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Use Your Remaining Flex Dollars for Vision Care

December 13, 2022

Do you have a Flexible Spending Account (FSA) through your employer? To make the most of your contributions, you need to make sure you use up all of your remaining flex dollars that exceed the annual rollover limit, or you could lose your hard-earned money. 

How Do HSA and FSA Accounts Work? 
A Flexible Spending Account (FSA) can be opened with your employer and allows you to pay for qualified healthcare expenses with pre-tax dollars. The biggest downside of an FSA is that, if you lose your job, you forfeit the money. 

A Health Savings Account (HSA) is similar to the above, except it’s not held by your employer. To qualify for an HSA, you must have a high-deductible health plan (HDHP), you can’t be claimed as a dependent on someone else’s tax return, and you can’t be enrolled in Medicare. 

A key difference between an FSA and HSA is that there is a rollover limit for an FSA. At the end of the year, any remaining funds above that limit (which is $570 for 2022) will just disappear. So, if you have an FSA, it’s essential that you use up those flex dollars, so you don’t lose them. 

Eligible Vision Purchases for Your Flex Dollars
The money in your FSA can be used for a variety of qualifying healthcare expenses, but one of the most overlooked areas if your vision health. If you’re wondering what vision purchases may qualify for your FSA, here are some recommendations to speak with your eye doctor about.  

Frame Upgrades
If your glasses frames are worse for wear or you simply want to update the style or fit, frame upgrades are a great way to invest your flex dollars in your vision health. Just switching to lightweight frames can cost up to $300, but by smartly spending your FSA funds, you’ll be able to maximize your savings while making an upgrade that will last you for years to come. 

Spare Glasses
Do you wear contacts? Do you need an extra pair of glasses for your car or office? One pair of glasses is rarely enough and having a backup pair for when you lose, break, or forget your main pair of glasses or contacts is a wise way to spend your flex dollars this year. 

Prescription Sunglasses
If you don’t already have a pair of prescription sunglasses, it’s one of the qualifying purchases you could make to use up your remaining FSA funds for the year. Ask your eye doctor about your options, which might include polarization, which is great if you spend a lot of time on or near the water on sunny days. 

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