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You can use your HSA or FSA to purchase your invisible aligners!

It’s November, and you know what that means! Chai lattes? Well, yes. But also, open enrollment for HSA/FSA plans! OK, admittedly, that might not seem exciting at first. But it’s actually great news. Here’s why.

You can use your HSA and FSA plans to pay for invisible aligners.

You can use your HSA and FSA plans to pay for invisible aligners, as well as a number of other approved medical expenses. Funds used from your HSA/FSA account are tax-free, and your employer may contribute funds to your HSA/FSA account, too.

Feel a little overwhelmed when it comes to things like insurance? Read below for helpful tips and tricks about HSAs and FSAs that can save you money.

What’s an HSA?

HSA stands for health savings account. It’s a medical savings account available to people who are enrolled in a high-deductible health plan (HDHP). It sounds fancy, but let’s break it down.

When you have an HSA, you can make contributions to your account and use them to pay for qualified medical expenses (including a shiny new set of invisible aligners)! Depending on your benefits plan, your employer may also contribute funds to your HSA. HSAs are available to those who are self-employed, as well as those who are employed by an organization that offers an HDHP.

Many people take advantage of their HSA benefit because it provides tax advantages. Funds put into the account aren’t subject to federal income tax at the time of deposit, and you don’t pay any taxes on money you withdraw for medical expenses. Thanks, Uncle Sam!

Even if you establish an HSA through your employer, the money and the account are yours; you keep them even after you leave the job. Best of all, any unspent HSA funds roll over from year to year, so your money stays put until you need to use it.

And what’s an FSA?

An FSA is a flexible spending account. It’s similar to an HSA in that it allows you to set aside a portion of your earnings to pay for qualified expenses, including medical expenses and dependent care or other expenses. Money deducted from your paycheck into your FSA is not subject to payroll taxes, giving you some savings, plus you don’t pay any taxes on money you withdraw. Thanks again, Uncle Sam!

There are some differences, though. The biggest one? FSA funds don’t roll over from year to year, so you need to spend any funds in your account before the end of the year to avoid losing them. You gotta use it or lose it.

FSA funds don’t roll over from year to year, so you need to spend any funds in your account before the end of the year to avoid losing them.

Another main point of difference: An FSA is available to you if your employer offers it; unlike an HSA, you cannot have an FSA if you’re self-employed. With FSAs, during open enrollment you’re also required to define how much money you’ll contribute to your account. For this reason, many like to use their FSAs to make purchases with a defined price, like invisible aligners. Ah, see? That works out pretty nice.

OK, here’s a little seriousness for you. Once you’ve chosen the amount you want to contribute to your account, you can’t change it within the year unless you experience a significant change in circumstances. You can, however, withdraw money before you put it in, up to the amount you’ve chosen to contribute for the year. Just a little something you should molar over. Sorry, we couldn’t resist.

Check your plan details.

Review your specific plan and the types of benefits available to you to learn which medical devices are covered by your HSA or FSA. Your plan just might cover SmileDirectClub invisible aligners!

Ready to purchase your aligners using your HSA or FSA? If you have a debit card associated with your account (like a Visa, Mastercard or Discover), simply process your payment on our site like you would any other credit card. If you have an HSA/FSA account without a debit card, give our SmileExperts a call at 800-688-0450 so they can help you process it.

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