Ever wondered if your prescription glasses can come with a side of tax benefits? You might be pleasantly surprised at how you can save the next time you purchase a pair of Rx glasses.
- Are Prescription Glasses FSA/HSA Eligible?
- How to Use Your FSA or HSA to Purchase Prescription Glasses
- Tips for Saving Money on Prescription Glasses
- Can I Use My FSA Or HSA To Buy Glasses Online?
- Are Polarized Sunglasses FSA Eligible?
- Can I Buy Non-Prescription Sunglasses With FSA?
- Do I Have To Be Enrolled in a High-Deductible Health Plan In Order To Use My HSA For Prescription Glasses?
- Are Children’s Prescription Glasses Covered by FSA and HSA?
- How Do FSA and HSA Work In Conjunction With Vision Insurance?
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Are Prescription Glasses FSA/HSA Eligible?
Absolutely! Prescription glasses qualify for reimbursement with both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).
This means that you can use your FSA or HSA funds to cover the cost of your prescription glasses, including the frames, lenses, and any extras, such as anti-reflective coating or tinting.
Check out this informative page from the FSA Store for more details. Just remember, it’s always a good idea to confirm with your FSA or HSA provider to understand the specifics, as some terms and conditions may apply.
Advantages of Using FSA and HSA for Prescription Glasses
The main benefit of using an FSA or HSA to buy prescription glasses is the pre-tax advantages they offer.
You’re effectively purchasing your prescription glasses with tax-free dollars, giving you a discount equal to the taxes you would have paid on the money.
They’re especially useful for using up leftover FSA funds by the end of the year, as it’s better to get that reimbursement than lose out on it.
Other Eye Care Products and Services Covered by FSA
If you think FSAs only cover prescription glasses, think again. Your FSA can cover a range of eye care products and services. These include:
- Eye exams
- Contact lenses
- Prescription sunglasses
- Eye surgeries
- Eyeglasses repair
- Over-the-counter reading glasses
In essence, an FSA can be a valuable tool for covering all things eye care, making it even more worthwhile if you frequently need eye care products or services.
How to Use Your FSA or HSA to Purchase Prescription Glasses
Putting your FSA or HSA funds to work for your eyewear needs is pretty straightforward.
Step 1: Choose your favorite pair of prescription glasses, whether online or in-store. Do all the usual things—check the frame, choose the right lenses, and make sure they’re just right for you.
Step 2: At the time of purchase, if you have an FSA or HSA debit card, use it to pay for the glasses. Just like any other card payment, swipe or insert your card, and voila! You’re done.
Step 2 alternative: If you don’t have your FSA or HSA card handy, or prefer to use a regular debit or credit card, go ahead and pay for your glasses.
Step 3: Submit a claim to your FSA or HSA for reimbursement. You’ll need your itemized receipt, so make sure you keep it safe. Check with your FSA or HSA provider for exact steps on how to submit a claim. Usually, it’s a matter of filling out a form and providing proof of purchase.
Remember, with either method, the key is to make sure you’re using your FSA or HSA funds for eligible expenses—in this case, prescription glasses.
Tips for Saving Money on Prescription Glasses
Using your FSA or HSA to purchase your prescription glasses is a smart move, but don’t stop there. Let’s take it a step further with some savvy tips to help you save even more on your vision needs.
Don’t just settle for the first pair you see or the first price you find. Different retailers can offer different prices for the same frames or lens types. Comparing prices from different vendors can help you score the best deal.
Buy Glasses Online
Just like buying other things online, buying glasses online can be a real money-saver.
Plus, shopping online gives you a wider range of styles and brands to choose from right at your fingertips.
Look for Discounts and Coupons
Who doesn’t love a good bargain? Keep your eyes peeled for discounts, sales, and coupon codes.
Some retailers offer first-time buyer discounts, or special sales during holiday periods.
Others may have loyalty programs that reward you with discounts on future purchases.
Free Eye Exams and Consultations
Some opticals offer free eye exams or consultations as part of their service, like America’s Best.
This can be a great way to update your prescription and get expert advice on choosing your frames, all while saving a few bucks.
Can I Use My FSA Or HSA To Buy Glasses Online?
Yes! Buying glasses online with your FSA or HSA funds is not only possible, it’s also super convenient. But before you start adding those chic frames to your shopping cart, there are a couple of things you should know.
Online Use of FSA and HSA Funds
When shopping for glasses online, the process of using your FSA or HSA funds is similar to buying in-store.
Many online eyewear retailers accept FSA and HSA cards as a form of payment. Just like you would use a regular debit or credit card, you can enter your FSA or HSA card details at checkout.
Make sure to confirm that the online retailer accepts FSA or HSA cards before you get to checkout. Look for this information on their website or reach out to their customer service if it’s not clearly stated.
The Process of Reimbursement
If the online retailer doesn’t accept FSA or HSA cards directly, you can still use your FSA or HSA funds to pay for prescription glasses online.
In this case, you’ll need to pay for your glasses out-of-pocket first using a regular debit or credit card. After that, you’ll submit a claim for reimbursement to your FSA or HSA provider.
Remember to keep all documents and receipts related to your purchase in order to successfully claim your reimbursement.
Are Polarized Sunglasses FSA Eligible?
It depends. If you’re purchasing prescription polarized sunglasses, they are eligible.
If they are non-prescription, they may be eligible if you have documentation from your doctor that polarized sunglasses are a medical necessity for you.
Can I Buy Non-Prescription Sunglasses With FSA?
Unfortunately, you can’t buy non-prescription sunglasses with your FSA funds. The Internal Revenue Service (IRS) guidelines specify that FSA funds can only be used for medical expenses, and non-prescription sunglasses don’t fall into that category since they’re not considered a medical necessity.
What about HSA funds, you ask? Same story, I’m afraid. The rules for HSAs are similar to those for FSAs when it comes to what’s considered a qualified medical expense.
So, what can you buy with your FSA or HSA funds in terms of eyewear? Prescription glasses, prescription sunglasses, and contact lenses are all eligible since they correct your vision.
Do I Have To Be Enrolled in a High-Deductible Health Plan In Order To Use My HSA For Prescription Glasses?
Short answer: No.
While you must be enrolled in a High-Deductible Health Plan (HDHP) to contribute to an HSA, the funds in the account can be used regardless of the type of health plan you have later on.
Why does that matter? Because HSA funds roll over year after year, allowing you to use them for qualified medical expenses (like prescription glasses!) at any time.
This applies even if you’re no longer enrolled in an HDHP. So yes, you can use your HSA for prescription glasses, no matter your current health plan.
Are Children’s Prescription Glasses Covered by FSA and HSA?
Yes, children’s prescription glasses are indeed covered by both FSA and HSA. The expenses for prescription eyewear, including glasses or contact lenses, for your dependents can be reimbursed through these accounts.
This includes eyewear for your children if they are claimed as dependents on your taxes.
How Do FSA and HSA Work In Conjunction With Vision Insurance?
FSA and HSA accounts can be used to cover out-of-pocket expenses related to vision care, which includes co-pays, deductibles, and any costs not covered by your vision insurance plan.
However, you cannot use your FSA or HSA to pay insurance premiums. It’s also important to note that you should use your vision insurance benefits first before using your FSA or HSA funds.
Always consult with your FSA/HSA administrator and insurance provider to understand what expenses qualify and the correct process to follow.