By Martha Brown Menard, PhD, Director of Financial Coaching, Questis Do you have too much…
Do you have an HSA and want to take advantage of your savings? Funds you withdraw from your HSA are tax-free when used to pay for qualified medical expenses as described in Section 213(d) of the Internal Revenue Service Tax Code. So, if you are enrolled in an HDHP and contribute funds to your HSA – you should explore all of the places you can spend your tax-free dollars. Here is #1 on our list:
Preventative Dental Treatments
Did you know that your HSA covers preventative dental treatments? This includes teeth cleaning, sealants, fluoride treatments, x-rays, braces, dentures, or any other preventative service – tax free! You might even consider foregoing your dental insurance and paying for those expenses straight from your HSA. For even more savings – look for a dentist who offers discounts for clients without dental insurance.
Stay tuned for more surprising places you can spend your tax-free HSA dollars… We’ll reveal #2 on our list next week!