With the year about to end, it’s a good idea to ensure you’re getting your money’s worth however you can. And from the healthcare side, that may mean using your funds before they expire. Much like those amazing coupons for 50% off your total purchase, some health plans can save you hundreds of dollars. But only if you use those funds from your healthcare plans. The two we are talking about (which you may have) are HSAs and FSAs. Both of which can be used toward your next pair of glasses. Lets get you up to speed.
These are health savings accounts. They’re not the same as an account you can start with your bank, and only certain people on specific plans (those with high-deductible health plans) will be able to acquire an HSA. If you’re on a health plan that meets the minimum deductible amount, set by the government each year, you can get one. For some information on what those numbers look like for 2020, you can find them here.
And how does this affect your eyewear? Well, after investing into your HSA, you’ll be able to put that money toward anything in our storefront from eye exams, frames with new lenses and contacts lenses – even prescription sunglasses.
This stands for flexible spending account, and it is only available as a benefit through an employer. You won’t be able to sign up for one of these on your own. That said, the medical expenses from this kind of account are just like that of an HSA, except for one thing: use it or lose it. Unlike with an HSA, FSA funds don’t stack year to year. If your employer opted for a roll-over plan, that is still limited to $500 by the IRS.
If this doesn’t apply to you, and your FSA still contains funds, stopping in to get your eyes examined and a new pair of glasses is a great idea. You don’t want to lose those funds before time runs out.
Both of these healthcare accounts come in handy in helping you get what’s needed for your well-being. They aren’t just for general health visits – remember that your eyes are covered too. Having funds at the ready for your health is a great way to plan for a “what if” situation. Whether you’ve been investing in an HSA or FSA, you’ve made a smart move. Choosing to buy a new pair of glasses through us is wise as well. Considering that the average person owns multiple pairs of shoes, why not own a second (or third) pair of glasses?