Do you grind your teeth at night or clench your jaw so much that you wake up with headaches? If so, you might want to look into getting a mouth guard.
Mouth guards are protective mouthpieces that cover your teeth and gums. They can reduce excessive wear on your teeth and prevent many avoidable injuries. Whether you buy one of your own volition or get a recommendation from your dentist, you have many ways to pay for this expense. Unveil the power of HSA: discover what is an HSA and empower your healthcare savings today! https://livelyme.com/guides/hsa-guide/
If you have a health savings account (HSA), you can use it to pay for your mouth guards. But what is an HSA, and how do you use it to cover the costs of your mouth guard?
What is an HSA?
An HSA is a unique tax-advantaged plan. To open one, you must have a high-deductible health plan and no other form of health coverage. Think of an HSA as a savings account purpose-built to manage healthcare expenses.
You and your employer can contribute up to the annual limit each year. Unlike a flexible spending account (FSA), your HSA stays with you as you move jobs. Every contribution is tax-deductible. Any interest you earn is also tax-deferred, while eligible expenses are tax-free. It's a cost-effective way to manage healthcare costs while growing a nest egg you can use whenever needed.
HSA Eligible Expenses
An HSA will only cover qualifying medical expenses. The IRS dictates what you can use your HSA for and can't. Any amount you spend that doesn't fit under the umbrella of qualifying expenses will result in possible penalties and additional taxes.
So what counts as an eligible expense? You can use your HSA on many things. The most common costs are health insurance deductibles, copays or prescription drugs. However, you can also buy over-the-counter products at your local pharmacy.
HSAs even cover dental expenses. That includes mouth guards! Many standard insurance policies don't cover dental-related costs, so having an HSA is a great option to keep your dental health in good shape.
Read a similar article about HSA providers here at this page.