contract must be a written agreement that shows: • Start and end dates • Payment arrangements • Total cost All payments must be made within the contract dates and not total more than the contract amount.
IRS Rules • Only eligible expenses can be reimbursed. Per IRS rules, claims cannot be paid before services are provided (such as your expected costs as shown on dental estimates). • There is no reporting requirement at tax time • Once you claim an expense you may not claim it again on your annual taxes
Download from the App Store or Google Play
www.chard-snyder.com
800.982.7715 CS_FSA Ortho v8.24
The information contained in this publication is not, nor is it intended to be, legal or tax advice. Federal regulations may change plan features without notice at any time. ©2024, Chard Snyder & Associates, LLC. All rights reserved.
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