You may have a Health Savings Account (HSA) or a Flexible Spending Account (FSA) through your employer. These accounts let you set aside pre-tax money for health expenses. At Stanislaus Vision, our team can help you use them to pay for your family’s vision care needs, from comprehensive eye exams to new glasses.
Using these accounts is a smart way to pay for everything from routine eye exams to new eyeglasses and contact lenses. Understanding the differences between an HSA and an FSA helps you get the most value from your vision benefits.
What Is a Flexible Spend Account (FSA)?
An FSA is a special account you can use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money, which means you get more value from every dollar you contribute. Most FSAs are offered through an employer’s benefits package.
Key Features of Your FSA
- Use-It-Or-Lose-It Rule: Most FSA funds must be used by the end of the plan year. If you don’t use the money, you may lose it.
- Employer-Owned: Your employer owns the account. If you leave your job, you usually cannot take the remaining funds with you.
- Full Amount Available Early: You can typically access your full annual contribution amount on the first day of your plan year, even if you haven’t put all the money in yet.
What Is a Health Savings Account (HSA)?
An HSA is a type of personal savings account that lets you set aside pre-tax money for qualified medical expenses. To have an HSA, you must be enrolled in a high-deductible health plan (HDHP). It works like a personal bank account, but the money is just for health costs.
Key Features of Your HSA
- Funds Roll Over: The money in your HSA rolls over year after year. There is no deadline to spend it.
- You Own the Account: The HSA is yours. You keep the account and all the funds even if you change jobs or health plans.
- Grows Over Time: The money in an HSA can grow with tax-free interest over time, and some plans even offer investment options.
A Simple Comparison: FSA vs. HSA for Eye Care
It can be tricky to remember the differences between these two kinds of accounts. Here’s a quick breakdown to help you see how they compare when you need to pay for vision care.
Ownership & Portability
An FSA is owned by your employer, and the funds typically don’t follow you if you leave your job. An HSA, on the other hand, is all yours—you keep it for life, no matter where you work.
Fund Rollover Rules
FSA funds usually expire at the end of the year. Some plans may offer a short grace period, but most do not. Your entire HSA balance rolls over automatically each year, so there is no risk of losing your money.
Eligibility Requirement
Your employer must offer an FSA as part of your benefits package in order for you to have one. To open and contribute to an HSA, you must have a qualified high-deductible health plan.
Use Your Benefits for Vision Health
You can use both FSA and HSA funds to pay for a wide range of vision-related products and services for you and your family. These funds make it easier to afford services like comprehensive eye exams.
Commonly Covered Vision Expenses
- Annual eye exams
- Prescription eyeglasses & frames
- Contact lenses & cleaning solutions
- Prescription sunglasses
- Lenses that block blue light for computer use
- Eyeglass repairs
Plan Your Visit with Your Optometrist in Modesto, CA
Now that you know how your account works, you can plan for your family’s eye care. Using your FSA or HSA funds is a smart way to prioritize your vision health.
Check Your Account Balance & Plan Rules
Take a moment to check your account balance. If you have an FSA, it’s a good idea to confirm the deadline for using the plan’s funds. This helps you get the most out of your benefits.
Schedule Your Appointment
As your optometrist in Modesto, CA, we can help you find the right glasses or contacts for your lifestyle. Our team is ready to help you navigate your vision benefits and make the process simple and clear.
Taking care of your family’s vision is an important part of overall health. That’s why our team at Stanislaus Vision is here to provide clear, friendly support for your eye care needs. Schedule an appointment today to put your benefits to good use.
