Use-It-or-Lose-It – FSA $$ for Eye Care!

If you’ve been contributing to a Flexible Savings Account to cover healthcare expenses this year, don’t forget that you can use these funds for eyecare, too. The year is almost over and with most accounts, at the end of the year or grace period, you lose any money left over. The good news is, that you can use your balance now to pay for eye exams, glasses, contact lenses, and other vision-related expenses.

What is an FSA?
If you have health insurance through your employer, you may be eligible for a Flexible Spending Account (FSA, also called a “flexible spending arrangement”). This is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.

How do I use my FSA for vision care?
When you receive services or purchase eyewear, use your FSA debit card (if provided) or submit a reimbursement request to your FSA administrator. Keep all receipts and documentation for your records.

Benefits of Using an FSA for Eye Care:
By using pre-tax dollars to pay for eligible expenses, you can reduce your taxable income while helping to ensure you can afford essential eye exams and corrective lenses without financial strain. If you have any questions about your FSA or eligible expenses, ask your employer or HR department.

Plan ahead for next year:
Most FSAs operate on a “use-it-or-lose-it” basis, meaning you need to spend the funds within the plan year. Some plans may offer a grace period or allow you to carry over a portion of unused funds, so check your specific plan details. If you budget money specifically for eye care, it will make it easier to manage costs throughout the year. During the year, keep track of your FSA account balance and expiration terms.

Santa says:
Gift yourself or a loved one with prescription eyewear this season using your FSA spending benefits. Between now and 12/31/24, receive 10% off any Bvlgari purchase by mentioning this blog post to our Atlantic Optical team. This discount includes prescription and cannot be combined with insurance or any other offers. To schedule an appointment and for more information, please call 732-256-8788.