Year End tax savings for your patients

by Larry Emmott on October 22, 2020

in Management

What’s the Difference: HSA vs FSA?

Both a health savings account (HSA) and a flexible spending account (FSA) allow you to pay for medical care with pre-tax dollars, which reduces the cost. With healthcare accounting for 8.1% of the average American’s monthly spending, according to The Ascent, these tax shelters are an important financial tool.

Source: What’s the Difference: HSA vs FSA?

NOW is the time to contact your patients about using their flex spending account or HSA to pay for dental work before the end of the year. The linked article does a good job of explaining what these programs are and how they can save people money by using pre tax dollars to pay for dental care.

At the most basic level you can use your management system to contact every patient household by text, e-mail or letter informing them of these savings options.

A more sophisticated approach would be to use your technology to identify patients who have treatment still in progress or have substantial treatment plans that could be completed before year end and then contact those specific patients with more directed messages using your data to create a personalized message.

For example a personalized message could read as follows:

Dear Cynthia, Good news, there are federal tax incentives that will save you money if we complete your needed treatment before the end of the year. Our records indicate that your planned treatment will cost $5,600. You could save as much as $1800 using one of the tax incentives available to you. Call us today at 480-200-5555 to learn more and get started as soon as possible. It is critical that we complete your care before the end of the year.

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