Use advantage of your FSA/HSA savings!
The health insurance coverage through your job might be able to take advantage of a Flexible Spending Account (FSA) or Health Savings Account (HSA) to make your eye care more affordable.
An FSA/HSA account can help you pay for eye exams, new glasses, prescription sunglasses, contact lenses and many eyewear and care accessories. And, what you can get for your FSA/HSA dollars might surprise you.
What FSA is?
A Flexible Spending Account is a special benefit plan offered by some employers.
If your employer provides an FSA, you are able to deposit pre-tax dollars into this account and then spend the money on eligible health care products and services.
In 2020, you can contribute a maximum of $2,750 to an individual FSA account and $5,000 to dependent care FSAs.
An FSA is a great opportunity to save money you would have otherwise paid in taxes, since contributions are exempt from federal income tax, federal unemployment tax and Social Security and Medicare taxes.
FSA vs HSA
They are two different saving accounts (usually offered by your employer) which allow you to set money aside, in order to cover eligible health expenses. HSA is more flexible in terms of paying fewer taxes, as well as providing you with additional money for your HSA, which you can then save in the coming years. However, you need a high Deductible Health Plan (HDHP) to be qualified for HSA. FSA which provides high tax savings. This means that anything left on the account will not roll over into the next year., so remember to use it.
Use your FSA/HSA for Glasses