Luckily, you have a Flexible Spending Account (FSA). An FSA is a pre-taxed savings account provided by your employer. The plan is supplementary to healthcare insurance and allows you to deposit money into the account to be used on eligible medical expenses, including eye care.

You can save an average of 30% on any approved vision-related expenses. Here’s how to keep yourself seeing well and looking great while saving money.

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What is an eligible FSA expense?

Most FSA plans cover out-of-pocket expenses not eligible or covered by healthcare insurance. This includes eye exams, vision supplies, office visit copays and wearable vision products for both you and your family.

Coverage, however, may differ by FSA plan, so check with your employer for a complete list of approved services and items.

Here is a list of the most common eligible vision-related products:

Reading Glasses

If you’re the type of person who needs readers, you’ll be glad to know reading glasses are FSA-eligible. This includes frames and custom lenses, as well as accessories. You can also purchase over-the-counter reading glasses without a prescription at your local drug store or online.

Prescription Eyeglasses

The general rule of thumb is if you have a prescription from an eye doctor then it is FSA-eligible. This includes frames in a variety of shapes, sizes, styles and various lens types. You can also add anti-glare and scratch-resistant coatings to your lenses, both are covered. Specialty lenses are also considered an approved expense, which means scuba masks and sports and safety goggles with prescription lenses can be purchased with your FSA dollars.

Prescription Sunglasses

Many people don’t realize that prescription sunglass lenses are FSA-eligible items. This includes photochromic, polarized, and mirrored lenses. But, you must have a prescription or a doctor’s note for your plan to consider sunglasses as an FSA-approved expense. Most over-the-counter non-prescription pairs are not covered.

Contact Lenses and Care

Wearing glasses all day isn’t for everyone. If you are more of a contact lens wearer, then you know contacts and contact solution costs can add up.

Good news is both are eligible FSA expenses. And, you have a variety of contact lenses to choose from to find the most comfortable fit for your eyes. Approved items include toric, multifocal, bifocal, and disposable lenses.

Annual Eye Exams

Everyone should get an annual eye exam, even if you think your vision is perfect. Eye exams help catch any potential issues you may have with your vision or eye health. Optometrists can even check the health of the blood vessels in your eye, which can be a warning sign of bigger health issues in your body. Locate an optometrist near you and use your FSA to pay for the exam.

Additionally, your FSA plan covers eye care accessories and services such as LASIK. Check with your plan’s provider or your employer’s benefits coordinator for a complete list of FSA-approved items.

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The good news is your FSA is easy to use and can help you get that much-needed eye exam or that new pair of reading glasses for work. The bad news is that you need to make sure to redeem all of your funds by the end of the calendar year or you will lose them. So, let’s get to spending, shall we?

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What can you get with your FSA?

You can use your FSA funds to pay for eligible out-of-pocket healthcare costs, which include vision care products and services. Eye doctor visits, copays, and eye exams are all covered. Reading glasses and accessories contact lenses; and prescription glasses and sunglasses are also considered eligible expenses. Even LASIK surgery is on the list. For a complete list of FSA-approved services and products, contact your plan provider.

How can I pay for eligible expenses?

Most providers give members an FSA card to pay for eligible products and services. Once the card is activated, you use it the same way you would a bank-issued credit or debit card. Transactions are instantly verified. Most drugstores even have a system in place that filters out non-eligible expenses so you can pay for your eligible expenses in the same transaction as non-eligible items. Plus, you can also use your card to pay a copay at an eye doctor’s office and for eligible online purchases, including reading glasses and accessories.

Don’t forget to save the receipt, though. FSA cards may make managing your purchases and funds easier, but your employer may still request that you submit a paper receipt for a purchase.

How do I get reimbursed?

While the FSA card is far and away the easiest way to pay for eligible expenses, it’s also not the only option. You can also pay for expenses out of your own pocket and submit receipts for reimbursement. Sometimes, this is necessary when a store or website doesn’t accept FSA cards or if your provider doesn’t offer them (Yes! Readers.com accepts FSA cards as payment).

Most FSA providers make the reimbursement process relatively pain-free. If you have access to a computer and a smartphone, simply follow the provider’s instructions for logging onto their online FSA platform.

There, you will see a section or a button prompting you to file a new claim. Each system varies, but they will all ask you to provide the date of the transaction and a copy of the receipt. Don’t have a scanner? No problem. You can also take a photo of the receipt using your mobile phone.

If your provider doesn’t accept photos, download an app like Camscanner that converts an image into a portable document format (PDF). Once you’ve completed the requested information and uploaded a copy of the receipt, you’ll receive a check in the mail shortly afterward.

Spending your FSA money is so easy that you may quickly start adding more and more items to your shopping list. Don’t forget that purchases like reading glasses, contacts, and even sunglasses can be eligible expenses. If you need a last-minute idea for using the rest of your annual balance before the end of the year, consider upgrading your eyewear or buying a new pair of readers to last you through the year.

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What can your FSA do you for?

An FSA is a special account that allows you to deduct pre-taxed dollars from your paycheck — contributed throughout the year — to pay for certain out-of-pocket healthcare costs, including vision expenses. FSAs are offered through employers and are in addition to your company-provided healthcare plans.

You can control how much you contribute annually — up to $2,700 a year for individuals and $5,400 for dependents as of 2019. Your contributions can pay for vision-related expenses, including an eye exam and over-the-counter reading glasses. Here’s a comprehensive list of FSA-eligible expenses.

When does my FSA expire?

You have until the end of your benefit (generally, calendar) year to use any funds in your FSA before they expire Additionally, if you leave your job, you forfeit any remaining dollars in your FSA. If you’re terminated from your job, any eligible purchases made on the same day can be submitted for reimbursement. Any purchases made at a later date are ineligible.

Employers, however, may provide an exception to the “use-it-or-lose-it” FSA rule. They may allow you a 10-week grace period during which you can still spend the remaining balance after the calendar year. Or, employers will sometimes allow you to rollover a maximum of $500. Be sure you know your employer’s policies in order to optimize your experience.

How to not lose your FSA money

If the end of the year is near and you still have a remaining balance in your FSA, run through this checklist:

• Have you gotten an eye exam this year? Find an eye doctor near you
• Do you need an extra pair of reading glasses?
• Do you need a pair of reading sunglasses for the beach?
• Are there any FSA-eligible expenses you forgot to submit for reinmbursement?

Next, check the list of FSA-eligible eye care products and services. Your FSA will reimburse you for eligible vision expenses, including:

• Reading glasses
• Reading glasses accessories
• Prescription eyeglasses
• Prescription sunglasses
• Contact lenses and lens care products
• Lasik
• Copayments and deductibles
• Annual eye exams

Make your appointments, and don’t forget to use your FSA card while there. If you do forget to use your FSA card, rest assured that you have 90 days after the end of the year to submit receipts and file a claim with your provider to be reimbursed.

But, you only have 12 months to use it, so budget and plan appropriately.

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One way to prepare for rising medical costs? Open a Health Savings Account (HSA) or a Flexible Spending Account (FSA) where a portion of your paycheck can be automatically deposited into this account. According to Wageworks.com, which provides health savings and consumer-directed benefits for employers and employees, these plans may allow the average participant to save about 30% on all annual health expenses.

Interested? We’ve broken down the difference between FSA and HSA account types, who is eligible, and what costs are covered by these types of accounts.

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Health Savings Account (HSA)

A Health Savings Account (HSA) is just what it sounds like: a savings account that can be used to pay for eligible medical expenses. If you have a qualified High Deductible Health Plan (HDHP) and meet other qualifications, you may be eligible for an HSA.

By depositing money into an HSA account, you can save money designated for qualified medical expenses. To make it even easier, you can have money from your paycheck set up for direct deposit.

The purpose of an HSA is to help you plan ahead, budget, and save for any unexpected or planned medical expenses. Although you may be unsure if it is worth it to put money towards your HSA, it’s important to note that HSA funds roll over from year to year and have the potential to be used as a retirement savings tool. For 2020, the IRS has set the maximum HSA contribution for a family is $7,100 and $3,550 for individuals. HSA participants have the flexibility to adjust the deduction amount at any time by notifying their provider. Anyone 55 or older can contribute an additional $1,000 to their account.

Any funds contributed to your HSA account are tax-free, and any eligible withdrawals from the account to pay for approved medical expenses are tax-free, too. If you switch jobs, your HSA account stays with you, so you can continue to use it for as long as you’d like.

You will want to be sure to check with your healthcare provider or plan manager to learn all of the qualifications, terms, and limits for HSA accounts.

Flexible Spending Account (FSA)

A Flexible Spending Account or Flexible Spending Arrangement (FSA) is a more common health savings option offered by most employers. You do not have to have health insurance to enroll in an FSA.

Similar to the HSA, you can have money from your paycheck directly deposited into an FSA account. All contributions for an FSA must be determined and declared at the start of the plan’s calendar year. Changes to the determined amount cannot be changed unless a qualifying event occurs, including a marital status change or the birth of a child. The IRS set a maximum contribution limit of $2,750 for individuals in 2020.

Any money deposited into this type of account is tax-free. While HSAs can be used as a savings account, FSA funds do not roll over, so all funds must be used before the end of your benefit or calendar year. Some employers may offer exceptions or grace periods for rollovers. However, if you change employers your FSA does not follow you, and you will leave behind any unused FSA money in your account.

You will want to be sure to check with your healthcare provider or plan manager to learn the qualifications, terms, and limits for FSA accounts.

Eligible Medical Expenses

You might be asking yourself “are reading glasses FSA eligible?” Yes! Over the counter reading glasses are covered under most FSA and HSA plans. The following are general categories that are deemed as an FSA-eligible medical expense, but we encourage you to check with your specific plan provider before using your HSA or FSA account funds.

Common FSA-eligible medical expenses include:

• Eyeglasses and contacts
• Over the counter reading glasses
• Prescription drugs
• Copayments
• Deductibles
• Medical equipment
• Chiropractic care
• Dental costs

How Do I Use HSA or FSA Funds to Buy Reading Glasses?

You should receive checks or a debit card when you set up an HSA or FSA account, allowing you to make withdrawals from your account. When checking out on Readers.com®, simply enter the card information just as you would for any other debit or credit card. Be sure to keep your receipt in case you should be audited. If you have any questions, contact the Readers.com® team at 1-800-210-3975.

You can read more about HSA and FSA plans from the IRS, and check to see if reading glasses are covered by your specific account here.

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