If you've been to a dentist recently, it is unlikely you smiled
when you received the bill. Costs of most dental procedures have
been rising faster than inflation. Just a check-up and cleaning
can cost up to $150. And if you need major dental work, fees can
be astronomical. Crowns typically cost $850 - $1,000, and oral
surgery can cost thousands of dollars.
Individual dental insurance plans are available, but are
typically very expensive. This is because of what is known in
the insurance industry as "adverse selection" - the only people
who tend to buy dental insurance are people who know they have
dental problems and are already planning on using the coverage.
Unfortunately, most insurance premiums, including dental
insurance premiums, cannot be paid for from a Health Savings
Account. But dental expenses certainly can be. Because you
fund your HSA with pre-tax dollars, you could easily save $500
or more off the costs of your family's yearly dental expenses by
paying for the charges from your Health Savings Account.
Prepaid dental plans are another way to help reduce your dental
expenses. These plans charge a small monthly fee (typically
around $7/month for individuals, or $16/month for families), and
subsequently provide significant discounts for check-ups,
fillings, extractions, and other services, as long as you go to
a network dentist. Some plans also help towards the cost of
glasses or contact lenses. Because these plans are not
considered to be insurance, they can also be paid for from your
HSA.
So when keeping track of your eligible medical expenses that can
be reimbursed from your HSA, remember to include dental fees and
the premiums you pay for a prepaid dental plan.
To your health and wealth,
Wiley Long
President
HSA for America
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