Flex Spending For Your Eyes

Do you have a “use it or lose it” flexible spending account? If you are unsure of how to use your flexible spending account, i2i eyecare offers some useful tips and eligible expenses.

What is a Flexible Spending Account?

A flexible spending account is a type of financial account that can be set up through an employer, which offers a tax-advantage. The FSA is a way for an employee to reserve a portion of their earnings to pay for medical expenses. The money that is deducted from the employee’s earnings is not subject to payroll taxes, which allows for a substantial savings in payroll taxes. These types of accounts have increased in recent years because individuals can lower their taxable income by up to $5,000. The disadvantage to using an FSA is that if all of the funds are not used by the end of the plan year, the funds are lost. 

How Do Flexible Spending Accounts Work?

FSA accounts allow an employee to have funds up to $5,000 withheld tax-free from their earnings. This amount can be used on various medical and dependent care expenses. The funds are either reimbursed by the employer, or a debit card is issued and the funds are directly credited against the available balance.

Here are some tips on vision related expenses that are eligible for FSA. Don’t wait until the last minute and find yourself scrambling to use the last of your funds before Dec. 31. 

• Eye Exams: Eye exams are a great way to use your FSA dollars. If you haven’t had an exam in the past year, Dr. Lisanne Rogers recommends making an appointment.
• Prescription Sunglasses: Believe it or not, prescription sunglasses are covered by your FSA because they are considered a medical device. So take advantage of this great opportunity to treat yourself to a great pair of designer sunglasses.
• Designer Eyeglasses: If you are ready for an update to your eyeglass wardrobe or just looking for that funky pair of glasses to add to your collection, now is the perfect time. 
• Reading Glasses: Are you finding your arms are too short? It might be time to have an eye exam and it just might be time for that first pair of reading glasses. If you are already wearing reading glasses and find yourself misplacing them all the time, stock up now on prescription reading glasses and you will never be without again.
• Computer Glasses: Did you know there are glasses made specifically for office and computer work? Even if you do not need distance correction, a computer lens will help to alleviate some of the eye strain and tiredness you feel after staring into the computer screen. FSA will cover a fashionable pair of prescription computer glasses.
• Contact Lenses: Are you on your last pair of contacts or is it time for a new or updated prescription? The end of the year is a great time to have your eye exam and have your contact lens prescription updated.
• Sport Glasses: Yes, sport glasses that contain an approved prescription can be covered by your FSA. This is a great opportunity to protect your eyes while playing sports. At i2i eyecare we can even RX your ski goggles so you have the best vision protection while out on the hills.

As you can see there are many options for using up the last of your flex funds before the year ends. If you have more questions about the options covered by your FSA, contact your human resources department or contact the Internal Revenue Service. This article is only meant for educational purposes.

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