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July 13th, 2021

What you need to know about using HSA’s and FSA’s for orthodontic treatment

Dental work can be expensive but there are orthodontists in Fort Mac that offer financing to help you get quality dental care when you are on a strict budget. You may not always have enough funds to pay for treatments upfront, so financing is a good option.

FSA’s and HSA’s are financial accounts that can help you pay for any orthodontic treatment that might be required.

What is an FSA?

An FSA is a flexible spending account that allows you to have your employer put aside a certain amount of your income for health care purposes. The money set aside in this type of account can be allocated to specific things like dental care, medical care, massage therapy, and vision care. This money is taxable and non-taxable depending on how you use the funds. You are not taxed on the money put aside in this account if it is used for dental care.

What is an HSA?

An HSA is a health spending account set up by your employer. This is a self-directed plan that allows you to save for medical purposes as long as it complies with the rules and regulations set out by the government. You can deduct the amount used for medical purposes when you complete your tax returns for the following year.

Can you use an HSA or FSA for any orthodontic treatment?

You will likely only run into an issue using an HSA for orthodontic treatment or FSA for orthodontic treatment if you are getting a purely cosmetic procedure done. Braces are one of the main treatments you might want to use an HSA or FSA for. Having your teeth straightened or getting restorative care with funding from your HSA for orthodontic treatment is a good option so your bank account does not get depleted. If you want to use one of these accounts for teeth whitening, think again, as this is not covered due to it being a non-essential procedure.

Eligibility

To be eligible for an HSA, you and your dependents only qualify if you meet the regulations set out by The Income Tax Act of Canada. If you want to participate in an FSA, you must do so through an employer that offers it. Once you have an FSA, there are no further qualifications.

Using an HSA or FSA for orthodontic treatment is also beneficial because it can be used in conjunction with your existing insurance plan and can really add up in savings.

Check with your orthodontist in Fort Mac to see if you can use your HSA or FSA for those oh so necessary orthodontic procedures. If you need more information on HAS’s or FSA’s you can contact your local bank, check with your employer or an insurance company that specializes in medical and dental coverages.

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