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Maximizing Your FSA/HSA: How to Use Your Benefits for Vision Care

If you’re thinking about getting LASIK or cataract surgery (or new glasses or contacts), did you know you have a lot of options? Specifically, your Flexible Spending Account (FSA) or Health Savings Account (HSA) can help cover these expenses. However, there are specific rules for using these accounts and deadlines to meet. Here’s what you need to know about FSA HSA vision care funds.

FSA vs. HSA

FSAs and HSAs are both excellent options for reducing your taxable income and giving you a way to pay for certain medical needs, like vision care, with pre-tax dollars. Here’s what makes them different from one another:

  • An FSA is a pre-tax fund that your employer sets aside to take care of eligible medical expenses. These typically expire at the end of the year, sometimes with a short grace period.
  • An HSA is available for individuals with high-deductible health plans. Unlike FSAs, HSA funds roll over from one year to the next, so you don’t have to have a “use it or lose it” mentality with them.

What Types of Vision Care Do They Cover?

Both FSAs and HSAs have parameters around how the funds can be used, but several vision-related expenses qualify. If you’re considering getting LASIK, for example, you can use FSA or HSA funds to reduce your out-of-pocket burden.

Planning to get cataract surgery? This is also an eligible procedure. Even if your insurance covers part of the surgery, you can use your FSA or HSA to assist with copays or additional lens upgrades.

Additionally, these accounts help you pay for routine eye exams, glasses and contacts.

The Fine Print

 You must follow the rules to take advantage of your FSA or HSA funds. With an FSA, you have to spend your money by December 31st. Some plans give a bit of a grace period, but it’s usually limited.

With an HSA, you can be more flexible with your timing since the funds roll over from year to year. Even so, the end of one year is an excellent time to do financial planning for the next, so it’s a wise time to think about investing in your vision and eye health.

A few tips for success:

  • Schedule appointments early, as many eye care clinics are closed for the holidays, and book up weeks or months in advance.
  • Stay on top of your balance by logging into your account to see your balance and plan most appropriately.
  • If you have both an FSA and an HSA, you can be strategic about using one for this year’s needs and the other for future needs.

However you plan to use your Flexible Spending and/or Health Savings Accounts, ensure you don’t waste valuable benefits. Now is the time to plan ahead and schedule appointments so you can start the new with clear vision and excellent health. Ready to put your FSA HSA vision care funds to use? Schedule an exam with us today!