Flex Spending Accounts: USE IT OR LOSE IT!

Your FSA can help purchase prescription eyeglasses, prescription sunglasses, and contact lenses year-round. Don't wait until December to take care of your vision. Appointments during this time can be very difficult to schedule!

Remind me what a FSA is again?

Depending on your employer’s coverage period, your remaining vision insurance benefits may be expiring on December 31st! FSA, or Flexible Spending Account, is an account created by your employer that allows you to set aside money, on a pre-tax basis, for certain healthcare and dependent care expenses. So, for instance, if you decide to put away $2,500 (the maximum allowable amount), that is $2,500 of your hard earned cash that is not subject to taxes. FSA allowances are typically available at the start of your coverage period, usually January 1st and ending one calendar year later on December 31st.

Your vision-related FSA eligible expenses include eye exams, contact lenses, reading glasses, and prescription eyeglasses (including prescription sunglasses and sports goggles). How do I go about redeeming these FSA dollars? If you were given an FSA debit card by your employer, you can just use that card as you would any credit card upon checkout. If you do not have an FSA debit card, you will have to make the purchase using an existing credit card and request reimbursement from your employer.

Recommendations for what I can do to take advantage of my FSA?

Here are some ideas: Re-stock on contact lenses, OTC items that qualify (vitamins/supplements, allergy-related medications, etc), last minute medical needs for yourself, schedule an eye exam, & prescription eyeglasses.

If you have a Flexible Spending Account (FSA), don't wait until the last week of December to take care of yourself and your vision.

Appointments during this time can be very difficult to schedule because many people forget about these benefits! Get started by understanding your FSA, then go ahead and schedule that exam. Now is the perfect time to look great and see your best. Is there a catch? Just one: use it or lose it. So don't wait until the end of the year. Schedule your eye exam anytime in the year, prior to your FSA's deadline to take advantage of this great benefit.

How Does HSA Work (Health Savings Account)?

Depending on your insurance plan, your company may offer an HSA instead of an FSA. Typically an HSA is offered with high deductible insurance plans. Unlike an FSA, the money put into an HSA does not have a use-it-or-lose-it policy. Instead, it earns interest over time and can be used as a rainy-day fund when healthcare expenses pop up. Just like an FSA, you can usually use HSA dollars in a similar fashion.