paying monthly or all at once

[Dreamer]

What is FSA Meryten?

[alexa]

I paid like $200 down and now I pay $100/mo.

I'll be paying for the braces long after I get them off, but unfortunately, I couldn't have afforded to get them any other way. Also the reason I had to go to a chain dental health place isntead of a nicer private practice.

[Echo]

After reading everyone's replies, I guess I am lucky. My braces were only $2000, of which my insurance paid half. I was just finishing up my $75 monthly payments for my sons braces, so they just added my balance to the rest of his, so I just had to continue paying the $75 monthly. No down payment, no interest charges.

[TuZZi]

I'm paying $300 a month for 18 months, and then the records and x-rays were extra at the beginning. In total I'll be paying just under $6000. Well, I won't be paying for it.... but you get the idea

[**shinyhappybraceface**]

I did both - I paid an amount down (can't remember exact total & too lazy to look) and my payments are $150/month. For 2006, I've set up an FSA (Flexible Spending Account - mine is thru PayFlex; for more information - try this: http://www.payflex.com/ ) and I've figured out the remaining balance.

The nice thing about my FSA (not sure if it's universal so check it out), is that I can plan to save $1200 per year (that's roughly $46/pay period since I get paid bi-weekly) and if I have a medical expense in January, and pay it, I get reimbursed even if the amount that I have saved is less than the amount that I submit for reimbursement. And its tax free.

So, for example, I plan to save $2000 in 2006 so from each bi-weekly check, $77 is moved to the flexible spending account ($2000 divided by 26 pay cycles), but in January, I decide to pay off the remaining balance of my braces ($1600). I pay the amount, then I'm reimbursed by FSA with pre-tax dollars. And if I quit or am laid off before I've paid the $1600 back into the fund, there's no penalty - it's almost like stealing.

Also, if I do stay employed for the rest of the year, I still come out ahead because I've paid off my debt without having to pay taxes on it.

If you do decide on an FSA, estimate your expenses and err on the side of caution - you do lose it if you don't use it by December 31st, in most cases, though sometimes you get until March (or whatever) to submit reimbursements for the previous year.

Hope this helps.

[Dreamer]

Thanks Meryaten! Yes that explained it. I had that at one point a few years ago, I guess if you have alot of medical expenses it would be worthwhile!

[**shinyhappybraceface**]

Dreamer -
You can use it to cover any copays that you have too, so it's a great benefit even if you don't go to the doctor a lot, but have prescription copays -

thought I'd just add that.

[amychelle]

Feeling lucky over here.

My Braces were $1800 of which my insurance paid half. $66/month for a year.

I used my FSA for my LASIK surgery back in March ($3000.)

BTW: FSA is a wonderful thing even if you aren't planning on a major expense. At first I was just having $500 taken out to cover monthly prescription costs plus a little extra. My FSA gives you what they call a BENNY card, which is essentally a credit card linked to your account, but it only works at the pharmacy. When I go to pick up my meds, I swipe my card and it's paid for. No financing in the $40/month for medicine, it's already taken out of my check. I think I'm going to have $40 left over this year so I can go buy $40 worth of cold medicine and pain killers and send in the receipt and get my money back for that. (I think it even works for things like heating pads, knee braces, vaporizers, etc.)