Health Care Savings Account Revere, MA
A health care savings account, or HSA, is a type of savings account that allows you to put away money for qualified medical expenses on a pre-tax basis. Since HSA funds are untaxed, you may often be able to lower your overall healthcare costs. HSAs are popularly used to pay for coinsurance, copayments, deductibles, and other expenses. However, they usually cannot be used to pay premiums.
We accept HSAs at Trubright Dental in Revere and the surrounding area. Call us today at (781) 241-4161 to schedule an appointment or learn more about our services.
Understanding Health Care Savings Accounts
A health savings account (HSA) is a savings account that lets people set aside money on a pre-tax basis to pay for qualified medical expenses. An HSA is complementary to a health care plan that has a high deductible. People can save money in an HSA before taxes and use the funds to pay for eligible health care expenses, including expenses the health plan does not cover. For example, people can use their HSA savings to cover health care costs until reaching the plan's deductible.
People can use their HSA funds to pay the copayment until reaching the out-of-pocket limit. Taxes do not apply to the money put into an HSA. Patients can invest a portion of the money in an HSA if maintaining a balance of $1,000 or more. For this reason, many people use part of their HSA to save for retirement.
“A health savings account (HSA) is a savings account that lets people set aside money on a pre-tax basis to pay for qualified medical expenses.”
Pros and Cons of an HSA
According to Investopedia, there are several advantages to an HSA. For one thing, it covers a wide variety of expenses, including dental, medical, and mental health services. Contributions can also come from multiple people, including the enrollee, their employer, a relative, or anyone else who wants to contribute. Most commonly, however, contributions are made with pre-tax funds through an employer. Contributions that are made with after-tax dollars can also be deducted from one's gross income.
Of course, HSAs come with their own set of disadvantages as well. For instance, they are only available to people covered under an HDHP, which can be more financially burdensome than other types of health insurance. They may also place enrollees under pressure to save instead of using the money. Furthermore, using HSA funds for non-qualified funds before turning 65 will result in an income tax as well as a 20% penalty. Enrollees must also keep receipts to prove that their withdrawals were healthcare-related in case of an audit.
“Contributions that are made with after-tax dollars can also be deducted from one’s gross income.”
Tax Advantages of an HSA
Enrollees do not have to pay taxes on any money put into or taken out of an HSA, giving them several tax benefits. Moreover, if the HSA is offered through an employer, the enrollee can potentially save more taxes on their paycheck by making pre-tax payroll contributions.
They may also earn tax-free interest on their HSA funds, and, unlike FSA funds, HSA funds do not expire. Instead, they roll over on an annual basis. Furthermore, all HSA funds are available for penalty-free use once the enrollee turns 65 years of age.
“Enrollees do not have to pay taxes on any money put into or taken out of an HSA, giving them several tax benefits.”
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HSAs and Dental Services
While HSAs do not typically cover cosmetic dental services, they do cover routine procedures, such as checkups and cleanings. HSAs also tend to cover any dental procedures deemed medically necessary, including various preventative and diagnostic procedures. Common examples include bonding, crowns, dentures, extractions, fillings, and root canals.
However, patients may need to pay a copay, even with an HSA on their side. As such, it is best practice for enrollees to contact their employer and insurer with any questions or concerns they may have about their plan.
“While HSAs do not typically cover cosmetic dental services, they do cover routine procedures, such as checkups and cleanings.”
Questions Answered on This Page
Q. What is a health savings account?
Q. What dental treatments does an HSA cover?
Q. What are some of the pros and cons of an HSA?
Q. What are some of the tax advantages of an HSA?
Q. Do HSAs cover dental services?
People Also Ask
Q. How should people spend and invest their HSA contributions?
Q. Is dental insurance worth it?
Q. Why is it important to find the right general dentist?
Q. When is the right time to open an HSA?
Q. What should I look for in a dental insurance plan?
Treatments Covered by an HSA
Dental services and HSA eligibility can vary; however, some common and necessary dental procedures are eligible. HSAs cover treatments that diagnose, treat, mitigate, cure, and prevent disease. HSAs cover most dental treatments deemed medically necessary, such as:
- Regular cleanings and routine visits
- Fillings
- Root canals
- Extractions
- Crowns
- Dentures and bonding
Even with an HSA, there may be a copayment for the patient. HSAs do not cover cosmetic dental treatments such as teeth whitening or regular dental expenses, such as toothpaste, toothbrushes, dental floss, and mouthwash.
“HSAs cover treatments that diagnose, treat, mitigate, cure, and prevent disease.”
Frequently Asked Questions
Q. Can I use my HSA funds on non-medical-related expenses?
A. Yes. However, using your HSA funds on non-eligible expenses will require you to be taxed on said expenses, as the initial contributions went tax-free. You may also face a 20% tax penalty if you are under the age of 65.
Q. Can I have more than one HSA?
A. Yes. Though you cannot have an HSA in conjunction with an FSA or HRA, you can open as many HSA accounts as you want. However, annual IRS contribution limits may still apply.
Q. What is the monthly or annual fee for an HSA?
A. The monthly fee for an HSA tends to be less than $5 a month, or around $30 a year. However, many HSAs do not require monthly payments, and others may waive or reduce these fees if enrollees maintain a minimum balance.
Q. What is the difference between an FSA and an HSA?
A. FSA funds are available on a "use-it-or-lose-it" basis, while HSA funds carry over from year to year. HSA funds are also entirely in the enrollee's control, meaning they stay with the enrollee even when they change jobs or move to a different state.
Q. What happens to my HSA when I change health insurance policies?
A. Since your HSA funds are entirely yours, your HSA will remain unchanged even if you change your health insurance plan. However, you will only be eligible to make future contributions to your HSA if you choose a qualifying plan.
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Dental Terminology
Call Us Today
HSA can help you lower the costs of dental treatment. Our team at Trubright Dental can help. Call us today at 781-241-4161 to learn more about our services or schedule an appointment.
Helpful Related Links
- American Dental Association (ADA). Glossary of Dental Clinical Terms. 2025
- American Academy of Cosmetic Dentistry® (AACD). Home Page. 2025
- WebMD. WebMD’s Oral Care Guide. 2025
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