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FSA vs HSA: Paying for Eye Care Costs

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Eye health is important, but vision care can get expensive sometimes. Luckily EyeCare Associates accepts all different kinds of healthcare benefits to help make healthy vision affordable for everyone. Two of the more common types of benefits accounts are HSAs and FSAs.

With the end of the year approaching, it’s important to understand which benefits roll over and which you need to use before they’re gone for good. The experienced eye doctors at EyeCare Associates are here to help you understand the healthcare resources at your disposal.

6 Ways to Use Your FSA or HSA for Eye Care

EyeCare Associates offers a number of ways you can save on eye care costs by using your FSA and HSA dollars. Stop by your nearest EyeCare Associates office to take advantage of your benefits before the end of the year!

1. Prescription Eyeglasses

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

Complete your new look with a pair of stylish frames. Browse our selection of designer frames, try it on using our Virtual Try-On feature, then stop by your nearest EyeCare Associates to get them using your benefits. Browse our collection of eyeglass frames.

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 EyeCare Associates. 

4. Prescription Safety Goggles

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

5. Over-the-Counter Reading Glasses

You don’t have to wait for an appointment to get reading glasses. Pick up a pair of over-the-counter readers using your FSA and HSA benefits at your nearest EyeCare Associates.

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 EyeCare Associates to get fitted for a pair of contact lenses today!

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What’s The Difference 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. 

EyeCare Associates offers plenty of options to help our patients get the most out of their FSAs and HSAs.

What Is An 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 to 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 HSA. 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. 

Can You Roll Over FSA Money?

Unfortunately, the answer is usually no. Your employer is the one who sets the rules and exceptions on what you can put into an FSA, and when you can use those funds. Typically, FSA dollars are set to expire at the end of year.  It is important to carefully review your FSA plan documents, as each employer is different. 

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 

Because FSAs are tied to your current employment, switching jobs will cause the funds in your account to expire too.

Understanding the rules regarding your FSA is important, as depending on what your employer has elected, you may need to use those funds before the end of the year or lose them for good. This is why FSAs are often referred to as “use it or lose it” healthcare benefits.

Schedule an appointment with EyeCare Associates today to discuss the details of your FSA and to set up a plan to make sure you get the most out of your contributions before the end of year.


What Is An 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.  

Can You Roll Over HSA Funds?

You can! 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, and you don’t lose any funds if you switch jobs because the HSA is managed by you, not your employer.

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

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Can An FSA or HSA Be Used For Eye Care Services at EyeCare Associates?

Yes! Eye care is a qualified FSA expense. Many of our patients use FSAs if they need to undergo vision correction procedures such as cataract surgery during the plan year. 

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

What EyeCare Associates Vision Products are FSA Eligible?

Typically, FSAs and HSAs can pay for most prescription vision correction solutions. Unfortunately, non-prescription products do not qualify as an expense you can use FSA or HSA funds for. This includes regular sunglasses and computer glasses that filter out blue light. 

View EyeCare Associates’ selection of eyeglasses, contact lenses  and sunglasses today. See if they’re your kind of style from the comfort of your home using our Virtual Try-On option, then schedule an appointment and pick them up from one of our offices!

EyeCare Associates Accepts FSA and HSA Benefits

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

Don’t lose your hard-earned benefits! 

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While some specifications of your health plans can vary based on your employer, our team will work with you to answer any coverage questions, so you get the vision care you need.

If you're not using an FSA or HSA to pay for vision care, EyeCare Associates also answers any general insurance questions. For more specific insurance, plans, and coverage information, call your nearest EyeCare Associates office