Using an FSA Or HSA to Pay for Eye Care

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Your healthcare benefits could be running out! The end of the year is almost here and many insurance plans and benefits will expire when the clock strikes midnight on December 31st. 

The eye care professionals at The EyeDoctors Optometrists are here to make sure you get the most out of your healthcare contributions before they’re gone for good.

Learn all about HSAs, FSAs and how you can use them to make sure your eyes are happy and healthy heading into the holiday season. 

6 Ways to Use Your FSA or HSA at The EyeDoctors Optometrists

If you need to use your FSA benefits before the year ends, The EyeDoctors Optometrists has a number of eye care services that are FSA and HSA eligible. Here are six eye care services you can spend your benefits on before they expire. 

1. Prescription Lenses

You can use your FSA and HSA benefits to update your yearly glasses prescription. Lenses are eligible for spending accounts, including specialty lenses like bifocal or multifocals!

2. Eyeglass Frames 

Finish your pair of new eyeglasses with a stylish new pair of frames. Browse our selection of designer frames, try it on using our Virtual Try-On feature, then stop by your nearest The EyeDoctors Optometrists to get them using your benefits. Browse our collection of eyeglass frames.

3. Prescription Safety Goggles

Prescription safety goggles are a qualified FSA and HSA expense. Keep your eyes safe and your vision clear while doing work that requires eye protection. Find a comfortable pair of prescription safety goggles at your nearest The EyeDoctors Optometrists office.

4. Prescription Sunglasses

Keep your eyes safe from UV rays while enjoying bright sunny days in all their beauty. Use your FSA and HSA dollars on a pair of prescription sunglasses from The EyeDoctors Optometrists.

5. Over-the-Counter Reading Glasses

Pick up a pair of over-the-counter readers using your FSA and HSA benefits. Don’t let presbyopia get in the way of the activities you love. 

6. Contact Lenses and Cleaning Solutions

Are glasses not your thing? FSA and HSA benefits cover contact lenses too. Stop by your nearest The EyeDoctors Optometrists to get fitted for a pair of contact lenses today, and use your benefits to pay for lenses and solution.

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What Are The Differences Between An HSA and FSA?

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both popular ways to save for life’s healthcare expenses. This includes eye care! 

There are some key differences that everyone should know about how these plans operate. Both HSAs and FSAs help fund qualified medical expenses with pre-tax dollars. This can save you hundreds of dollars each year on medical expenses you may or may not have planned for. 

Depending on the type of account you have, there may be a “use it or lose it” aspect to some of your funds. This means that you have between now and December 31 to spend on qualified medical expenses. 

The EyeDoctors Optometrists patients can use their FSAs and HSAs to make eye health a priority while still being affordable. Make sure to schedule an appointment with your nearest Kansas eye doctor before your benefits expire to get the most out of your healthcare funds this year.

What Is A Flexible Spending Account (FSA)?

FSA stands for flexible spending account. As the name suggests, this type of plan offers a lot of flexibility. An FSA is an employer-sponsored plan that allows employees to use pre-tax dollars for healthcare costs. An FSA is offered in conjunction with a workplace health insurance plan. 

As an employee, you can choose how much you wish to contribute from your paycheck into the FSA. Some employers may choose to match or make deposits into employee FSA accounts on their behalf. 

For 2022, employees are allowed to contribute up to $2,850 towards an FSA. This maximum may be less depending on your employer's policies.

FSA limits are set at the employee level. The maximum does not change based on the number of dependents in your family. A married dual-income household, for example could have two FSA accounts through separate employers. 

Funds in an FSA account can, however, be used for your spouse or dependents. Employees are able to change their contribution amount only during open enrollment periods and for qualifying events. 

Do FSA Funds Expire?

Typically, FSA funds are use it or lose it. If you have an FSA account through your employer, you may want to start planning your medical costs now for the end of the year. 

It is important to carefully review your FSA plan documents, as each employer is different. Employers do not have to offer the ability for funds to carry over from year-to-year. Many employers do offer one of two options under their FSA plan: 

  • Employees may be able to carry over up to $570 per year to the next

  • Employers may offer a grace period of up to 2.5 months to allow employees to spend the rest of their funds 

“Use it or Lose It” doesn’t just apply to the end of the year. If you have an FSA and switch jobs before the year's end you may forfeit FSA dollars. 

What Is A Health Spending Account (HSA)?

A health savings account (HSA) has some similarities to an FSA, but also some key differences. Like FSAs, HSAs set aside tax-free dollars aside for eligible healthcare expenses. 

To qualify for an HSA, you need to be a member of a high-deductible health plan (HDHP). While it does not matter what type of high-deductible health plan this is, you do have to meet some coverage benchmarks.

To qualify as an HDHP in 2023, a plan's minimum deductible must be $1,500 for individuals and $3,000 for families. The plan’s out of pocket maximum can't be more than $7,500 as an individual and $15,000 as a family. 

HSA limits are increasing significantly from 2022, allowing families greater flexibility in the new year.  

Do HSA Funds Expire?

 Unlike an FSA, your HSA contributions are yours to keep and can be changed at any point during the year. You are also able to roll over any remaining funds in your HSA to the next year if you choose.

So, you will not lose your HSA funds if you don't use them.

If you change jobs, the money in the account comes with you, since an HSA is not offered through an employer but is instead managed directly by you. To make the most of these funds, be sure to account for them as part of your healthcare financing plans for this year and beyond.

Can FSA or HSA be used for vision services?

Can An FSA or HSA Be Used For Vision Services?

Absolutely! Eye care is considered a qualified FSA and HSA expense. In fact, many The EyeDoctors Optometrists patients use their FSA funds if they know they’ll need vision correction procedures like cataract surgery or radial keratotomy.

Of course, preventive care, like annual eye exams, is also a qualified expense for FSAs and HSAs.

If you have an FSA and haven’t had your yearly comprehensive eye exam yet, now is the perfect time to book an appointment with your nearest The EyeDoctors Optometrists before your benefits expire.

What The EyeDoctors Vision Products are FSA Eligible?

Typically, FSAs and HSAs can help pay for most prescription vision correction solutions and services. There are a few exceptions. Non-prescription eyewear such as regular sunglasses and blue light-filtering glasses are not covered.

Need glasses or contacts? Browse our selection of frames, sunglasses and contact lenses today at The EyeDoctors Optometrists. Find your new look using our Virtual Try-On feature, then schedule an appointment to get your new prescription!

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Whether you need to use FSA dollars at the end of the year or have an HSA, you can get quality eyecare services and products at The EyeDoctors Optometrists. 

If you're not using an FSA or HSA to pay for vision care, The EyeDoctors Optometrists can also answer any general insurance questions. For more specific insurance, plans, and coverage information, contact your nearest office for details.

Don’t lose your healthcare benefits! Contact the eye care professionals at The EyeDoctors Optometrists and schedule your appointment today.