HSAs can be a valuable and smart money management tool, but they’re a little finicky, which can make it confusing to understand how you can use them.
Many Americans use these accounts to cover expenses for their medical needs, like hearing aids, prescription drugs, or copayments at the doctor’s office.
Could your HSA also be valuable at the dentist office? Keep reading to find out!
First, What’s the Difference Between an HSA and an FSA?
If you’re not sure about the difference between an HSA and FSA, don’t feel too bad, they can be a little confusing.
The two accounts are similar, but there are a few differences:
HSA: This is designed to be used as a long-term savings account. Treat it like a retirement savings account for medical costs. To access the money, you need to follow the same rules that apply to Roth IRA accounts.
FSA: This stands for flexible savings account. You’re free to spend this money at any time, but when the year ends, any funds remaining in your FSA disappear, so use it or lose it.
Can I Use My HSA or FSA at the Dentist?
FSAs and HSAs can apply to some dental expenses, but not all of them. You can use the accounts to pay for:
- Teeth Cleaning
- Fluoride Treatments
Certain dental expenses are not eligible for FSAs or HSAs. These include:
- Teeth Whitening
- Non-Medically Necessary Cosmetic Surgery
Don’t hesitate to reach out to us with any questions regarding FSA or HSA spending.