Flexible Spending Accounts (FSAs) are a popular way for employees to set aside pre-tax dollars to pay for eligible medical expenses. One such expense is the cost of prescription glasses or contact lenses. If you wear glasses and have an FSA, you can use those funds to pay for your eyewear expenses.
The cost of prescription glasses can vary widely, depending on the frame, lenses, and any special features you may need. Many people find that the cost of glasses can be a significant out-of-pocket expense, even with insurance. This is where FSAs can be particularly helpful.
When you use FSA funds to pay for glasses, you are essentially paying for them with pre-tax dollars, which can significantly reduce your out-of-pocket expenses. This can be a beneficial strategy if you anticipate needing new glasses in the near future.
It is important to note that not all expenses related to glasses or contact lenses may be eligible for FSA reimbursement. Generally, prescription glasses, contact lenses, and related supplies such as cleaning solution and cases are considered eligible expenses. However, non-prescription glasses, sunglasses, and other vision-related items that are not medically necessary may not be eligible.
To use your FSA funds for glasses, you will need to obtain a receipt for the purchase and submit a claim to your FSA administrator. This process is typically straightforward and can be done online or by mail.
In conclusion, if you wear glasses and have an FSA, it can be a smart financial move to use those funds to pay for your eyewear expenses. Doing so can help you save money and make your prescription glasses more affordable. Be sure to check with your FSA administrator to ensure that your eyewear expenses are eligible for reimbursement.