Friday, November 02, 2012

Feeling better, trying to find some balance in my planning

Found out this week that the Flexible Savings Account maximum deposit for Medical or Dental/Vision is going to be capped at $2,500 for 2013.

I had been thinking that my Dental work which has a $8,000 bill AFTER Dental insurance attached to it would be able to be partially paid by around $5,000 from a Flexible Savings Account (close to last years limit) and that I would only need to save $3,000 to pay for the dental work I want to get done.

Not going to happen.

I do have a couple of alternatives.

The first one that came to mind was to borrow the approximately $5,500 I was short from my 401K account at work and open a $2,500 Flexible Savings Account dedicated to Dental Vision. AND then contribute to a Health Savings Account (I can save around $4,000 there)... that money would be made available to me every other week and would cover the majority of the 401K loan payments.

But, it isn't REQUIRED dental work. And I'm uncomfortable borrowing the money if the procedure COULD wait.

My next thought. The primary reason I'm considering this (aside from the pain - which is pretty hard to tolerate) is due to the fact that I believe I have a medical condition - MTHFR that if I really do have - means that I should replace all the metal in my mouth (and there is a lot of it).

I'm thinking that IF I get tested (ideally this month) and IF I do indeed have MTHFR - that if I find the right specialist that understands the condition.... that removing teeth that contain metal MIGHT JUST FALL UNDER medical necessity. I'm not 100% sure about this. And honestly, the only advantage of trying to do it this way is I have an INCREDIBLY HIGH deductable. And using up almost all of my Health Savings Account to pay for dental work means that I still have to cover that ENORMOUS deductable, only out of my own pocket instead.  Which could lead to some serious trauma to my savings plans.

Last alternative. And honestly... it might happen EVEN if I do get tested as positive for MTHFR.

Wait a year (or maybe two).

I can still deposit over $4,000 towards my Health Savings Account this year. If I need it for medical expenses - so be it. I can also start a Dental Work savings account. By January of 2014, I could have 90% of the cost of the procedures saved.

I know this is the fiscally responsible choice.

I just don't like it.

In the meantime, I might invest in stock in Orajel. Might as well get something for all my purchases.

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