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When to Spend Your HSA Glendale, AZ

The cost of healthcare can be intimidating. Luckily, there are ways to save on insurance and out-of-pocket costs. A healthcare savings account is one strategy to help offset the cost of medical and dental expenses.

Patients with healthcare savings accounts can use them for dental services at Singh Smile Care - Dentist Glendale, AZ in Glendale, AZ and the surrounding area. Our team works with clients to determine the optimal financial strategy for treatment. Call us at (623) 400-6009 to learn more or to schedule an appointment.

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An Investment Tool for Retirement

As Healthcare.gov explains, an HSA is a tax-free account people use to help cover some medical costs. To contribute to an HSA, patients must have a high-deductible insurance plan. There is a yearly limit to the amount of money contributed to an HSA plan.

Unlike flexible savings accounts, the funds in an HSA roll over each year. This allows the balance to continue to grow. Once individuals reach retirement age, they can use their HSA funds for anything, not just medical expenses. An HSA is a great investment tool for retirement since other types of retirement accounts incur taxes.

An HSA is a great investment tool for retirement since other types of retirement accounts incur taxes.

HSA Tax Benefits

One of the greatest benefits of opening an HSA is its lower tax liability. Lowering tax liability with an HSA allows people to keep more of their paycheck each year and give less to the IRS. Benefits to opening and contributing to an HSA include:

  • Contributions: The money contributed to an HSA is not taxed. Some people set their accounts up so that contributions are automatically taken out of their pay each month. The HSA withdraws the contribution before taxes, so it does not count as income and lowers the yearly tax liability.
  • Earnings: An HSA account can earn interest. Earnings on an HSA account are also tax-free. The larger an HSA balance is, the more tax-free earnings it can get.
  • Withdrawals: When it is time to use a portion of the HSA account, withdrawals are also not taxed. People can use their withdrawals for any type of qualifying medical expense. There is no need to time medical expenses by the calendar since an HSA does not need to be spent by the end of the year.
Lowering tax liability with an HSA allows people to keep more of their paycheck each year and give less to the IRS.

Investing and Spending Strategies

The key to taking advantage of the HSA rules is to spend and invest wisely. Since there are many benefits to keeping an HSA for retirement expenses, it is important for people not to spend all their contributions. Instead, opt to spend a little on routine out-of-pocket medical or dental expenses and keep the balance growing with contributions.

Many dental expenses qualify for HSA spending. For items that are not covered by insurance, the HSA can help bridge the gap. To grow an HSA balance, it is a good idea to invest a portion of it in mutual funds, bonds, or stocks.

To grow an HSA balance, it is a good idea to invest a portion of it in mutual funds, bonds, or stocks.

Transferring an HSA When Changing Jobs

When changing jobs, there is a procedure for transferring the HSA to the next employer. The rules of transferring an HSA are dependent on the employer-sponsored health insurance plan. If the new workplace does not offer a high-deductible health plan, the employee may not be eligible for making contributions to the HSA anymore.

It may be necessary to roll over the funds from one HSA account to another when transferring to another employer-sponsored HSA. Another option is to keep the old account open and start a second HSA with the new employer. While the old HSA will not be available for contributions, people can still use it for withdrawals.

The rules of transferring an HSA are dependent on the employer-sponsored health insurance plan.

Signs That a Dentist Looks For

During the implant consultation, the dentist will conduct a thorough oral examination and most likely order dental X-rays to determine if the patient is a candidate for dental implants. The dentist will consider the gum health, bone density, and overall health of the patient during the first visit.

Gum Health

Natural teeth and dental implants work similarly, and they are both supported by the gums. If the gums are weak, eroded, or if the patient has periodontal disease, then the implant may not hold the way it should long-term. Implants are still an option with poor gum health, but additional treatment is likely necessary.

Bone Density

Dental implants replace the teeth while also preserving the natural bone. However, the jaw needs the proper amount of bone dentistry to support the dental implant. The jawbone is also essential for a firm hold of the implant, abutment, and artificial tooth. After tooth loss occurs, the bone inside the jaw begins to lose its density. Over time, this can result in the need for a bone grafting procedure to rebuild the strength and density of the jawbone. Once the jawbone is strong enough, we will begin the process.

General Health

The implant process also involves a minor surgical procedure to place the dental implant inside the jawbone. As is the case with any surgery, the patient should be willing and able to go through the process. This procedure is slightly more invasive than other replacement solutions.

Check out what others are saying about our dental services on Yelp: Dental Anxiety in Gresham, OR

Check out what others are saying about our dental services on Yelp: Am I a Candidate for Dental Implants in Gresham, OR

The Procedure

A dental implant procedure can take many months because it involves multiple procedures that require healing time in between. Exactly how long and how many procedures will depend on the patient's unique situation. For example, patients who need bone grafting can expect the process to take longer.

Overall, patients undergo a series of outpatient procedures, typically starting with removal of damaged teeth or any bone grafting needed to prepare the jaw. Then, the dental titanium post is placed and the patient must recover after that procedure. It is important to give the jawbone ample time to heal around the post. The final step is the placement of the replacement tooth or teeth in the form of a crown, bridge or permanent denture.

Exactly how long and how many procedures will depend on the patient’s unique situation.

Questions Answered on This Page

People Also Ask

The Right Time To Open an HSA

There are different strategies for the timing of opening a new HSA. If a person is qualified, they can open an HSA account at any time. We recommend that people open an HSA at the beginning of their careers when they are young and healthy and do not have many medical expenses.

Young people may also benefit from a high-deductible plan and get the most out of the potential long-term retirement savings. People interested in opening an HSA should develop an investment and savings strategy. Then they should research the different options for opening and setting up an HSA.

The rules of transferring an HSA are dependent on the employer-sponsored health insurance plan.

Frequently Asked Questions

Quality Dental Services Can Transform Your Smile

By visiting us as soon as possible, our team can help get you the professional treatment you need. Instead of waiting around and allowing the symptoms to get worse, we can provide you with treatment options.
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Dental Terminology

Co-pay
A fixed payment made by the insured (patient) coupled with that of the insurance coverage.
Deductible
Part of an insurance policy that indicates a specified amount of money that the insured must pay prior to the coverage amount.

Flexible Spending Account

A tax-advantaged savings account offered by employers to cover eligible medical expenses not covered by insurance such as copays, prescription drugs, and deductibles.
Health Care Savings Accounts
A tax-advantaged savings account for medical expenses for tax-payers with a high-deductible healthcare plan.
Medical Necessity
Health care services that are justified as necessary for the well-being of a patient.
Oral Health
Health conditions that directly relate to the functionality or aesthetics of the mouth, teeth, gums, jaw, or throat.
Out of Pocket Medical Expenses
An out of pocket medical expense is anything a person has to pay for medical reasons that is not covered by insurance. These typically include co-payments, deductibles or uninsured prescription and procedure costs.
Out of Pocket Maximum
The out of pocket maximum is the most an individual will have to pay for health care services in a plan year before your insurance provider covers all the cost.
Prevention
The act or practice of stopping something from arising or its progression.
Tax-Advantaged
An economic bonus that applies to certain types of investments or savings accounts that are tax-reduced, tax-deferred, or tax-free.

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Dental services can vary, and each practice has its approach to technology and patient care. Every general dentist can offer routine checkups and cleanings. If you need specialized care, look for a practice that offers specialized services and advanced techniques. If you are searching for a new dental provider, let Singh Smile Care - Dentist Glendale, AZ deliver the care you need. Call us at (623) 400-6009 to learn more about our services and policies.
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