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Use Your FSA or HSA to Cover Eye Care Costs

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As the end of the year approaches some of your insurance benefits may be expiring! Depending on what type of healthcare benefits you have, you may need to use them soon or lose them for good.

The eye doctors at Clarkson Eyecare are here to make sure you get the most out of your healthcare and your eye care. Learn the differences between FSAs and HSAs and how to use them.

6 Ways to Use Your FSA or HSA for Eye Care

If you’re looking for ways to spend your FSA and HSA dollars on eye care, Clarkson Eyecare can help! We accept FSA and HSA dollars for a multitude of services.

1. Prescription Eyeglasses

If you need to update your yearly glasses prescription, using your FSA or HSA dollars is a great way to save costs. Lenses are eligible for spending accounts, including specialty lenses like bifocal or multifocals!

2. Eyeglass Frames

Lenses aren’t the only glasses-related eye care expense you can use your HSA and FSA for. Update your eyeglass frames for a whole new look. Check out our huge selection of eyeglass frames and virtually try on your favorite pair before you buy.

3. Prescription Sunglasses

You shouldn’t have to choose between protecting your eyesight from harmful UV rays and seeing clearly. Use your FSA and HSA dollars on a pair of prescription sunglasses from Clarkson Eyecare.

4. Prescription Safety Goggles

If you do a lot of work that requires protective eyewear, consider getting prescription goggles for a more comfortable fit. Best of all, prescription safety goggles are a qualified FSA and HSA expense!

5. Over-the-Counter Reading Glasses

If you have trouble reading because of your eyesight and need a quick solution, over-the-counter reading glasses may be just the thing. You don’t need an appointment to pick up a pair of over-the-counter readers, but they’re still covered by FSA and HSA.

6. Contact Lenses and Cleaning Solutions

If glasses aren’t really your thing, there’s good news: contact lenses and contact cleaning solution are considered an FSA and HSA qualified healthcare expense. Stop by your nearest Clarkson Eyecare to get fitted for a pair of contact lenses today or order online!

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What Are The Differences Between An HSA and FSA?

Both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are popular ways to save for life’s healthcare expenses – including eyecare! 

While both plan types are similar, there are 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. 

At Clarkson Eyecare, there are plenty of ways you can make the most from your annual contributions while keeping your eyes healthy. 

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.

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Can An FSA or HSA Be Used For Vision Services?

Yes! Vision care is a qualified FSA expense. Many people will elect an FSA if they are planning to undergo vision correction surgery such as LASIK during the plan year. 

FSA funds can also be used for routine vision services such as annual exams

Other corrective surgeries such as cataract surgery and radial keratotomy are also eligible to be covered by an FSA.

What Clarkson Eyecare Vision Products are FSA Eligible?

Typically, FSAs can help pay for most prescription vision correction solutions. Unfortunately, an FSA or HSA will not help you pay for non-prescription sunglasses. Your plan may or may not cover over-the-counter blue light blocking glasses as well. 

Browse our selection of designer frames, sunglasses and contact lenses today at Clarkson Eyecare. Schedule an appointment today! 

Use Your FSA or HSA Benefits at Clarkson Eyecare

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 Clarkson Eyecare. 

If you're not using an FSA or HSA to pay for vision care, Clarkson Eyecare can also help you understand your general insurance. For more specific insurance, plans, and coverage information, contact one of our offices near you.

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Schedule an appointment with the experienced eye care professionals are Clarkson Eyecare in Florida, Georgia, Illinois, Kentucky, Michigan, Minnesota, Missouri, New Jersey, Ohio, and Virginia. Don’t miss out on your hard-earned healthcare benefits!