While researching teeth-straightening treatment costs, you might be sitting there wondering how to manage the high prices. Then you remember: you’ve been withholding income every month in a health savings account (HSA). These pre-tax funds can be a reserve of payments for your dental and orthodontic expenses, easing the potential stress of a high price tag.
Candid at-home aligners are often a qualifying expense under HSA policies too, which means you should be able to pay for your treatment with HSA funds. Of course, every account is different, so you’ll have to check your account details to find out. But if Candid is covered, you could have a lot of help in covering your expenses. Read on to find everything you need to know about paying for Candid with HSA funds.
Table of Contents
What Is a Health Savings Account (HSA)?
A health savings account is an account that holds pre-tax funds you can use to pay for eligible medical and dental expenses. You can put money in an HSA via a payroll deduction (taken out of your monthly paychecks) or by simply depositing funds like you would a regular savings account.
To qualify for an HSA, you must be enrolled in a high-deductible health plan (HDHP). This means a plan with a deductible of at least $1,350 for an individual or $2,700 for a family. It doesn’t matter if your HDHP is through your employer or you’ve enrolled on your own, HSAs are still available.
You can use your HSA funds to pay for a wide scope of medical and dental treatments. You can even withdraw money for non-medical reasons, although it will incur a 20% penalty. The HSA contribution limit is $3,550 for an individual and $7,100 for a family, and these funds will roll over from year to year, so you can hold onto them as long as you’d like.
Once your HSA reaches a certain amount, you can also choose to invest those funds in mutual funds or other options, depending on your account’s policies.
How to get an HSA
The most common way to start an HSA is through your employer. Many companies that offer an HDHP also offer an HSA, and you can enroll in both during an open or special enrollment period. Your employer will walk you through the enrollment process and provide any necessary forms.
But you can get an HSA if you’re self-employed too. Banks, brokers, credit unions, and insurance companies offer accounts to individuals. But you still need to have a high-deductible health plan to qualify. If you’re self-employed or your employer doesn’t offer HSAs, contact other financial institutions to see if they have HSA options.
Do HSA Funds Cover Dental/Orthodontics?
You can use your HSA to pay for a wide range of treatments and procedures, including preventative care, basic dental care, and orthodontics. So your semi-annual cleanings, fillings, root canals, braces, and clear aligners are typically fair game.
Still, you can’t use them for everything. Certain elective cosmetic procedures (like teeth whitening) and health insurance premiums aren’t normally included in HSA qualifying expenses.
What Types of Orthodontic Treatment Can an HSA Cover?
Lucky for you, HSAs typically cover most orthodontic treatments, including braces, Invisalign, and even at-home aligners. That said, every HSA plan is different, so some might have a more comprehensive list of qualifying expenses than others. You should check your HSA’s policy before beginning treatment to make sure that you can use it.
Many HSAs won’t let you use your fund for elective cosmetic procedures like whitening, bonding, and veneers. They each classify treatments differently, but most don’t consider adult orthodontic procedures to be cosmetic.
Can I Use My HSA for Candid Clear Aligners?
Yes! Very often, Candid treatment is eligible for HSA payment. HSAs can pay for a wide variety of procedures and treatments, but they won’t often cover elective cosmetic treatments like teeth whitening or bonding. Occasionally, an HSA will include at-home aligners under the “cosmetic” label, but not often. Still, you should check your HSA’s list of qualifying expenses before committing to treatment.
But most of the time, you should be able to use your FSA to pay for Candid’s treatment. According to their website, if you have an HSA, you can “pay by another means and we’ll get you a receipt for reimbursement.” So, after you pay for your treatment up front, they’ll make sure you have what you need to file for reimbursement with your FSA.
Will Candid Help Me Use My HSA?
Candid will provide any itemized receipts or documentation your HSA might request to confirm your reimbursement. However, they won’t fill out any of your paperwork or contact your HSA administrator for you. You’ll need to facilitate any payments or reimbursement on your own.
If you’re looking for a home aligner company that will take care of all your insurance and HSA procedures for you, check out byte. Their insurance team knows the process inside and out and will handle any necessary paperwork and communication.
How To Use HSA Funds for Candid Treatment
If you have a card linked to your HSA account, you can use it like you would any normal credit or debit card. Just enter the card info at the checkout screen and it will withdraw the funds from your account. Some HSAs will issue checks, which you can use just like any other check. Other HSAs will let you pay bills directly from your online account. As long as you use your card or check for a qualifying expense. Otherwise, you’ll incur a 20% penalty and have to pay income tax on the amount.
Or, you can use another form of payment and then reimburse yourself by writing yourself a check or transferring funds from your HSA into a personal account. Just make sure that the expenses came after you established your HSA.
What If I Have Dental Insurance, Too?
Even though they’re often offered together, a dental insurance plan is not the same as an HSA. Dental insurance coverage doesn’t come out of your pocket, while an HSA consists of money you deposited.
Candid customers can receive assistance from their dental insurance too. If your dental plan has orthodontic benefits, insurance might cover Candid’s aligners. Candid has a partnership with Anthem (and its subsidiaries) which makes it an in-network treatment, eligible for coverage. However, most orthodontic benefits have limits. Some have age limits, some have lifetime spending limits, and some will only cover a percentage of the treatment cost.
All that to say: dental insurance probably won’t take care of your entire Candid treatment. And you can cover the rest with an HSA if you’d like. If you have both, it’s a good idea to use both, unless you’re saving your HSA funds for medical or dental expenses you’re expecting down the road.
Flexible Spending Accounts vs. Health Savings Accounts
They’re similar in name, but not always similar in function. Here are some of the differences you should know.
|Who qualifies||Only people with a qualifying high deductible health plan (HDHP)||Anyone whose employer offers them as a benefit|
|2020 contribution limit||$3,550 for an individual, $7,100 for a family||$2,650 for an individual|
|Contribution adjustments||Anytime||Only during open or special enrollment periods|
|Expiration||None, unused funds will roll over||Dec. 31 every year|
|Account ownership||Owned by the individual and follows you during employment changes.||Owned by the employer. You lose it if you change jobs.|
|Using funds||Can withdraw funds for non-medical expenses, but must pay a 20% penalty||Might not have access to funds for non-medical expenses|
Just like HSAs, you can usually use FSA funds to pay for Candid treatment. However, it depends on the details of your specific account and its qualifying expenses.
If you’re worried about the costs of Candid treatment, there are a few different ways to make it more manageable, including using your HSA funds. Check on your account’s qualifying expenses before diving in, and consult your employer or HSA administrator for further info. By taking advantage of your pre-tax dollars, you can commit to at-home aligner treatment without undue stress about the cost.