Wisdom teeth removal and HSA

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
achen9291
Posts: 298
Joined: Mon May 12, 2014 10:11 pm

Wisdom teeth removal and HSA

Post by achen9291 » Wed May 23, 2018 4:31 pm

I'm starting a new job soon and the new insurance is a HDHP plan with an HSA. I've been wanting to get my wisdom teeth removed for awhile now and have been delaying it. With my current insurance I think they quoted me around $400 for the surgery. I only have 2 that I have to remove. I don't know much about HSA's other than I know I need to max it and it's tax free in and out for medical bills. Should I wait until I have enough to use the HSA to pay for the procedure? Or do it now and not touch the HSA?

I already max out 401k and roth IRA so I read that I should max out HSA and don't use it so the money can grow.

The new dental plan is slightly better than the one i'm currently on. I think it pays 60% of major work but no co-pay vs the one i have now which also pays 60% but a $50 co pay

barnaclebob
Posts: 2962
Joined: Thu Aug 09, 2012 10:54 am

Re: Wisdom teeth removal and HSA

Post by barnaclebob » Wed May 23, 2018 4:51 pm

I believe you can also make a deductible contribution to the HSA and then spend that if you wanted to get the tax benefits and do it now.

mega317
Posts: 2554
Joined: Tue Apr 19, 2016 10:55 am

Re: Wisdom teeth removal and HSA

Post by mega317 » Wed May 23, 2018 5:55 pm

The timing of the procedure doesn't matter (once you're covered by the HDHP). You can take the money from the HSA now or later, just keep receipts.

GreenGrowTheDollars
Posts: 351
Joined: Fri Dec 18, 2015 11:09 pm

Re: Wisdom teeth removal and HSA

Post by GreenGrowTheDollars » Thu May 24, 2018 9:10 am

Just to be clear: The procedure has to be on or after the date your HSA account is opened. That might not be the day you start work with the company.

achen9291
Posts: 298
Joined: Mon May 12, 2014 10:11 pm

Re: Wisdom teeth removal and HSA

Post by achen9291 » Thu May 24, 2018 10:46 am

Is there a limit date on when I have to submit receipts for the HSA? For example, could I wait 10 years and then submit it after the money inside has compounded?

I was thinking if that's possible, then I would pay with my credit card that gives me like 2% cash back, and then save the receipt until then so the money grows instead.

ForeverMom
Posts: 7
Joined: Fri Mar 09, 2018 10:41 pm

Re: Wisdom teeth removal and HSA

Post by ForeverMom » Thu May 24, 2018 11:09 am

We had an HSA for a few years, and we maxed the OOP (not just deductible) each year. So there was no “savings” in reality. We never had enough funds or the knowledge to invest. But we paid medical bills with a rewards credit card. Then ran the money in and out the HSA. Essentially, it saved us the marginal income tax rate + c.c. cash back on the price of medical care.

We really enjoy our employer-sponsored PPO co-pay plan now. ;)

Angst
Posts: 1847
Joined: Sat Jun 09, 2007 11:31 am

Re: Wisdom teeth removal and HSA

Post by Angst » Thu May 24, 2018 11:28 am

I would max my contributions to the HSA and wait until I have enough $ to pay out of pocket - I wouldn't touch that HSA for years, hopefully not until I'm in retirement and on Medicare. The HSA is perhaps the best long-term savings vehicle you can get. Search the site for past threads & look at the Wiki for what it has on the HSA.

Tirebiter
Posts: 6
Joined: Wed Nov 01, 2017 12:04 pm

Re: Wisdom teeth removal and HSA

Post by Tirebiter » Thu May 24, 2018 11:56 am

achen9291 wrote:
Thu May 24, 2018 10:46 am
Is there a limit date on when I have to submit receipts for the HSA?
No
achen9291 wrote:
Thu May 24, 2018 10:46 am
For example, could I wait 10 years and then submit it after the money inside has compounded?
Yes. I believe many people do this. I would do this myself except I'm too worried about losing the receipts.

jayjayc
Posts: 202
Joined: Tue Jun 25, 2013 11:38 pm

Re: Wisdom teeth removal and HSA

Post by jayjayc » Thu May 24, 2018 4:56 pm

Your new HDHP plan should also offer a limited-purpose FSA. It works the same way as a regular FSA (use it or lose it). It's typically offered in conjunction with HSA plans. Funds in the limited purpose FSA account can only be used for dental and vision expenses so your procedure will qualify. Put $400 into your limited purpose FSA and use that to pay for your wisdom tooth extraction.

Max out your HSA and save that for a rainy day.

jayjayc
Posts: 202
Joined: Tue Jun 25, 2013 11:38 pm

Re: Wisdom teeth removal and HSA

Post by jayjayc » Thu May 24, 2018 5:00 pm

Torger wrote:
Thu May 24, 2018 11:56 am
achen9291 wrote:
Thu May 24, 2018 10:46 am
For example, could I wait 10 years and then submit it after the money inside has compounded?
Yes. I believe many people do this. I would do this myself except I'm too worried about losing the receipts.
Take a picture of the receipt today and save that file. HSA admins only accept digital copies of receipts these days. Better to take the picture today while the ink is fresh and dark. After 10 years, the writing on the receipt may be too faded.

Post Reply