4 Things to Know Your Health Savings Account and Your Eyes

An FSA, or flexible spending account, and HSA, or health savings account, are special savings options that are provided either by an employer or through medical insurance. These savings accounts are similar in many ways, in that they are designed to allow the individual to have money set aside to pay for out-of-pocket healthcare expenses. However, there are differences between the two. Both an FSA and HSA have the ability to be used for many eyecare needs including an eye examination, glasses, contact lenses, and other eye health needs.
 

Basics of a Flexible Spending Account

A flexible spending account is a savings account set up through the employer that allows the employee to contribute money into the account, with or without a matching contribution by the employer. This account offers specific tax advantages and the funds in the FSA must be used for healthcare expenses by a certain date.

It is not uncommon for a flexible spending account to require funds to be used within one or two years and reset at a new calendar year.
 

Basics of a Health Savings Account

A health savings account is an account that can hold investments, bonds, and cash and is tax-advantaged. To qualify for a health savings account, the individual must have a high-deductible health insurance plan. With these high-deductible health insurance plans, it is more likely that there will be out-of-pocket expenses throughout the year that may be more than what is typical due to the high deductible. These health insurance plans offer the ability to use a tax-advantaged HSA as both an investment tool and safety net when healthcare purchases arise. 
 

What is Considered a Healthcare Expense?

When dealing with either an FSA or HSA, there are requirements to spend the money on specific healthcare expenses. While the exact listing of things that are or are not included may vary depending on the plan and account, things that are always considered a healthcare expense are any doctor visit co-pays, prescription medication co-pays, co-insurance costs, or non-covered medical services. When visiting the eye doctor, the exam may be covered by insurance, it may have a set co-pay, or it may be up to the patient to pay the entire exam cost. In the event that there is a cost for the eye examination, the FSA or HSA funds could always be used. 
 

Using FSA or HSA for Glasses, Contacts, and More

Most FSA and HSA accounts will also include eyewear expenses as healthcare expenses. This means that any prescription glasses, sunglasses, or contact lenses can be covered and paid for using FSA or HSA funds. These savings accounts offer a great alternative to paying out of pocket for eyewear when needed and can also be used to buy a second pair or pair of sunglasses that are not covered by vision insurance. Other potential uses include purchasing contact lens solutions, contact lens cases, or eye health vitamins. When considering what to use the last of your FSA or HSA on, make sure to think about your eyes and eye health! 


Our eye doctor at The Optical Centre in Longmont, CO excels in the prescription of glasses, contact lenses and the diagnosis of a variety of eye diseases. Call our optometrist at 303-772-6650 or schedule an eye exam appointment online if you would like to learn more about your health savings account. Our eye doctor, Dr. Erica Whitmire provides the highest quality optometry services and eye exams in Longmont, Colorado and its surrounding areas.