Your Guide to FSA / HSA Benefits

Welcome to your go-to guide for making the most of your Flexible Spending Account (FSA) and Health Savings Account (HSA) for all your vision needs! 

What in the World are FSAs and HSAs? 

Think of an FSA or an HSA as a special savings account just for your health. The money you put into these accounts is tax-free. Your employer can help you set up these accounts, and the money is automatically taken out of your paycheck.

Here's a quick look at each:

  • Flexible Spending Account (FSA): An FSA is like a piggy bank for your health that you fill up throughout the year. It's a fantastic way to pay for out-of-pocket medical expenses, including eye exams, glasses, and contacts. The most important thing to remember about an FSA is that it's usually a "use it or lose it" account. This means you need to spend the money in your FSA by the end of the year, or you'll lose it. So, don't let those dollars go to waste!

  • Health Savings Account (HSA): An HSA is similar to an FSA, but with a few superpowers. To have an HSA, you need to be enrolled in a high-deductible health plan (HDHP). The great thing about an HSA is that the money you don't use at the end of the year rolls over to the next year. It's your money to keep and grow, and you can even use it for healthcare expenses in retirement.

The bottom line? Both accounts are designed to make healthcare more affordable by letting you use tax-free money for your medical needs.

What Can You Buy with Your FSA and HSA?

Now for the fun part! When it comes to your eyes, your FSA and HSA can be used for a wide range of products and services. Here's a list of what's typically covered:

  • Eye Exams: Your annual check-up with the eye doctor is a crucial part of staying healthy. And yes, it's covered!

  • Prescription Eyeglasses: Whether you need single-vision lenses, bifocals, or progressives, your FSA and HSA have you covered. This includes the frames, so you can pick out a style that you love.

  • Prescription Sunglasses: Protect your eyes from the sun's harmful UV rays in style. If your sunglasses have prescription lenses, you can use your benefits to pay for them.

  • Contact Lenses: If you prefer contacts over glasses, you're in luck! You can use your FSA or HSA to purchase your supply of contact lenses.

  • Contact Lens Solution & Supplies: Don't forget the essentials! Saline solution, cleaning solutions, and contact lens cases are all eligible expenses.

  • Reading Glasses: Over-the-counter readers are also covered, so you can keep a pair wherever you need them.

What's Not Covered?

It's also important to know what you can't use your FSA or HSA for. Generally, anything that isn't considered a medical necessity is not an eligible expense. This includes:

  • Non-prescription sunglasses

  • Extended warranties on eyewear

  • Insurance premiums

How to Use Your FSA or HSA Funds

Using your benefits is easier than you might think. Here are the two most common ways to pay for your eyewear and eye care services:

  1. Use Your FSA/HSA Debit Card: Most FSA and HSA providers will give you a special debit card linked to your account. You can use this card just like a regular debit card to pay for your eligible expenses at our office or on our website. It's the simplest and most direct way to use your funds.

  2. Pay and Get Reimbursed: If you don't have a debit card, you can pay for your purchases with your own money and then submit a claim to your FSA or HSA provider for reimbursement. Just be sure to keep all your receipts! You'll need them to prove that your expenses are eligible.

Maximize Your Savings and Your Style!

Ready to make the most of your benefits? Here are a few tips to help you get the biggest bang for your buck:

  • Don't Wait Until the Last Minute: If you have an FSA, be sure to keep an eye on the deadline. Schedule your eye exam and purchase your new eyewear before the end of the year so you don't lose your funds.

  • Stock Up on Supplies: If you have extra money in your account, consider stocking up on contact lenses and cleaning solution. It's a smart way to use your funds before they expire.

  • Get a Second Pair of Glasses: Have you always wanted a backup pair of glasses? Or maybe a special pair for when you're working on the computer? Use your FSA or HSA to get that second pair you've been dreaming of.

Frequently Asked Questions (FAQ)

Q: How many pairs of glasses can I buy with my FSA or HSA? A: As many as you like, as long as you have enough money in your account to cover the cost.

Q: Can I use my FSA for my spouse or children? A: Yes! In most cases, you can use your FSA or HSA funds to pay for the medical expenses of your spouse and eligible dependents.

Q: What if I don't have enough money in my account to cover the full cost? A: No problem. You can often split the cost between your FSA/HSA card and another form of payment, like a credit card.

Your Vision is Our Priority

We hope this guide has helped you better understand how to use your FSA and HSA to your advantage. Taking care of your eyes is one of the most important things you can do for your overall health, and we're here to help make it as affordable and easy as possible.

If you have any questions or are ready to schedule your next eye exam, don't hesitate to get in touch. We look forward to helping you see a brighter, clearer future!