If you have unused funds in your health savings account (HSA) or flexible spending account (FSA), now is the time to consider how best to put it to use. It’s wise to plan ahead in order to take full advantage of the pre-tax dollars you have put aside throughout the year.
Keep reading to learn more about how to use HSA/ FSA for eye care services!
What Are HSAs and FSAs?
HSAs and FSAs are tax-advantaged savings accounts typically provided by employers as part of a health care benefits package. Both allow you to set aside funds in a pre-tax account to pay for a wide range of healthcare-related expenses.
The most significant difference between an HSA and an FSA is the time you have to use those funds. Unused funds in an HSA account typically roll over from year to year, while FSA funds must be used within the current calendar year or are forfeited.
Because FSA dollars do not roll over from year to year, it is especially important to ensure that those funds do not go to waste. You can get the most from your investment by considering your healthcare needs and scheduling care earlier rather than later.
How Do I Use My HSA or FSA on Eyecare?
One of the best ways to use your HSA or FSA funds is on eyecare. Here are some of the options for using your funds to care for your eyes:
Eye Exams
While annual comprehensive eye exams are often covered in part by vision insurance, you can use HSA or FSA funds to cover any co-pays or out-of-pocket costs. If you’ve already had an exam in the current calendar year, you can submit reimbursement requests for any exam-related expenses you may have already paid during the current calendar year.
LASIK
LASIK is rarely covered by insurance, but if you are ready to permanently correct your vision, you can use your HSA or FSA funds to cover all or some of the costs of this life-changing surgery. Correcting your vision with LASIK is an investment in yourself, and there’s no better way to make that investment than with your pre-tax HSA or FSA savings.
Prescription Eyewear
Depending on your choice of frames and your eye prescription, buying a new pair of prescription eyeglasses can get expensive. You can get the exact frames you want and custom lenses that offer the clearest vision by using your HSA or FSA account.
Contact Lenses
The ongoing costs of wearing contact lenses add up quickly. You can keep these costs in check by using HSA or FSA dollars to pay for your yearly supply of lenses as well as the supplies you need to clean, disinfect, and store them.
Cataract Surgery
You can get the biggest vision benefits from your cataract surgery when you use your HSA or FSA account to improve the clarity and quality of your vision with a premium IOL. Premium IOLs that can correct your vision at two or more distances are usually not covered by insurance but are often an accepted HSA or FSA expense.
With all of the eyecare options covered by your HSA or FSA plan, there’s no better time than now to use those funds on eyecare. Planning for your vision needs today ensures that you don’t lose out on benefits before the calendar year comes to a close.
Call Fichte, Endl & Elmer Eyecare in Buffalo, NY, at 1-800-309-2020 to schedule an appointment or to learn more about how you can spend your HSA/ FSA dollars before the end of the year!
