HSA and FSA: Use It or Lose it! Advice From Your Raleigh Optometrist
As 2017 rapidly approaches, you may have unused funds in your flexible spending account or health savings account. At Family Eye Care Center in Raleigh, we want to ensure that you get the most of your vision benefits and health savings accounts.
Flexible Spending Accounts (FSA) & Eye Care in Raleigh
A flexible spending account allows individuals and families to set funds aside, tax-free, to pay for health care expenses throughout the year. The caveat with an FSA is that any funds that remain unused at the end of the year are lost. If your FSA has remaining funds, it’s far better to use them on an allowable expense than to lose your hard-earned money. The following eye care expenses are all allowable expenses under the guidelines for an FSA:
an eye exam
contact lens cleaning solutions
Health Savings Accounts (HSA) & Eye Care
Like an FSA, a health savings account allows individuals to set aside funds, tax-free, to pay for health-related expenses. All of the eye care expenses allowed under an FSA are also allowable with an HSA. The main difference between the two accounts is that the funds remaining in an HSA will roll over at the end of the year.
While the funds are not lost, account holders should still look carefully at the best way to use these funds before the end of the year. HSA’s are part of a high-deductible health plan. If you have met your year’s deductible or have vision benefits remaining, scheduling an exam with your eye doctor can help you maximize your benefits prior to the New Year and a new deductible to meet.
Call Your Raleigh Optometrist Today!
Family Eye Care Center is your Raleigh optometrist. With hours available Monday through Saturday at our Raleigh office, we are available for appointments through the New Year. Contact us today to schedule your eye exam.