Your Flexible Spending Account (FSA) is a special tax-free account employees can contribute to in order to pay for certain out-of-pocket health care costs.
FSA’s are a great way to pay for eye care and eyewear—but there is one catch: it follows a 'use it or lose it' provision, which means that you must use your benefits by the end of the calendar year.
What can you buy with FSA funds?
FSA’s usually cover the majority of out-of-pocket expenses related to health care, including co-payments, deductibles, vision supplies, wearable devices and medical equipment.
But before booking your appointment or purchasing an item, check the details of your FSA account with your employer or representative.
In addition to an eye exam, you can use FSA dollars to pay for the following:
- Prescription eyeglass lenses. You can get bifocals or progressive lenses, reading glasses, safety lenses, and specialty lenses. You can also order single-vision lenses or have any lens coated with an anti-reflective/anti-glare coating.
- Sunglasses. Sunglass lenses, whether prescription or non-prescription, come in a variety of hues and types, including polarized and mirrored. You can also get sunglasses designed for sport-specific protection.
- Frames. Designer frames are available in many different designs, materials, and colors.
- Contact lenses. Contact lenses are more comfortable than they've ever been. To reduce maintenance, consider daily or short-term disposable lenses. Or if you have specific eye needs, you may choose to get bifocals, multifocals, or toric lenses for astigmatism. Colored contact lenses are equally an option.
Accessories. Contact lens cleaning and saline solutions, rewetting drops, and even eyeglass cleaner and wipes can all be purchased using FSA dollars.
Act Now Before Time Runs Out
Not using your benefits is comparable to leaving money on the table and walking away. We can help you take advantage of your FSA funds by providing eye exams and offering a wide array of eyeglass frames and contact lenses to choose from.
For more information or to schedule your eye exam, call Corktown Eyecare in Toronto today.
Q: What is FSA?
- A: A Flexible Spending Account (FSA) is a non-taxed savings account that allows you to pay for out-of-pocket medical expenses, such as eye care and eyewear. What you may not know is that many of these benefits will expire at the end of December.While FSA follows a 'use it or lose it' rule, according to HealthCare.gov, your employer may elect to give you a grace period of up to 2.5 months to use the funds or allow you to carry over up to $550 to spend the following year. Clarify the details with your employer.
- A: If you require surgery, such as LASIK, radial keratotomy, or cataract surgery, your FSA may be able to compensate you for the procedure's medical costs.Because your coverage depends on the surgery, you should check with your insurance representative and your eye doctor to confirm the specifics of your case.
Quality Frames For Prescription Eyeglasses & Computer Glasses. Visit Corktown Eyecare for an eye exam and eyeglasses that match your style.