Health Savings Accounts may help with the cost of orthodontic treatment and save you some taxes.

We at Hidden Valley Orthodontics understand that the choice of orthodontics is not an inexpensive or an easy decision to make.  With that in mind, we wanted to remind many of you that there may be ways to help offset some of the costs or at least spend your dollars more wisely.

If  you have health insurance through your employer, you will probably have the option to choose some sort of tax-favored health spending account during the annual open enrollment, now getting underway at many companies.

The accounts - including health savings accounts, or H.S.A.s, and health care flexible spending accounts, or F.S.A.s - aim to help health plan members pay for out-of-pocket medical costs. The accounts can save you money, but rules for using them vary.

“It’s very important for employees to understand the nuances,” said Brian Marcotte, chief executive of the National Business Group on Health, whose members are large employers.

If you think you may be eligible for some type of Health Savings Account, here are some questions and answers about health spending accounts:

• If I sign up for an H.S.A., do I receive my employer’s contribution automatically?
  
  Employers are increasingly requiring workers to take action - like completing a health assessment or watching a webinar about high-deductible health plans - to qualify for the contribution.   So employees should read open enrollment information carefully. “Ask yourself, ‘Is there anything I need to do to get the money?’” “You want to make sure you don’t miss out.”

• What are H.S.A. contribution limits for 2016?
  
  For 2016, the maximum contribution (including the employer’s share) is $3,350 for an individual and $6,750 for a family. That age 55 and older can contribute an extra $1,000.

• Can I have both an H.S.A. and an F.S.A.?
  
  Yes - as long as the F.S.A. is a “limited purpose” version that covers only certain costs like dental and vision care. 

If you have questions regarding how Hidden Valley Orthodontics can work with you and your H.S.A or F.S.A, please contact our financial coordinator Linda Lockman at 760-317-9585