If you work for a company that provides you any benefits at all, ask your manager or Human Resources Department if you can have a cafeteria plan [a.k.a. Flexible Spending Plan.] Under Section 125 of the IRS code, a cafeteria plan gives employees power in determining how their health care benefits are used.
Cafeteria plans, also called flexible spending plans, are some of the most overlooked and under used employee benefits…in part because they do not generate significant profits for the plan administering companies, so they are not publicized as much as the standard insurance offerings. There may be an enrollment period, usually at the beginning of each calendar year and you get to decide how your health care dollars will be spent. So, you need to call your HR connection right away.
Important advantages for employees include the opportunity to use pre-tax dollars for medical benefits, thus reducing taxable salary, increasing percentage of take-home pay and having more spendable income. They also offer increased deductions for dependent care expenses and cushion the blow from insurance increases in premiums, co-pays and deductibles.
One of the listed medical benefits under Section 125 is orthodontics, so you could get some help with pre-tax money (both state and federal) in paying for braces! When you think about it, orthodontics is one of the few medical expenses that have a predictable amount for annual expenditure. That would go a long way in providing that beautiful smile for you, your spouse or your children, and would certainly be an uncommon way to pay for orthodontic treatment!
Ask your HR representative today whether your company provides a Cafeteria Plan and then for their help with the rules and regulations your company might have. After you do that, call us and we will tell you how to maximize this free benefit.  625-1114.