Nov
TOP 5 EYE-CARE SERVICES TO USE WITH FSA DOLLARS AT OPTYX:
When it comes to vision care, Flexible Spending Account eligible expenses include:
1. The Cost of an Eye Exam
In order to purchase eyeglasses with FSA funds, a prescription from an eye doctor is required. An annual eye exam not only measures how sharp your vision is but allows your eye doctor to assess other parts of the eye that reflect your overall health. The cost of an eye exam varies by practice and by your insurance plan. It’s wise to consult with your HR representative regarding your coverage.
2. Prescription Eyeglasses
Using your FSA dollars for prescription eyeglasses is an excellent investment. Even if you typically wear contact lenses, having a pair of backup glasses in case of emergency is wise.Your FSA funds will cover any type of prescription lens, including bifocal, progressive and specialty lenses (safety or sports goggles). Anti-reflective and scratch-resistant coatings are both covered, so they can be added to any lens.
3. Prescription Sunglasses
When shopping for sunglasses, it’s important to note that FSA will only cover prescription sunglasses lenses. Funds can be applied to polarized, mirrored and photochromic lenses, as well as specialty lenses for specific sports.
4. Reading Glasses
If you’re in need of reading glasses (and let’s face it: we all need more than one pair), you’ll be thrilled to know that your FSA dollars will cover the cost. While both prescription and non-prescription lenses are FSA eligible, over-the-counter reading glasses that you get at the drug store will have to be submitted for reimbursement.
5. Contact Lenses
Wearing glasses every day may not be your thing. That’s fine, contact lenses are FSA eligible too. Daily and short-term disposable lenses are available, as well as monthly and extended-wear lenses to fit every preference.
How does an FSA work?
If your employer provides an FSA, you are able to deposit pre-tax dollars into this account and then spend the money on eligible health care products and services. FSA contributions are exempt from federal income tax, federal unemployment tax and Social Security and Medicare taxes.
In 2020 and 2021, you can contribute a maximum of $2,750 to an individual FSA account and $5,000 to dependent care FSAs. You can also change your FSA contribution amounts if you have certain qualifying events.
Do You Know What Use it OR Lose It Means?
Flexible Spending Accounts (FSA) reset every for many every year. If you do not use your yearly Flex Spend Dollars, many people lose them at the end of the year. OPTYX offers many products and services that are covered by your FSA.
What does FSA eligible mean?
Eligible FSA expenses are health care costs not covered by insurance. Though each individual employer’s plan differs, a variety of items and services may be included. Most out-of-pocket expenses are covered, including co-pays, deductibles, vision supplies, wearable products and medical equipment.
Using your FSA dollars at OPTYX
Utilizing your FSA money to pay for vision related expenses makes it easier to take care of your eyes and vision. Schedule an eye exam today and put your contributions to good use.
Navigating your insurance coverage and figuring out what is and isn’t eligible can be a lot to take on. Speaking to a representative from Optyx, who is familiar with FSA, can make a world of difference by simply calling 1-877-472-6945 or emailing us at customerservice@optyx.com
Contributions from AllAboutVision.Com and OPTYX November 2020
