Don’t Let Those Hard Earned Dollars Go To Waste
Learn how to put your FSA or HSA towards glasses, contacts and eye exams.
The money in your flexible spending account (FSA) or health savings account (HSA) is yours– don’t let it go to waste this year! Many people don’t realize that you can put those dollars toward prescription glasses, contact lenses, and eye exams at your nearest Eye Boutique location.
What is FSA/HSA?
Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are funded with pre-tax dollars. Employers may offer these special accounts to their employers, typically along with a traditional health plan.
What’s the difference between an FSA and HSA?
HSA: Your funds roll over
Funds contributed to a health savings account automatically roll over from year to year. You can use these funds to pay for eligible medical expenses, as needed.
FSA: Your funds DO NOT roll over
Funds contributed to a flexible spending account have an expiration date. Usually, these funds expire at the end of the calendar year. When the time is up, the money in your FSA is gone.
**FSA grace period update**
At the end of 2020, a bill was signed into law that grants an extension of grace periods, allowing unused FSA money to carry over from 2020 into 2021, and from 2021 into 2022.
2022 FSA Contribution Limit & Deadlines
2022 FSA Contribution Limit: $2,850
|FSA Event or Deadline||Key Dates|
|2022 Benefit Period Begins||Jan. 1, 2022|
|Last day to incur expenses using your 2022 HCFSA or LEX HCFSA||Dec. 31, 2022|
|Last day to incur expenses using your 2022 DCFSA||Mar. 15, 2023|
|Last day to submit all claims for the 2022 benefit period||Apr. 30, 2023|
2022 HSA Contribution Limit & Deadlines
2022 HSA Contribution Limit: $3,650 for an individual, $7,300 for family
The statutory deadline for contributing to your HSA is the same deadline for filing your taxes for the same year (2022 HSA contribution deadline: April 15, 2023).
What can I use FSA and HSA funds on?
Funds in an FSA or HSA can be used to pay for eligible medical expenses. This includes vision care. You can use your FSA and HSA money at Eye Boutique to cover out-of-pocket expenses and copays for the following:
FSA and HSA funds can be used to cover any out-of-pocket or copay costs associated with your vision prescriptions and eyeglasses, like designer frames, premium lens coatings and materials.
Prescription sunglasses are an eligible medical expense for HSA and FSA fund use. Non-prescription sunglasses are not.
Prescription Contact Lenses
Both FSA and HSA funds can be used toward prescription contact lenses. This tends to be exclusive to vision-correction contact lenses and not cosmetic contact lenses.
Also eligible are certain eyewear accessories: glasses and contact lens cases, cleaning products, and repair kits.
Frequently Asked Questions
Are blue light glasses FSA/HSA eligible?
Blue light lenses filter out blue light produced by phones, TVs, and computer monitors which have been proven to negatively affect sleep and cause eye strain. Therefore, blue light lenses have a proven medical benefit and application, and most providers will let you use your FSA or HSA funds to pay for them.
How many pairs of glasses can I buy with my FSA?
As long as you have enough money in your FSA to purchase a pair of glasses, you can buy as many pairs as you want!
Can I use my FSA to buy glasses for someone else?
You can only use your FSA for yourself and qualifying dependents. Eligible dependents include your spouse, your children (under 26 years old), and other dependents claimed on your tax return.
Are colored contacts FSA eligible?
As long as the colored contact lenses have corrective properties to improve your vision, they’ll be eligible for FSA fund use. If you’re buying contact lenses purely for cosmetic reasons, you won’t be able to use your FSA funds.
Can I buy sunglasses with my flexible spending account?
You can use your flexible spending account or health savings account to purchase prescription sunglasses. However, non-prescription sunglasses are not eligible.
Are eyeglass frames covered by FSA/HSA?
Eyeglass frames are an eligible item to be purchased with FSA and HSA funds.