Medical bills can quickly rack up and get costly at times—especially if you lose or break your glasses or prescription sunglasses.
But if you invest in a little help from a Flexible Spending Account (FSA) or Health Savings Account (HSA), they can ease that expensive burden. Both accounts allow you to use pre-taxed money from your work paychecks to pay for different healthcare expenses.
As you may or may not realize, if you don’t pay taxes on this money, each and every dollar towards your eye care will go farther. Sounds great, right? Let’s take a look at how you can invest in these accounts:
How Does FSA Work?
For an FSA, if you have a healthcare plan through your job, they may be able to offer you this account. With an FSA, you choose how much pre-taxed money from your paycheck you want to be automatically deposited into a separate account. With this account, you can pay for expenses that aren’t normally covered by your health insurance like copayments, deductibles, prescriptions and other healthcare costs.
With an FSA, it is a “use it or lose it” type of savings account. The amount of money you put into the account over the year will not roll over the next year. So, if you have an FSA, don’t wait until December 31st to schedule an appointment for an eye exam—schedule one today with Logan Eye Care. And if you don’t have an account, ask your employer how you can sign up for the new year.
How Does HSA Work?
An HSA works just a little differently from an FSA but has the same end results. HSAs are offered with insurance plans that have a high deductible to help relieve the costs of medical bills. This way, an HSA can help you offset out-of-pocket expenses like copayments before you reach your deductible.
Unlike an FSA, an HSA is a savings account that you set up with your bank that allows you to set money aside for healthcare bills, and any unused money can roll over into the next year and even earns interest over time. Just like an FSA, all the money transferred to this savings account is pre-taxed.
How Can I Use FSA or HSA for Glasses?
Now that you know the ins and outs of each account, how can you use the money toward your eye care bills? Each FSA and HSA plan is different, but for eye care, they typically cover the following expenses:
- Co-payments and deductibles
- Routine eye exams
- Prescription eyeglasses
- Contact lenses
- Prescription sunglasses
So, are you ready to feel and see your best? Stop by Logan Eye Care or schedule your appointment with us today. We make it our goal to provide the best eye care in Lake Mary whether it’s your yearly eye exam or a fresh, new set of glasses.