Use your FSA for Vision Care Before 2024 Ends!
We are all in shock it’s that time of year again. As we think about what we should get for our families and friends for the holidays and what our holiday plans will look like…why don’t we think about giving ourselves a little something…TAX FREE!
Do you have an HSA or FSA that you can use funds for before the year ends?
Did you know that these funds can be used for eye care costs?
Flexible Health Spending Accounts (or “FSA’s”) Can be Used for Qualified Eye Care Expenses
FSA funds can be used for a wide range of vision-related expenses, including:
- Eye exams: Regular eye exams are important for maintaining eye health.
- Prescription glasses: Frames and lenses are eligible, including prescription sunglasses.
- Contact lenses and supplies: Contact lenses, cleaning solutions, and other related items.
- Lasik surgery: Some vision correction procedures, like Lasik, may be covered.
- Eye treatments: Certain treatments and therapies related to vision health.
- Pay for Out-of-Pocket Costs
Vision insurance may cover part of the cost of eye care, but you may still be left with copays, deductibles, or costs that go beyond what your insurance covers. You can use your FSA money to cover these out-of-pocket expenses, helping you reduce overall healthcare costs.
- Convenient Payment Option
Many FSAs offer convenient debit cards that can be used to pay for eligible vision-related expenses directly. This streamlines the process and makes it easier to access your funds when you need them.
- Potential to Save More in Health Care
Using FSA money for eye care means you’re effectively using tax-free dollars for essential health-related expenses. This can be a particularly smart way to save on vision care if you know you’ll need to purchase glasses, contacts, or undergo eye exams during the year.
- Annual “Use-It-or-Lose-It” Rule
FSAs generally have a use-it-or-lose-it rule, meaning you need to spend the funds by the end of the plan year or risk losing them. However, some plans offer a carryover (a limited amount) or a grace period, which gives you extra time to use the funds. Using your FSA for eye care ensures that you are maximizing your benefits and avoiding the loss of unused funds.
- No Waiting Period
Unlike some other health savings accounts or insurance plans, FSAs typically do not have waiting periods for claims, meaning you can use your funds as soon as the year starts.
- Reduce Future Eye Care Costs
If you use FSA funds for preventive eye care, such as regular eye exams or prescription glasses, you may catch problems early before they lead to more expensive treatments or complications down the line. This can help prevent larger medical bills in the future.
In summary, using FSA money for eye care allows you to save money on taxes while covering a wide range of eye-related expenses, from routine exams to corrective procedures, making it a smart financial choice for maintaining your eye health.
Take advantage of this great tax-free opportunity to get your vision squared away. call us at 713-436-7544 or visit www.visionsource-shadowcreek.com to schedule an appointment with Dr. Kalani or Dr. Haidar today!