Your FSA and HSA: A Clear Vision for Savings on Reading Glasses
In the world of healthcare, Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) have become popular options to help manage medical expenses. While these accounts are typically associated with covering medical procedures, prescriptions, and other health-related costs, they can also be used to save on a pair of reading glasses. Yes, you read that right! In this blog post, we’ll delve into the world of FSAs and HSAs and explain how you can leverage these accounts to purchase reading glasses while ensuring you have a clear vision in more ways than one.
What are FSAs and HSAs?
Let’s start with the basics. What are FSAs and HSAs, and how do they work?
1. Flexible Spending Account (FSA): An FSA is a tax-advantaged account offered through your employer that allows you to set aside a portion of your pre-tax income for eligible medical expenses. The money in your FSA can be used for various healthcare costs, including doctor visits, prescription medications, and even some medical devices.
2. Health Savings Account (HSA): An HSA is another tax-advantaged account, but it’s typically paired with high-deductible health insurance plans. You and your employer can contribute to an HSA, and the funds can be used for qualifying medical expenses, similar to an FSA. The key difference is that HSAs offer more flexibility, as they allow you to roll over funds from year to year.
Are Reading Glasses Eligible?
Now that you understand the basics of FSAs and HSAs, you might be wondering if reading glasses are eligible expenses. The answer is yes! Reading glasses fall under the category of qualified medical expenses, making them eligible for reimbursement from your FSA or HSA (Source HSA Store).
But there are a few important details to keep in mind:
- Prescription Requirement: While prescription eyeglasses are typically eligible, non-prescription, or “readers,” are also eligible expenses. Some individuals choose to purchase reading glasses without a prescription, as they are widely available and come in various strengths.
- Vision Coverage: If you have vision insurance, you may need to use that coverage first before turning to your FSA or HSA. Check with your vision insurance provider to understand their requirements and coverage limits.
How to Buy Reading Glasses with Your FSA or HSA
Purchasing reading glasses online using your FSA or HSA is a straightforward process. Here’s how you can do it:
1. Determine Your Eligibility: First, confirm that you have funds available in your FSA or HSA. You can typically find this information through your employer’s benefits portal or by checking your account balance.
2. Choose Your Reading Glasses: Select the reading glasses you want to purchase. Keep in mind that you can choose between prescription and non-prescription options, depending on your needs. It is important to note that quality reading glasses will cost more as they use better materials and construction methods such as optical quality lenses and TR90 which is lighter and more comfortable and lasts longer than acetate frames.
3. Save Your Receipt: After making your purchase, be sure to keep your receipt or invoice as proof of the expense. Your FSA or HSA provider may request documentation to validate your purchase. In the case if ordering from Visualites your order confirmation will act as your receipt. All orders are emailed an order confirmation upon completion of the order, if you do not receive one check your spam folder and if not there contact firstname.lastname@example.org.
4. Submit a Claim: Contact your FSA or HSA provider to inquire about their specific claims process. This often involves submitting a claim form and providing the necessary documentation, such as your receipt. You can easily export the order confirmation as a PDF file by going to the File drop down menu in your mail application and choosing the Export As PDF option.
5. Reimbursement: Once your claim is approved, you’ll receive reimbursement for the amount you spent on reading glasses. The reimbursement process varies by provider, so be sure to follow their guidelines.
6. Consider Online Retailers: Many online retailers offer a wide selection of reading glasses, making it convenient to shop from the comfort of your home. Ensure the retailer provides detailed receipts for your claim.
Benefits of Using Your FSA or HSA for Reading Glasses
There are several advantages to using your FSA or HSA to cover the cost of reading glasses:
1. Tax Savings: Contributing to an FSA or HSA reduces your taxable income, offering potential tax savings. When you use these accounts for qualified medical expenses like reading glasses, you essentially get a discount on your eyewear (Sourse IRS).
2. Affordable Options: Reading glasses are available in a range of styles and price points, making them an accessible choice for many people. Using your FSA or HSA can make them even more affordable.
3. Improved Vision: Properly fitted reading glasses can significantly enhance your quality of life by making reading, working on the computer, and performing other close-up tasks more comfortable and clear.
4. Convenience: Online retailers provide a convenient way to shop for reading glasses, with a vast selection of styles, colors, and magnification strengths. You can compare options and find the perfect pair that suits your style and vision needs.
Your FSA or HSA can be a valuable tool for managing healthcare expenses, including reading glasses. By using these accounts, you can save on eligible medical costs while ensuring you have a clear vision for your financial health. So, whether you prefer classic reading glasses or stylish frames, don’t forget to consider your FSA or HSA as an excellent resource for making your eyewear purchase more budget-friendly. Clear vision and tax savings—what’s not to love?
Ready to get started, shop our most popular version of Visualites lightweight rimless quality reading glasses the Visualites 1!
Jerry Willis is the owner of Lumen Eyewear and the computer glasses and reading glasses brand Visualites. Jerry has years of experience in eyewear frame and lens design and manufacturing of eyewear and is a member of the Vision Council of the United States of America. Lumen Eyewear is also a FDA licensed manufacturer and importer of reading glasses and computer glasses. Visualites is dedicated to bringing its customers products that not only improve their vision but the health of their eyes.