Your eye health matters, and so does your financial well-being. At Auburn Family Eyecare, we have a few tips on how your FSA and HSA can be a game-changer for comprehensive vision care.
The Difference Between FSA & HSA
Flexible Spending Accounts (FSAs)
Flexible Spending Accounts (FSAs) function as invaluable financial partners, aiding in managing healthcare expenses. Considered a pre-tax contribution, FSAs require timely usage, typically within the year, or risk losing the funds by year-end. Maximize the benefits of your FSA for vision care by understanding its time-sensitive benefit expiry date and grace periods.
Health Savings Accounts (HSAs)
An HSA, which stands for Health Savings Account, is similar to a regular interest-bearing savings account. The funds you contribute to this account are tax-deductible, and the interest earned on them is tax-free as long as you use the money for qualified medical expenses.
As of 2023, the contribution limit for an individual's HSA is $3,850, while it is $7,750 for family coverage.
Once you have created your HSA, you can decide how much to contribute. Contributing a fixed amount each month is common, and many plan administrators also accept lump-sum deposits.
Most HSAs provide debit cards or checks to pay for qualified medical expenses. Some HSAs also offer online bill payment options for added convenience.
Key Strategies to Maximize Your Benefits
We have six impactful strategies utilizing your FSA/HSA for comprehensive vision care:
- Prescription Safety Goggles: Safeguard your eyes with FSA/HSA-covered protective eyewear.
- Prescription Sunglasses: Protect your eyes from UV rays without compromising vision clarity.
- Updated Glasses Prescription: Cover the cost of prescription updates, including specialized lenses.
- Stylish New Frames: Embrace fashion and functionality with covered fashionable frames.
- Over-the-Counter Reading Glasses: Enhance reading comfort with FSA/HSA-funded glasses.
- Contact Lenses & Solutions: Easy access to FSA/HSA-covered fittings, purchases, and solutions for contact lenses.
Maximizing Your FSA/HSA for Vision Care: Smart Tips & Unused Funds
Optimize your FSA/HSA with savvy tips:
- Check Unspent Funds: Check your balance for remaining FSA/HSA dollars for potential vision care expenses.
- Additional Eyewear Options: Use your leftover FSA/HSA funds for extra eyewear like backup glasses or sunglasses.
Supplemental Eye Care: Consider using FSA for eye care essentials such as vitamins and eye drops to bolster eye wellness
Navigating 'Use It or Lose It' Policies and Fund Rollovers
Understand the dynamics of 'Use It or Lose It' policies with FSAs and potential fund rollovers. Navigate limited-purpose FSAs linked to HSAs, emphasizing prudent planning and leveraging these accounts for your vision care.
Secure Eye Health with FSA/HSA Before Year End at Auburn Family Eyecare
Make informed decisions regarding your FSA/HSA for quality eye care. At Auburn Family Eyecare, we empower you to understand coverage benefits and insurance plans, ensuring comprehensive eye care solutions in Auburn.
