How much could you lose in savings by the end of the year?

It is hard to believe, but the end of 2017 is quickly approaching, and that means everyone is going to be pressed for both time and money. As you try to prioritize what’s got to be done by the end of the year, one thing that normally isn’t on the top of your mind is to use your dental benefits!

Going to the dentist ranks low on the fun-meter compared to holiday parties and decking the halls, but not only is it important for the health of your body, but it’s fiscally and socially prudent as well. There are two ways you could be leaving money on the table at the end of the year:

1. By paying a monthly premium for a product that you aren’t using
2. By not using your use-it-or-lose-it contributions to your flexibility spending account

Monthly premiums and annual caps

Let’s unpack how you could be leaving money on the table at the end of the year. If you are enrolled in a traditional dental insurance benefit that you pay via monthly or bi-monthly premiums, but don’t visit the dentist to recoup those costs, you are wasting money on a monthly basis.

While each dental insurance benefit is different, many times preventive care (such as your bi-annual cleaning) has very low out-of-pocket costs for beneficiaries. While you don’t pay on your way out the door, you are paying for that service with the premiums that will be reimbursed to the dentist by your insurer.

In addition to covered preventative care, many plans also have annual out-of-pocket limits. If you or your family has had significant dental care costs this year, you might have hit your annual limit. This doesn’t mean you will be denied services. To the contrary—you might have hit the maximum out-of-pocket you’re responsible for, and the insurer will now pick up the remainder of costs for needed services. These maximums normally run year-to-year, so by slipping into 2018 the number resets.

Don’t leave money on the table and allow your insurers to simply collect premiums without paying their part for services!

Flex-spending accounts

Another way you might be leaving money on the table is through flexible spending accounts. This is a popular tax-advantaged account that can be used on certain qualified medical and dental expenses. Unlike other health care savings accounts, likes HSAs that never expire, flexible spending account funds can only be used in the year they’re saved. You can save up to $2,600 a year tax free, and all that might be forfeited if you don’t use it.

Many individuals that don’t have traditional dental insurance use flexible spending accounts to cover the cost of dental visits. These funds are easy to use, and—unlike insurance—you don’t have to worry about being in a specific network. Annually, $200 million is left unused in flexible spending accounts. Don’t let your hard-earned money go to waste! Schedule dental appointments now, before the end of the year rush, to use up all your savings in your flex-spending account.

Hundreds of millions of dollars are left on the table each year in the form of dental benefits and flexible spending accounts. Ensure you use your benefits by scheduling all your dental work now before it is too late. How much could you lose in savings by the end of the year? If you take advantage of your dental benefits now, you don’t have to lose a cent.