Paying for Orthodontic treatment with tax-free dollars
HSA
HSA stands for Health Savings account, and is a special savings account designed for high-deductible health insurance plan. You put money into the account and can use it to cover most medical, dental, and orthodontic costs. You may set aside up to $3,400 for an individual or $6,900 for a family annually. To open an HSA, you must meet IRS eligibility requirements. The great part about an HSA plan is that the money will stay in your account year after year, and can be an excellent investment opportunity that can help cover expenses throughout your life.
FSA
FSA stand for Flexible Savings Account. It’s an account that allows you to save money tax free, and can be used to pay for certain medical, dental, and orthodontic costs. Your FSA is managed by your employer, and you pay money into the account throughout the year. This happens usually through a deduction from your paycheck. You may set aside up to $2,600 annually, but unused FSA funds are usually not available after the year end. Not all employers offer an FSA.
What is the advantage of an FSA or HSA?
There are no taxes paid on the money you put in an FSA or HSA. Depending on your tax bracket, this can lead to significant savings.
How can I use my FSA or HSA to pay for orthodontic treatment?
Before you begin your orthodontic treatment, talk to Swapp Orthodontics about making payments through your FSA or HSA. You may be able to pay Swapp Orthodontics and be reimbursed from your FSA account. HSA usually function like a normal bank account, and you can pay with the debit card provided. Your benefits provider may also be able to pay Swapp Orthodontics directly.
Insurance coverage for orthodontic treatment
What does insurance typically cover?
Your insurance may pay for a certain percentage of your orthodontic treatment, or a specified dollar amount. There is usually a lifetime cap on the amount insurance will pay for orthodontic treatment.
How do I know whether my insurance covers orthodontic treatment?
Ask your benefits manager at work, call your insurance plan’s customer service line, or look through your benefits package for “orthodontic treatment.” Occasionally treatment is covered by health, instead of dental insurance, or there may be orthodontic coverage that can be purchased separately.
How do I know if Swapp Orthodontics accepts my insurance?
When you book your consultation, we will do our best to verify your orthodontic coverage by calling your insurance provider directly. We accept almost all PPO plans, and offer payment plans for patients without insurance.
Paying for your orthodontic treatment with a monthly payment plan
To help pay for the cost of orthodontic treatment, we offer payment plan options that can spread the cost over the length of your treatment. Payments usually ranges between $80-$200/month depending on the amount of insurance and down payment that is applied to the total cost. We do everything in our means to make orthodontic treatment a possibility for you and your family.