If you have a health plan through a job, you can use a Flexible Spending Account (FSA) to pay for copayments, deductibles, certain prescription drugs, and other healthcare expenses.
A Flexible Spending Account is an account you can contribute money into and use to pay for certain out-of-pocket health care costs. Through the use of FSAs, participants can pay their out-of-pocket health care and/or dependent daycare expenses using pre-tax dollars!
Benefits of a Flex Spending Account
- Tax Deductible. You do not pay taxes on this money.
- Employer Match Contributions
Eyecare Related Items Covered by Flex Spending Account
You can include in medical expenses amounts you pay for contact lenses needed for medical reasons. You can also include the cost of equipment and materials required for using contact lenses, such as saline solution and enzyme cleaner.
You can include in medical expenses the amount you pay for eye examinations.
You can include in medical expenses amounts you pay for eyeglasses and contact lenses needed for medical reasons.
You can include in medical expenses the amount you pay for eye surgery to treat defective vision, such as laser eye surgery or radial keratotomy.
Flex Spending Facts You Should Know
- FSAs are limited to $2,600 per year per employer. Your spouse can put up to $2,600 in an FSA with their employer too.
- You can use funds in your FSA to pay for certain medical and dental expenses for you, your spouse, and your dependents.
- You can spend FSA funds to pay deductibles and copayments.
- You cannot use your FSA to pay for insurance premiums.
- You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor’s prescription. Reimbursements for insulin are allowed without a prescription.
- FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.
- For a detailed list of generally permitted medical and dental expenses – CLICK HERE