FSA or HSA – Use It or Lose It: Use your Flex Spending Accounts in Colorado Springs, CO
As the US health care system continues to change you want to have stable health insurance coverage for your vision care needs. For many Americans, this is readily available through a flexible savings account or health savings account. If you have an FSA or HSA and questions regarding using this for your eye doctor in Colorado Springs, CO, we are here to help. Powers Eye Center accepts flex spending and health savings accounts for patients in need of eye exams, vision correction, and other optometry services.
What is a Flexible Spending Account or Health Savings Account?
A flexible spending account allows you to set aside money, pre-taxed, in a savings account to be used for health care expenses. Also known as a health savings account, a flexible spending account does not require you to sign up for health care coverage with a health insurance company. Instead, you spend the money you have saved for your healthcare needs. However, if you choose a health savings account, you are required to also have long-term care insurance prior to getting an HSA.
How Does an HSA or FSA work?
You sign up for an HSA or FSA through your employer or a reputable health savings account agency. For an HSA you can contribute up to $6,750 for your family in 2017, while an FSA allows you to contribute up to $2,600 per each employer. Once you have contributed to an HSA or FSA you can use this money to pay for qualifying health expenses.
What Can I Buy With a Flexible Spending Account and Health Savings Account?
A flexible spending account and health savings account allows you to use this money for most vision care expenses. This includes eye exams, vision correction treatments, prescription eyeglasses, prescription sunglasses, and contact lenses. If you also have vision insurance with an FSA, you can typically use your FSA to cover the co-payment and deductible for the vision coverage. Additionally, while you must have long-term care insurance to get an HSA, you do not have to have vision insurance to have an HSA.
Why Should I Spend My FSA Funds Before These Expire?
The money you set aside in an FSA or HSA will expire on the last day of December for each calendar year. That means you must use this money before the end of the year, or you forfeit it. There are very limited exceptions to this rule, in which some employers allow you to carry over a max of $500 from the previous year. However, you will want to check with your employer first to see if this is a possibility for you.
Your best bet is to go ahead and schedule an appointment with our eye doctor in Colorado Springs, CO now. Get your annual eye exam and receive any vision correction services, such as eyeglasses or contact lenses, before the end of the year. This will help you use up your health care savings without losing your hard earned money.
Choosing an Eye Doctor in Colorado Springs, CO
To take advantage of your FSA or HSA funds choose our eye doctor in Colorado Springs. Here at Powers Eye Center we regularly treat individuals and families who use health savings and flex spending accounts to pay for services. We understand how these accounts work and can answer any questions you have about this process. Our eye doctor also accepts most major health insurance plans for vision care.
For More Information Contact Our Optometrist Today!
Contact our optometrist at 719-301-1711 to schedule an appointment for the end of the year eye exams and vision care for your family. We are currently offering several discounts for prescription contact lenses, as well as VSP Premier Practice benefits.