Dental Insurance and Health Spending Accounts in Canada: Use It or Lose It Before Year-End
As the year winds down, it’s time to check on your dental insurance and Health Spending Accounts (HSAs). Many Canadians have unused benefits that expire at the end of December, meaning you could miss out on valuable coverage for dental care if you don’t act soon. Here’s why you should consider maximizing these benefits now.
Understanding Canadian Dental Insurance Plans
Most Canadian dental insurance plans operate on an annual benefit structure, which means your benefits reset on January 1st. If you haven't used the full annual amount provided for dental treatments, you may lose those benefits. These plans often cover preventive services like cleanings and exams, as well as treatments for cavities, fillings, and even orthodontics or cosmetic dentistry (depending on the plan).
How Health Spending Accounts (HSAs) Work
HSAs are often provided by Canadian employers as a way to help cover health-related expenses that aren’t included in standard insurance plans. They are tax-advantaged accounts, meaning you can use them for a wide range of health and dental expenses, including co-pays, deductibles, and services not covered by your insurance. Many HSAs expire at the end of the year, so it’s important to check your account balance and plan accordingly.
Steps to Maximize Your Benefits Before Year-End
Schedule Preventive Care: Book any overdue cleanings or check-ups now. Preventive care is typically fully covered, and regular visits can help prevent larger (and more costly) dental issues down the road.
Plan for Additional Treatments: If you’ve been postponing treatments like fillings, crowns, or even orthodontics, now might be the perfect time to proceed, especially if your current plan covers a percentage of these costs.
Check Your Coverage Details: Each insurance plan is different, so review your policy to understand which procedures are covered and to what extent. Some plans may allow coverage to “carry over” into January, but most reset annually.
Utilize Your HSA Funds: If you have an HSA, consider using it for any out-of-pocket expenses, such as co-pays for treatment, non-covered services, or even additional treatments like whitening.
Speak with Your Dentist’s Office: Your dental office can help you understand what procedures would be beneficial now and may offer assistance in navigating your insurance and HSA to make the most of your benefits.
The Bottom Line
Ensuring you get the most out of your dental benefits before the end of the year can help you avoid paying out of pocket in the future. Take advantage of your dental plan and HSA to keep your smile healthy and reduce costs in the coming year.