Paying For Eye Care Costs With An FSA Or HSA
Both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are popular ways to save for life’s healthcare expenses – including eye care!
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 Nationwide Vision, there are plenty of avenues you can take to make the most from your annual contributions. Learn more about the differences between these types of accounts and how you can spend your FSA or HSA before the end of the year.
6 Ways to Use Your FSA or HSA at Nationwide Vision
Don’t wait till the end of the year for your benefits to run out. Use your hard-earned FSA and HSA benefits to take care of your eyes at Nationwide Vision. Here are a few ways you can take advantage of your FSA benefits before they’re gone.
1. Over-the-Counter Reading Glasses
Get reading glasses today from Nationwide Vision. Use your FSA and HSA benefits to pick up a pair of over-the-counter readers from your nearest Nationwide office.
2. Prescription Sunglasses
Protect your eyes from harmful UV rays while keeping your eyesight clear with a pair of prescription sunglasses from Nationwide vision. As long as the sunglasses are prescription, they are FSA and HSA eligible.
3. Prescription Safety Goggles
When it comes to your eyes, safety should always come first. Prescription safety goggles are perfect if you do a lot of work that requires protective eyewear. Best of all, they’re an FSA and HSA qualified expense.
4. Prescription Eyeglass Lenses
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!
5. Eyeglass Frames
Complete your pair of new eyeglasses with a pair of new frames. Browse our selection of designer frames, try it on using our Virtual Try-On feature, then stop by your nearest Nationwide Vision to get them using your benefits. Browse our collection of eyeglass frames.
6. Contact Lenses and Cleaning Solutions
If glasses aren’t really your thing, there’s good news: contact lenses and contact cleaning solutions are considered an FSA and HSA qualified healthcare expense. Stop by your nearest Nationwide Vision to get fitted for a pair of contact lenses today!
What Are The Differences Between An HSA and FSA?
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both popular ways to save for life’s healthcare expenses. This includes eye care! There are some 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.
Nationwide Vision patients can use their FSAs and HSAs to make eye health a priority while still being affordable. Make sure to schedule an appointment with your nearest Arizona eye doctor before your benefits expire to get the most out of your healthcare funds this year.
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.
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 Vision Products are FSA Eligible?
Typically, FSAs and HSAs will cover 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 Nationwide Vision. Schedule an appointment today!
Use Your FSA or HSA at Nationwide Vision
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 Nationwide Vision.
Don’t lose your hard-earned benefits.
While some specifications of your health plans can vary based on your employer, our team works 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, Nationwide Vision also answers any general insurance questions. For more specific insurance, plans, and coverage information, view our accepted plans.
Contact the Nationwide Vision team to schedule an appointment or learn more about paying for eye care with FSAs and HSAs.