It can be tricky to keep on top of your FSA. Too many things fall outside of its domain when they seem like likely candidates for reimbursable purchases, and there are a lot of things it covers that you may not notice.
So when it’s time for new glasses, check over your FSA guidelines first.
What’s an FSA?
Flexible Spending Accounts, or FSAs, are an added component to health insurance plans like PPOs. You can arrange for a certain dollar amount to be taken out of your paychecks every time and set aside in a tax-free account for use on qualified medical expenses. This can save you a lot of money, no matter what tax bracket you’re in, but the money has to be spent within the year (or within the year’s extended grace period).
When you have an FSA through your employer, make sure to keep an eye on both (i) the amount of money you have access to every month, and (ii) what future purchases are likely to qualify.
Do your glasses always count as qualified purchases that can be reimbursed with money from your FSA?
They don’t always count, but they usually do. FSAs cover both eyeglass lenses and frames, provided they’re not just for cosmetic purposes. This includes both prescription lenses that you had to see an optometrist to buy and over the counter reading glasses.
Additional eyeglass purchases that qualify include prescription sunglasses or sunglasses that are medically necessary. Some eyeglasses accessories are also eligible for purchase through an FSA, including:
- Eyeglass lens cloths and cleaning solutions
- Eyeglass repair kits
- Nose pads
If you’re nearing the end of the year or your company’s grace period, then it’s a good time to purchase glasses. Not only does it save those FSA dollars from being lost, but you can also shift your current pair to a backup pair in case of breakage or misplacing your glasses. Go to VS Eyewear to get started.