DON'T FORGET TO USE UP YOUR HEALTH SAVINGS ACCOUNT BALANCE
Dr. Jim Martin 11/23/2015
With the holidays quickly approaching, we’re nearing the end of 2015. For most people, the end of a year means rushing to schedule your eye exams before insurance policies (and deductibles) begin anew.
Did you know that you may have special benefits to help with some of the out-of-pocket expenses that you’ll likely incur from these visits? Many people don’t realize they can use their Health Savings Accounts or Flexible Spending Accounts for routine medical eye exams.
What Is A Health Savings Account?
A Health Savings Account (HSA) is a tax-favored savings account that’s connected with a high-deductible insurance plan. It covers costs such as deductible, coinsurance, and monthly prescriptions. The money you contribute to an HSA is yours to keep. It remains in the account until you use it.
What Is A Flexible Spending Account?
A Flexible Spending Account (FSA) is similar to an HSA in that it is a special account associated with your health insurance to which you contribute money. It also covers out-of-pocket medical expenses like deductibles, copays, coinsurance, and prescriptions. But, unlike HSA accounts, the money in an FSA account does not roll over to the next benefit year. It’s a “use it or lose it” situation.
Can These Accounts Be Used For Eye Care?
The answer to this question is a resounding “yes.” If you’re due for your annual eye exam, or maybe you’re in need of surgery, ask our experts about using your HSA or FSA benefits. Here are a few things that may be eligible:
Comprehensive eye exams
Glasses (frames and lenses)
Certain eye surgeries
Certain eye treatments (LipiFlow)
Your eye health is nothing to take lightly, and there’s no reason to when you have an HSA or FSA at your disposal. Take advantage of this benefit now, especially if you have an FSA. While either can be used for eye care, your FSA funds will no longer be available if you wait too long.
The end of the year will be here before you know it. Don’t lose valuable resources by putting off making an eye appointment. Whether you’re itching for new frames for your glasses, in need of an eye exam, or considering LipiFlow, act now. At Broome Optical, we can help you determine your insurance and HSA/FSA benefits so that you get the best service at the best price.