Doesn't it feel like the year just started? Truth be told, this year has flown by! It's already December and people in Charlotte, NC are gearing up for the end of the year (and the start of next year). This includes holiday parties, gift shopping, the hosting of family and friends, and figuring out how to use (or lose) their flex spending dollars.
Fortunately for you, the last one of those items is something I can help you with. In fact, most eye care products and services are eligible expenses for your FSA and HSA!
What are FSAs and HSAs?
According to healthcare.gov, a Flexible Spending Account (FSA) is a special account you put money into that can be used to pay for certain out-of-pocket healthcare expenses. The nice thing about FSAs is you don't pay taxes on money put into these accounts. However, you usually have to use the money you put in your FSA account within the plan's calendar year.
With this in mind, your employers can elect for you to either:
1) Have a "grace period" of up to 2 ½ extra months to use the money in your FSA.
2) Carryover up to $500 per year to use in the following year.
On the other hand, also according to healthcare.gov, a Health Savings Account (HSA) is a savings account that allows you to set aside pre-tax dollars for qualified health expenses. Contrary to FSAs, HSAs can only be used IF you have a High Deductible Health Plan. Also, HSA funds roll over if you don't spend them (which is really nice) and can earn interest over time.
Below is a list of 6 ways to use your flex spending in eye care.
1) A comprehensive eye exam
Have you delayed getting your eyes examined this year? Comprehensive eye exams are a great way to utilize your flex spending dollars!
2) Contact lens evaluation fees
Therefore, getting your eyes examined, including a full eye health evaluation and the fitting of contact lenses can all be applied to your FSA or HSA!
3) Contact lens annual supply
Looking to renew your year supply of contact lenses? Charge it to your FSA or HSA! Also, don’t forget about annual supply rebates that can often save you hundreds of dollars!
It’s probably no surprise that glasses vary in price and can be expensive. Whether you're looking to get a pair of computer/reading glass or want to update your night driving glasses or progressives, ALL glasses purchases are FSA and HSA eligible.
This brings me to my next point, prescription and non-prescription SUNglasses are FSA and HSA eligible too.
6) Eye health products
Do you have dry eye disease or blepharitis? Eye vitamins and hygiene products are typically FSA or HSA eligible.
Alright. Back to your holiday prep (and don't forget to take action and use your flex spending before it's too late).