Using Your FSA and HSA Funds at Milauskas Eye Institute
Did you know you could use your flex spending dollars on virtually ALL your eye care needs?
Flexible Spending Account (FSA) funds expire at the end of every calendar year. You will lose whatever money is left in the account if you don’t use it. If you have remaining dollars in your FSA, eye care expenses are a great way to use those benefits before they expire at the end of 2022!
What is a Flexible Spending Account (FSA)?
FSAs were created by the federal government to allow employees to pay out-of-pocket medical expenses tax-free. The benefit allows you to deduct money from your paycheck before taxes for health-related expenses. Using an FSA can save people 30% on health-related expenses, according to fsafeds.com.
How do Flexible Spending Accounts work?
For health and dependent-care expenses, Flexible Spending Accounts allow employees to withhold up to $2,600 per year tax-free. Either funds are deducted from the account via debit card or the employee can submit receipts and be reimbursed.
When do Flexible Spending Account benefits expire?
Typically, benefits expire on December 31 or March 31 depending on the provider’s calendar year. This is also known as the ‘use it or lose it’ rule because any money left in the Flexible Spending Account after this date is forfeited.
What do my eligible eye care options include?
- Eye exam co-pays
- Prescription eyeglasses;
- Contact lense
- Prescription sunglasses
- Reading glasses
- Specialty Lenses