Your smile is a remarkable investment. Straight, evenly-distributed teeth promote strong oral health and vibrant personal confidence for years to come. Invisalign is a near-invisible orthodontic alternative to traditional braces, without the mouthful of metal and wire, making it ideal for those who want their dentistry to remain discreet. But the cost associated with treatment may be holding you back.
If you’re considering Invisalign, there’s a payment option you might not know about. Funds from your Flexible Spending Account (FSA) or Health Savings Account (HSA) can be used towards an Invisalign program, providing you with a bright and beautiful smile at a lower out-of-pocket cost than you’d expect. With the open enrollment season in effect now through December 31, there’s never been a better opportunity to seize the day.
FSAs and HSAs: What’s the Difference?
FSAs and HSAs are both tax-advantaged financial accounts. Both allow you to deposit pre-tax money from your paycheck to be used towards various out-of-pocket healthcare expenses. Where they differ is primarily in eligibility and contribution limits.
Certain employees are eligible for an FSA, which can be set up through your employer’s cafeteria plan. When you enroll during open season, you decide how much of your paycheck you want to set aside that year (the IRS has set the limit at $2,550 for 2016, but your employer may set a lower limit). Your employer may contribute, though they’re not required to.
HSAs, on the other hand, are only available to people who have high deductible health plans (HDHPs). The HDHP must be your only insurance plan, and you must be ineligible for Medicare in order to qualify for an HSA. As is the case with an FSA, you decide how much of your paycheck goes into your HSA—the limit for single coverage is $3, 350 this year, and $3,400 for 2017. You can change your elected amount on a monthly basis if you choose to. The amount you set for an FSA cannot be changed (barring qualifying life events like marriage) until the next open enrollment.
You don’t pay taxes on funds in your FSA or HSA, meaning the money you save in taxes can go towards your treatment instead. And since you can use these funds towards Invisalign, saving for that perfect smile just became even easier.
Enrolling for an FSA or HSA
Speak to your employer to find out if you are eligible for an FSA or HSA. Open enrollment season runs throughout November and December, and is effective from January 1 of next year. If you are currently an enrollee, be aware that you may be required to re-enroll.
If you have money left over in your FSA account at the end of the calendar year, it may be forfeited. Some employers offer a grace period into the start of the following year, so if you’ve got money left in your account and are considering starting treatment soon, ask your employer if this option is available to you. Money in your HSA stays in the account indefinitely until you spend it.
Paying for Invisalign Treatment with an FSA or HSA
Applying funds from your FSA towards Invisalign treatment is a simple case of submitting receipts for reimbursement. When paying with an HSA, keep all receipts and documentation, and be sure to report it on your tax forms.
If you think Invisalign is right for you, speak to your orthodontist to discuss your specific needs and payment options. At Smilebar, we’re Boston’s Elite Preferred Providers of Invisalign, meaning you’ll be treated by a seasoned specialist. What’s more, when you use Smilebar to straighten your teeth, you get a luxury experience: no wait times, highly personalized service, the ability to travel during treatment, even an on-premise boutique.
Have an FSA or HSA account? Get going! The perfect smile may be closer than you think.
Smilebar is Boston's first Invisalign-only specialist boutique. We believe in the latest in 3D technology, fewer appointments and faster results. Not only will you love your new perfect smile, but love the experience as well. Book your complimentary consultation today!