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Posted on 10-31-2017
FSA or HSA - Use It or Lose It: Use Your Flexible Spending Account at Hobson Eye
As we get closer to the end of 2017, it’s important to remember to use the remaining money in your flexible spending account (FSA) before January 1. People who have an FSA or a Health Savings Account (HSA) should know that they can use these funds to pay for a variety of vision care expenses.
Just a Few Months Left in 2017 to Use Your FSA Funds!
Would you be surprised to learn that 22% of employees have little or no knowledge about FSAs? At the same time, about 20% of employees actually sign up for FSAs at their workplace, despite the fact that approximately 85% of large companies (with at least 500 employees) do offer an FSA.
The benefit of maintaining an FSA is that the money that you put into it will not be subject to taxes. You can use it to cover expenses that are not covered by your insurance. HSAs are similar, and they are available to patients who participate in an insurance plan with high deductibles.
But if you forget to use the funds in your account before January 01, 2018, you will lose them. However, sometimes there is some wiggle room. In some cases, FSA plans offer a grace period of up to 75 days after the end of the previous year so patients can still use their funds.
You’ll need to contact your FSA plan coordinator to determine if this grace period is available to you. HSAs often allow for funds to roll over too, but you’ll need to consult the details of your plan to be sure.
What Can I Use My FSA or HSA Accounts for in Vision Care?
You can use up the remaining balance in your FSA for a range of services and products. For example, many patients use their FSA to cover vision service co-payments and deductibles. If you need an eye exam in Kennesaw, now would be the perfect time to come into our office for comprehensive testing of your vision and ocular health.
Money in your FSA can also be used to pay for some new prescription eyeglasses. The funds are also appropriate for buying contact lenses or even prescription sunglasses.
If you need bifocals or glasses with progressive lenses, you can pay for them with FSA funds too.
Make an Appointment to Use Your Flexible Spending Account in Kennesaw Today
It would be a shame if you didn’t use up all the money in your flexible spending account before the close of 2017. Fortunately, we will do our best to work with your busy schedule to set up an appointment at the most convenient time for you. For more information on using your FSA or HSA or to make an appointment for an eye exam or another ocular health service in Kennesaw, please connect with Hobson Eye Associates today.
What do you plan on using your FSA or HSA funds for this year? Please let us know in the comments section below.
Dorothy Regan said:
Do I have a balance? Please advise. Thank you.