Demystifying Flexible Spending Plans.

Also called a flex plan or reimbursement account, a FSA is an employer-sponsored benefit that allows you to pay for eligible expenses on a pre-tax basis. Eligible expenses include medical expenses not covered by your current health insurance such as deductibles, office visits, etc; as well as child or dependent care expenses. If you employer offers this plan and you anticipate incurring any of these expenses you should be taking advantage of this valuable benefit.

How does a Flexible Spending Plan benefit me?

Contributions made to your FSA are deducted from your pay before your Federal, State, and Social Security Taxes are deducted which means they are not reported to the IRS. This results in your taxable income decreasing while your spendable income is increased. You could potentially save hundreds or thousands of dollars by participating in the plan.

How does an FSA Work?

If you are planning on taking advantage of this valuable benefit from your employer, they will ask you at the beginning of the plan year (usually January 1^st) how much you would like to contribute for the year. There are limits for both medical and dependent care plans so you will have a guideline regarding how much you are allowed to contribute. Once you determine how much you are contributing you can expect to see equal deductions taken from your paycheck each pay period for the plan year. That money is set aside in an account by your employer for reimbursement throughout the year as you pay for medical or dependent costs not covered elsewhere.

When determining how much you would like to contribute for the year you should take a close look at your previous medical or dependent care needs. Some people think by contributing the maximum amount they are safe, however this benefit is a use-it-or-lose-it type of benefit. If at the end of the plan year you have not used all the money that you have had deducted you will have to forfeit the remaining amount. Individual companies set the limit for medical care accounts, while dependent care accounts have a strict Federal limit of $5,000 per family. That means if each parent participates in a FSA plan the limit for BOTH persons cannot exceed $5,000 combined.

In a time where many families are struggling to get by, it is imperative to understand benefits available to you at your workplace. If you have any questions about what type of benefits are available to you or how they work, make the effort to contact your human resources department to get a better understanding how these benefits can help you and your family.

Are You Getting The Most From Your Employee Benefits? was created by and is property of American Consumer News.

Beyond brushing and flossing, there is much more involved in maintaining healthy teeth and gums. It costs less money to proactively care for your teeth than it does to repair the consequences. A dentist will be able to determine if you suffer from bruxism. Generally, you will be recommended to purchase a mouth guard to protect your teeth from the grinding actions. Mouth guards can be custom created by a dentist or purchased over the counter. However, the guards that can be found at a store are more likely to cause you discomfort as the sizes may not suit your mouth which causes the guard to move out of place. They also do not tend to last as long as a customized piece. While a custom-fitted guard may be more expensive, it is less likely that you will have to replace it as often and it will fit exactly right inside your mouth, providing you with better protection.

Both children and adults are susceptible to teeth grinding. Often, children will outgrow the tendency to grind their teeth. For adults, the cause may be related to stress factors and, along with a mouth guard, patients will be advised to work on reducing the levels of daily life stresses to help decrease the unconscious teeth grinding actions.

If you tend to have headaches and pains in your jaw, you may suffer from bruxism. Schedule an appointment with your dentist as soon as possible and get an evaluation. The cost of a mouth guard will be very small compared to the thousands of dollars you will spend reconstructing what you could have saved in the first place.

When choosing a dentist, make sure one to fnid one that has good dental office management.

HOW TO KEEP DENTAL EXPENSES FROM BECOMING A GRIND was created by and is property of American Consumer News.