What Do FSA and HSA Funds Cover?
Although all Flexible Spending Account (FSA) and Health Savings Account (HSA) plans differ, FSA and HSA funds usually cover:
- Contact Lenses
- Prescription Glasses
- Prescription Sunglasses
It is important to understand the guidelines of your plan to ensure that you are aware of what your funds cover and if they expire at the end of the year (See FSA). After buying your eyewear from an authorized and trusted retailer, such as VisionPros, remember to keep all receipts as they may need to be submitted with any future paperwork associated with your account.
What is a Flexible Spending Account (FSA)?
A Flexible Spending Account is a fund that you can deposit money into to be used for eligible out-of- pocket health care costs such as contact lenses, prescription glasses and prescription sunglasses. Money in FSA accounts are not taxed, yet typically expire at the end of each year. This means that if you do not use the entirety of your funds by the expiry date, your remaining funds will be permanently lost. Because of this, it is beneficial to be aware of your funds’ expiry date to ensure that you get the most out of your money.
What is a Health Savings Account (HSA)?
A Health Savings Account is a year-over- year savings account that is used for eligible out-of-pocket health care costs such as contact lenses, prescription glasses and prescription sunglasses. Unlike an FSA, HSA funds do not expire at the end of the year.