Did you know that you can use your benefits from your HSA (Health Savings Account) or FSA (Flexible Spending Account) at your eye doctor? Products that are designed to treat a specific medical condition are eligible for reimbursement under the vast majority of consumer spending accounts like HSAs and FSAs.
Eligible products from your local eye clinic include:
So what are the differences between a Health Savings Account and a Flexible Spending Account?
Health Savings Account (HSA)
An HSA is a type of savings account that enables you to set aside money from your paycheck pre-tax into a savings account used for qualified medical expenses. In this type of savings account, interest grows tax-free. You can also invest a portion of your HSA savings in a variety of investment options. By using untaxed dollars to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP). HSAs also allow you to take your money with you if you switch employers or if you change health insurers.
Flexible Spending Account (FSA)
An FSA also allows you to pay for many out-of-pocket medical expenses with tax-free dollars. You decide how much to put in an FSA, up to a limit set by your employer. One drawback to an FSA is that it’s a “use it or lose it” type of benefit–When the year ends, you lose any money you haven’t spent! A flexible spending plan may seem more appealing to someone who is not interested in the high annual deductibles associated with an HDHP.
Health Debit Cards
Some insurance companies such as Wellcare and Blue Cross Blue Shield are offering its customers health debit cards, prefilled with a set amount they can use at the time of purchase for eyecare-related purchases. More and more insurance companies are offering these kinds of benefits, so check with your provider to see if there are any available for you!
Consider This
Have you been noticing blurriness in your vision recently? Do you need to replace your prescription sunglasses that got lost in the lake? Do you need to restock your annual supply of contacts? Has your doctor recommended eye vitamins that you’ve been meaning to try? Have you been spending more time at the computer and realize that you need special computer glasses?
Whether you have either an HSA or FSA available to you, just remember that you are able to use your benefits towards products and services like the examples above that benefit your eye health! And for those with FSA accounts, remember that you have a deadline with your benefits–Use them before you lose them!
Prescription eyeglasses