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If you have a Health Savings Account (HSA) or a Flexible Spending Account (FSA), your Dental pod is eligible for coverage with funds from your account. Read on for more details.
If you're just getting to know about these types of accounts, let's go over the basics. HSAs and FSAs are tools that let you store money before tax to cover specific costs. This means if you use this money on approved items, you won't be taxed on it. Hence, if your family has considerable healthcare costs, these accounts can help you save a good amount of money.
Now, let's compare the two.
FSAs are organized through your job. The money in your FSA generally comes straight from your pre-tax paycheck, in an amount you decide. At times, your employer might also put money into your account.
HSAs, on the other hand, are handled by you personally. You can carry an HSA with you from one job to another and even if you're self-employed, you can have one. But there's a catch. You must be part of a high-deductible health plan (HDHP) to get an HSA. You can find the latest definition of an HDHP on health insurance or government websites.
HSAs are specifically for healthcare expenses, which also includes dental costs. Qualified costs may be health monitoring equipment, aids for mobility, office consultations or prescription copays, and approved devices like the Dental pod.
On the other hand, FSAs provide two types of accounts. One is similar to an HSA and focuses on healthcare costs. The second one can be used to cover childcare expenses. If your employer gives you the choice, you need to pick which type you prefer.
Yes, there's an annual deposit limit for each kind of account. These limits may vary each year, typically going up. So, it's crucial to keep up with the current limits for your account type.
Will the funds in the account roll over to the next year?
The money in an HSA will roll over from one year to the next. But for FSAs, it won't. This means you have to think carefully about how much money to put into your FSA, ensuring you use all of it within a year.
A lot of people with FSA and HSA accounts use linked debit cards to buy approved items. These cards make buying and receiving products fast and easy.
You also have the option to submit your purchase details for a refund from your account if you used a different payment method, like a credit card.
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