Did you know that speech therapy is an approved, reimbursable expense for your flexible spending account? If you didn't, keep reading...
For many parents the idea of trying to finance much needed speech therapy (or any therapy) services, when denied by health insurance, is enough to produce gargantuan-sized parental guilt. I have watched far too many families struggle with having to stop therapy, not even begin therapy or decide on "less" therapy because of the financial burden of this much needed service. Thankfully, for these parents, the Flexible Spending Account can alleviate some of that feeling of guilt and even works in their favor with regard to taxes.
By definition, an FSA (Wikipedia) " allows an employee to set aside a portion of earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings."
You read that right...the FSA allows you to set aside money for therapy services AND it SAVES YOU MONEY on your taxes! Come again? An FSA allows you to set aside money (sometimes up to $5,000 per year) to pay for medical services (therapies and other services) AND it lowers your total income for the year which means you PAY LESS IN PAYROLL TAXES.
So what are you waiting for? November is often the enrollment month for these programs. Don't delay! Talk to your financial planner, health insurance provider and/or Human Resources contact TODAY. Alleviate some of that parental guilt, financial worry and burden.
If I can assist you in ANY way with this process, please do not hesitate to contact me.