Using FSA & HSA for eye care costs

If you contribute to a Flexible Spending Account (FSA) or Health Savings Account (HSA), you may have questions, like can you use an FSA/HSA for glasses or eye care?

FSA & HSA basics

An HSA allows you to contribute pre-tax dollars to a dedicated account to pay for qualified medical expenses. Using untaxed money may help lower your out-of-pocket health expenses for medical, dental, and vision care. For example, let’s say you need to purchase a pair of prescription glasses that cost $200 and your income tax rate is 25%. By paying with the pre-tax dollars in your FSA/HSA, you would save $50 on those glasses. An FSA is like an HSA, but it’s started by your employer. You can contribute a portion of your pre-tax paycheck to the account. Your employer can also contribute. Surprisingly, less than half (44%) of people who wear prescription glasses or contacts have an FSA or HSA account. However, over half (57%) of those who do not have an FSA/HSA say they wish they did. Now that you know the basics of FSAs and HSAs, let’s look at some of the key differences between these two types of accounts:

Flexible Spending Account (FSA)

Hospitalization
Doctor visits
Prescription medications
Diagnostic tests
Emergency care
Chronic conditions
Preventative screenings
Surgeries

Health Savings Account (HSA)

Eye exams
Prescription eyeglasses
Contact lenses
Lens options and specialized lenses, like Transitions® and polarized lenses
Diagnosis and management of certain eye conditions
Discounts on LASIK

Vision expenses that HSAs and FSAs do not cover

The IRS sets rules on what eye care expenses can and cannot be paid for with your FSA or HSA plan.

Expenses that may not be covered under your HSA or FSA include:

Cosmetic procedures

Expenses reimbursed by your insurance provider

Nonprescription contact lenses, eyeglasses, and sunglasses

Warranties for glasses

How to pay for vision expenses with an HSA or FSA

Now that you know you can use your FSA/HSA for glasses and vision care, let’s talk about how to go about paying for

those expenses with your plan:

1. Confirm Coverage

Confirm vision care expenses are covered by your FSA/HSA by getting a list of what products and services you need from your doctor, then confirming with your provider what is covered.

2. Check your account balance

FSA and HSA plans work differently, so you’ll want to keep track of your funds throughout the year, bearing in mind allowance deadlines for the year.

3. Say you’d like to use your FSA/HSA

Whether you’re getting an eye exam or a new pair of glasses, let your eye doctor know you intend to pay with your FSA/HSA so they can help you to get reimbursed.

4. Use the HSA/FSA debit card:

Many FSA/HSA providers issue a debit card, which makes it easier to pay for vision expenses.

5. Get reimbursements:

If you don’t have a debit card, you’ll need to pay for expenses and get reimbursed by your HSA or FSA provider.

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