Flexible Health Spending Accounts

In the past, the IRS had always insisted that any money set aside in Flexible Health Spending Accounts would have to be spent within that calendar year.  This always created a challenge for families, because if they did not save enough, they lost some of the tax advantages, and if they saved too much, it would be confiscated by the government. 

Fortunately, the Treasury Department appears to have come to their senses, and has now allowed employers to make an exception to the 30 year old "use it or lose it" policy.  The employers now have the discretion to allow individuals to carry over $500 from one year to the next.  However, this is not a universal rule, and is subject to adoption by individual employers, so you will need to check with your employer, or the HR department.

Take advantage of your Flexible Spending and Health Savings Accounts, and plan necessary orthodontic treatment accordingly. Please call any one of our team members at Sondhi-Biggs Orthodontics if you have any questions about your options!