Happy December! The holiday season is here again, which means many of us are busy spending time with family and friends. As another year comes to a close, it’s also a good idea to think about any benefits that may be expiring. If you have a flex spending account (FSA), now is the time to make the most of your benefits before you lose them. In this blog, we’ll share everything you need to know about using your FSA for eye care and eyewear before the end of the year.
What’s an FSA?
First things first, what exactly is a flex spending account (or FSA)? An FSA is a tax-advantaged account that some employers offer. These accounts allow you to set aside pre-tax dollars to pay for qualified medical expenses, including eye care and eyewear. By doing this, you can lower your taxable income, saving you money in the long run.
Using your FSA for eye care and eyewear
Routine eye exams are usually covered by an FSA. You can also use your FSA to pay for prescription eyewear, including prescription sunglasses. Some FSAs require a prescription for reimbursement, so be sure to get one from your eye doctor. You should always check with your FSA administrator before making a purchase to ensure it’s a qualified expense.
What happens if you don’t use your FSA benefits?
If you don’t use your FSA benefits before the year ends, they will expire. Unlike other plans like an HSA (health savings account), FSA dollars don’t roll over into the next year. So, if you don’t use them, you lose them. That’s why it’s important to schedule your eye exam and purchase your eyewear before December 31st.
Some FSAs have a grace period of up to 2.5 months and expire on March 15, giving you additional time to use those tax-free dollars. Make sure to check with your employer or FSA administrator to find out when your benefits expire.
During this busy time of year, it can be easy to forget about using your FSA benefits. However, taking the time to schedule your eye exam and purchase your eyewear before the end of the year can save you money and ensure you get the care you need. Don’t let your FSA benefits go to waste! Contact us today in Pembroke Pines to schedule a comprehensive eye exam in Pembroke Pines and let us know if you have any questions about your benefits.
