Are you thinking about getting braces or Invisalign treatment? The thought of achieving a straighter smile is inspiring, but the cost can sometimes be a bit overwhelming.
Fortunately, there's a way to make it more affordable, and that’s where your HSA (Health Savings Account) or FSA (Flexible Spending Account) can come in handy.
What are HSAs and FSAs?
HSAs and FSAs are special accounts that your employer might offer as part of your benefits package.
These accounts let you set aside money from your paycheck before taxes are taken out. This means you can save some of your income in these accounts and use it to pay for medical expenses like braces or Invisalign.
HSAs vs. FSAs: What’s the difference?
Both HSAs and FSAs are great tools for saving money on medical expenses, but there are some critical differences between them:
Eligibility
HSAs are specifically tied to high-deductible health plans (HDHPs). This means you can only open and use an HSA if you have a health insurance plan with a high deductible. On the other hand, FSAs can be used with a variety of health insurance plans, not just HDHPs. This makes FSAs a bit more flexible in terms of eligibility.
Contribution limits
The amount of money you can put into an HSA each year is higher compared to an FSA. This means HSAs allow you to save more money annually. If you anticipate having higher medical expenses, an HSA might be a better option for you because you can contribute more pre-tax dollars.
Funds rollover
One of the most significant advantages of an HSA is that the money you put into it rolls over from year to year. You don’t have to worry about losing your savings if you don’t use them all within a certain period.
In contrast, FSAs often have a “use it or lose it" rule, where any unused funds might expire at the end of the year. However, some FSA plans offer a grace period or allow you to carry over a small amount into the following year, so it's essential to check the specific rules of your FSA plan.
Using your HSA or FSA to pay for Invisalign or braces
The beauty of using an HSA or FSA is that you can pay for your orthodontic treatments, like braces or Invisalign, with money that you’ve saved before taxes were taken out.
This means you won’t have to dip into your regular savings or budget to pay for your orthodontic care. Instead, you can rely on the money you’ve set aside in your HSA or FSA, making the financial aspect of getting a straighter smile much more manageable.
Maximizing your savings
To make the most of your HSA or FSA, start by talking to your orthodontist about the total cost of your treatment. This will help you estimate how much money you need to set aside. Once you know the costs, try to contribute the maximum amount allowed to your HSA or FSA.
This way, you can use pre-tax dollars to cover a big part of your treatment expenses, saving you a lot of money in the long run.
Begin the journey to a beautiful, healthier smile with an orthodontic consultation
Take the first step to a subsidized orthodontic treatment plan today by contacting us at Brunswick Valley Orthodontics.
Our experienced team can answer all your questions about orthodontic treatments like braces and Invisalign. With either option, you can look forward to affordable treatment with your HSA or FSA.
Schedule a consultation with us today and take the first step towards a beautiful smile that will last a lifetime.