As we approach the end of the year, it's crucial to start thinking about how you will maximize your flexible spending account (FSA) or health savings account (HSA). If you're unfamiliar with these terms, an FSA is a special account you put money into that you use to pay for certain out-of-pocket health care costs. Similarly, an HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. A key aspect of FSAs and HSAs is that they operate on a "use it or lose it" policy. This means that if you don't spend the money in your account by the end of the year, you lose it. Understanding this, it's crucial to plan your year-end spending carefully.

The Importance of Year-End in FSA and HSA

The year-end is a critical period for anyone with an FSA or HSA. This is because any funds left in your account at the end of the year are forfeited. There's no rolling over of funds, so if you don't use it, you lose it.
 

For this reason, it's crucial to plan your spending carefully. As the year draws to a close, it's a good idea to review your account and assess how much you have left to spend. From there, you can decide on the best way to use those remaining funds.
 

Eye care is one area where many people fail to realize they can use their FSA or HSA funds. Whether it's for a comprehensive eye exam, glasses, or contact lenses, these are all qualified medical expenses that can be paid for with your FSA or HSA.
 

Maximizing Your Benefits

The first step to maximizing your benefits is to understand exactly what you can spend your FSA or HSA funds on.  Once you've determined what you can spend your funds on, it's time to start planning. Make a list of any upcoming eye care needs you have. If you've been putting off getting an eye exam, now is the perfect time to schedule one. If you know you'll need a new pair of glasses or contact lenses soon, plan to purchase them before the year ends.
 

Timing is also crucial. Since your funds will disappear at the end of the year, it's best to schedule any appointments or make any purchases as soon as possible. This will help you avoid any last-minute rushes and ensure you can get the care you need.
 

Comprehensive Eye Exams

Comprehensive eye exams are a crucial part of maintaining good eye health. These exams can help detect eye diseases and disorders at an early stage, which can lead to more effective treatment and prevention of vision loss. Despite their importance, many people neglect to get regular eye exams due to the cost.
 

Since comprehensive eye exams are a qualified medical expense, you can use your FSA or HSA funds to cover the cost. This means you can ensure your eyes are in good health without having to worry about the expense.
 

Investing in Glasses

Another great way to use your FSA or HSA funds is to invest in a new pair of glasses. Whether you need a stronger prescription, your current glasses are damaged, or you simply want a new style, now is the perfect time to make that purchase.

Not only can you use your FSA or HSA funds to cover the cost of the frames, but you can also use it for the lenses. This includes any special coatings or treatments, such as anti-reflective coating or photochromic lenses.
 

Buying Contact Lenses

If you prefer contact lenses over glasses, your FSA or HSA can cover that expense too. Whether you wear daily, weekly, or monthly lenses, you can use your funds to stock up for the upcoming year.
 

In addition to the lenses themselves, any necessary cleaning solutions or cases are also considered qualified medical expenses. This means you can get everything you need for your contact lenses without having to worry about the cost.
 

Making the Most Out of Your Year-End Flex Spending

Year-end flex spending is an opportunity that shouldn't be missed. FSA/HSA can also be used for prescription sunglasses and drops for dry eye. Whether it's a comprehensive eye exam, a new pair of glasses, contact lenses, or other optometry services, these are all ways you can use your FSA or HSA funds before the year ends. Not only will this help you make the most of your money, but it will also ensure your eyes are in the best possible health.

Year-end flex spending is a golden opportunity to invest in your eye health. Make the most of your FSA or HSA and ensure your eyes are as healthy as possible. At Roosevelt Vision, we are committed to providing our community with the highest quality vision care and products. Please call (206) 527-2987 to book an appointment today.