An FSA is a ‘flexible spending account’ that is set up by an employer for an employee. The purpose of an FSA is to allow employees to contribute a portion of their regular earnings to pay for qualified expenses related to medical and dental costs. One of the key benefits of an FSA is that the funds contributed to it are deducted directly from the employee’s earnings before they can be made subject to payroll taxes. As a result, regular contributions to an FSA can significantly lower your annual tax liabilities.
So, now you know what an FSA is and how it can benefit you. However, did you know that FSA can cover a wide range of qualifying optometric products and services too? Here are a few of the key eye care expenses that you can save money on by using your FSA.
Most visits to your eye doctor involve an eye exam to check the health of your eyes and the quality of your vision. The American Optometric Association recommends that patients have their eyes checked at least once every two years, or as per your eye doctor’s advice. This is because patients who have an eye disease or problem with their vision may need to be monitored more closely. The great news is that your regular comprehensive eye exam is covered by your FSA!
If you suffer a disease or injury that has caused your vision to become severely impaired and you are recommended to have surgery, the cost of this will be covered by your FSA. This includes surgery to reattach a detached retina, cataracts surgery and more. You’ll also be pleased to learn that laser vision correction surgeries such as LASIK are also FSA eligible. This means that it is possible to correct refractive vision errors such as myopia, hyperopia and presbyopia permanently so that you no longer need to rely on glasses or contact lenses.
Many people rely on eye drops to keep their peepers healthy and functioning well. There are many reasons why someone might take eye drops, from relieving dry eye syndrome to helping to manage allergies that cause itchy, watery and sore eyes. Fortunately, most types of eye drops are covered by your FSA!
There are several different refractive eye conditions that can mean that patients are reliant on prescription eyewear to help them to see clearly, and glasses remain the most popular solution for these people. If you wear glasses, an FSA can help to save you a considerable amount of money on the frames, lenses and other accessories such as cleaning kits, cases and repair kits that will help you to keep your glasses in great condition for as long as possible.
Contact lenses are generally more expensive than glasses, but they remain a popular choice for patients with refractive eye errors. Not only do you have to pay out for the lenses themselves, but depending on the type of lens you choose, you may also need carrying cases, cleaning solutions and more. Again, your FSA will cover the cost of these items, helping to make your choice of prescription eyewear affordable!
For more advice on FSA eligible eye care expenses, please get in touch with our experienced eye care team.