Use Your Flex Spending for New Glasses
Don’t let the money in your Flexible Spending Account (FSA) go to waste!
Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are accounts you can use to pay for healthcare-related expenses. While individual plans vary, most FSA and HSA accounts allow you to use your flex spending for glasses or sunglasses.
Keep in mind that some companies adopted provisions from the 2020 Cares Act that gave employees more time to use FSA funds. This means that in 2022, you might have more flex dollars in your account than in previous years. It’s important to understand your FSA plan because some have a use-it-or-lose-it rule for any balance remaining on Dec. 31!
Read on for answers to some of our customers’ questions about their flex dollars:
FAQ #1: Can I use my flex dollars for glasses?
Answer: FSA and HSA dollars can be used towards prescription eyeglasses, sunglasses, and contacts.
It completely depends on how your plan is set up with your employer. Some companies cover readers, some plans include sunglasses with UV protection, and some cover eyeglasses and sunglasses with a valid prescription. It is best to check with your employer to see what your plan covers.
InVision Tip: You may be able to divide up your glasses payments between two years. If your plan covers a frame without prescription lenses, you could pay for the frame in 2022 and the lenses in 2023.
FAQ #2: How do I get reimbursed for my glasses purchase?
Answer: Most companies issue their employees a “Benny” card that is pre-loaded with the annual FSA balance and works just like a Visa debit card. Please be aware that some cards require a PIN.
No Benny card? No worries! If your FSA plan doesn’t include a debit card, InVision will provide an itemized statement that you can submit for reimbursement through your employer.
FAQ #3: When do my flex dollars run out?
Answer: For most plans, flex dollars must be used before your current healthcare coverage period ends (typically on December 31.) Some FSA plans may offer a grace period of up to 75 days.
InVision Tip: Don’t wait until the last minute to find your new glasses – the year-end crunch may leave you feeling rushed and unsure about your decision! Make an appointment at InVision for a complete eye exam and use your flex spending for your next pair of glasses.