February 13, 2017
You’ve wanted whiter teeth for years – you’ve done what you could by using whitening toothpaste at home, but all the coffee you drink on your commute into The City and throughout the day makes your teeth noticeably yellow. You know that you can see Dr. Robert Miller, your dentist in Forest Hills, but you don’t know how to pay for your smile upgrade. You signed up for a Health Savings Account at work, but aren’t really sure how you can use your benefits and how it works with your regular dental insurance.
In this article, Dr. Miller explains the dental advantages to an HSA and the financing options his practice provides – it’s his goal to make sure every patient gets the oral care they need and the smile they want, without breaking the bank.
What Is A Health Savings Account?
HSAs are combined with high-deductible insurance plans as a way to help control your healthcare costs. They are a type of tax-advantaged personal savings account (similar to an IRA) but the funds are allocated to health-related expenses. The money you invest in your HSA belongs to you – not your insurance company – so you can use this on both necessary and elective healthcare procedures.
How Do HSAs work?
Health savings accounts work by allowing you to invest up to $3,400 as an individual or $6,750 for your family each year. The money is not taxed when put in the HSA or when you withdraw the money to pay for your treatment. You can use the money on any dental procedure needed at our practice, as well as on numerous other health-related expenses.
These accounts have the following benefits:
- Interest earnings that accumulate on funds in HSAs are tax-deferred – and if used to pay qualified healthcare expenses – are tax-free.
- You can rollover your money. Unused assets in your HSA aren’t forfeited at the end of the year; they continue to grow tax-deferred.
- Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.
- Your employer may contribute to your HSA as an additional benefit of working for their company.
- You can take your money with you if you leave your current employer.
- When you turn 65, you can access the funds you’ve already invested for any retirement expenses (not just health care).
- If you become unemployed, you can use your HSA money to pay for your insurance premiums.
Can I Use My HSA Funds With My Dental Insurance?
Absolutely. We can submit a claim to your insurance plan and you can use funds from your HSA to cover any remaining balance, or to pay for services that your plan doesn’t cover. Assets from Health Savings Accounts are a great way to finance root canal therapy, dental implants, porcelain veneers, or even teeth whitening!
What Are My Options If I Don’t Have An HSA?
If you don’t have a Health Savings Account, if you don’t have dental insurance, or if you need extensive treatment, we offer many options to ensure you get the dental care you need.
We accept a multitude of insurance plans and are always happy to submit claims for you. And, we can arrange for payment plans if you speak with our office manager, too.
Since we value full disclosure as a way to provide a superior patient experience, we keep our costs as low as possible for you and we’ll give you an estimate of the charges before we proceed with treatment.
Since your HSA dollars are yours to spend, use them to make your smile perfect by visiting Dr. Robert Miller, your dentist in Forest Hills. Schedule your appointment today!
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