Yes, You can use your Health Savings Account for your preventive and restorative dental expenses.
We recommend that you speak to your Health Savings Account representative for all the details but based on our research a Health Savings Account can be used on all non-cosmetic dental expenses, including Invisalign Orthodontics.
What is a Health Savings Account?
A Health Savings Account(HSA) is an alternative to traditional health insurance. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. Please see the US Treasury’s website for all the details on Health Savings Accounts. Another useful article on HSAs from Kiplinger.com
For the purpose of this blog post here is a summary of my findings on HSAs.
- Must be used in conjunction with a High Deductible Health Plan (HDHP)
- You own and control the money in the HSA
- The money in the HSA rolls over from year to year until it’s gone
- You can sign up for an HSA through your employer, banks, and insurance companies
- Your contributions to your HSA can be deductible when you file your taxes
- You can use the money in the HSA for qualified medical and dental expenses including orthodontics. For a partial listing on what is a qualified expense see the following IRS document