Do you need new glasses, or do you need to get new contact lenses? Before you pay out of pocket, you’ll want to read this.
You should consider getting new glasses every year to ensure you view the world with maximum clarity. If you wear contacts, you’ll need to stock up on new pairs far more frequently if you wear them often.
Over time, these expenses add up. Don’t pay more than you have to. Keep reading to find out if you can use an FSA or HSA to pay for eyewear!
What’s the Difference Between an FSA and an HSA?
An FSA and an HSA are special accounts that allow you to set aside funds for your healthcare expenses. These accounts are designed to save you money.
They achieve this by providing a tax exemption on the money you contribute to them, meaning that the funds you put into these accounts are not subject to income tax. While an FSA and HSA share this tax-saving advantage, they also differ.
An FSA, or flexible savings account, is set up by your employer. Your employer may contribute or match your contribution, but this is not required. Because an FSA is linked to your employer, you will lose any money remaining in your account if you change jobs.
You can access the funds in an FSA right away. However, you must utilize these funds before the end of the plan year. At that point, any remaining balance is forfeited.
If you’re nearing the end of the term for your FSA, it’s a good idea to apply these funds toward your eye care needs.
An HSA, or health savings account, is owned by you, not your employer. As a result, the funds in your account stay with you even if you change jobs or retire. To establish an HSA, you must be enrolled in a high-deductible health plan (HDHP).
Unlike FSA funds, the funds in an HSA account never expire. At the end of the term, any money that you haven’t spent rolls over to the following year.
Paying for Eyewear with an FSA or HSA
You can apply FSAs and HSAs to various healthcare expenses, such as your vision. This generally includes common costs like glasses and contacts.
Beyond essential eyewear, these accounts can help pay for prescription sunglasses and other necessary vision expenses like contact cleaning solutions and eye exams. You can even use them to help finance a laser vision correction procedure like LASIK.
Utilizing the funds in your FSA or HSA is simple. First, make sure that your provider accepts FSA and HSA payments. The good news is at Fichte, Endl, and Elmer Eyecare, we accept these payments and encourage you to save money using this method.
Then, follow your specific plan guidelines to apply your funds. Your plan may provide you with a card that you can use to pay the office or retailer directly, or they may ask you to submit receipts for reimbursement.
Exact coverages and allowable amounts vary per plan. To confirm the eligibility of a particular expense, contact your FSA or HSA provider.
Would you like to save money on your eye care with an FSA or HSA? Whether you need new glasses or want to explore laser vision correction, contact Fichte, Endl & Elmer Eyecare at 1-800-309-2020 to request your appointment in Buffalo, NY, today!
