Friday, January 23, 2015

Using FSA/HSA Funds Towards Your Eyecare

Using Flex Spending & Health Savings Accounts 
Towards Your Eye Care

With new FSA funds available, it is the perfect time to start shopping for stylish new eyewear for 2015.  Since this topic can be confusing, we have found this list, originally published in the Focus Blog, to help you understand your benefits if you have Flex Spending or Health Savings Accounts. Memphis Family Vision and SEE Main Street have a great selection of eyeglasses and sunglasses to help you express your personal style.  Our insurance department can help you with questions regarding your benefits.

Flex Spending Account Facts:
·       All of your FSA funds for the entire year are available January 1st.
·       FSA funds usually expire at the end of each calendar year.
·       You may be able to carry $500 of unused FSA funds from the previous year depending on your employer.

Health Savings Account Facts:
·       HSA funds are accrued throughout the calendar year.
·       HSA dollars never expire and will remain in your account until they are used.
·       lf you don’t use your HSA funds in a given year, the unspent money will roll over into your account for next year.

HSA/FSA Facts Relating to Eye Care:
·       FSA/HSA funds can be used towards your eye health visits and to purchase prescription eyewear, eyeglass frames, prescription sunglasses, sunglasses (only if medically necessary and prescribed by a physician), contact lenses and related cleaning/storage solutions and low vision aids.
·       FSA/HSA funds can be used whether you have vision insurance or not.