06 Dec Why It’s Time To Check Your Flex Spending Account Balance
Check your calendar: We’ll welcome 2023 in just a few short weeks. It’s time to ask yourself two questions:
- What do you need to get done before the end of December?
- What action steps can you take now to make your new year better?
It’s Time To Use Your Flexible Spending Account funds
The answer to question one is: Before December ends, you need to double-check whether you have unspent funds in your Flexible Spending Account (FSA). An FSA is a benefit many people get through their employer.
An FSA allows you to save tax-free money to spend on medical expenses. However, if you have unspent funds, you can lose them if you don’t spend them by the end of the year (or the date your employer designates). So it’s critical to verify the date by which you need to spend those funds or you risk losing them forever.
If that date is December 31, now is the time to use your funds—or lose them! The IRS says you can use Flexible Spending funds on many optical expenses. These include copays, insurance deductibles, and over-the-counter products, and of course, prescription lenses, including glasses and contacts. You can even treat yourself to a pair of prescription sunglasses as a holiday gift using your Flex account balance.
Our optical department has an incredible selection of frames and sunglasses for you to choose from.
Here’s the answer to question two: If you’re a contact lens wearer, we can help you order a year’s worth of contacts. Imagine how great it’ll be throughout 2023 when you don’t have to panic before a business trip or weekend getaway, wondering if you have enough contacts to get you through. You’ll have a year’s worth of peace of mind, knowing you’re stocked up!
In addition, there are a lot of optical options for Flex Spending funds, and we’re happy to help you prevent losing the funds you’ve already set aside.
8 Eye Healthcare Expenses that are FSA Approved
If you find yourself in a pinch with FSA funds that absolutely must be spent by December 31 or lost forever, stop by and see us. Here are eight expenses that qualify for FSA fund use that will benefit your eye health now and throughout the new year:
- Copays for your/your family’s comprehensive eye exams
- Buying a year’s worth of contact lenses
- An additional pair of prescription eyeglasses to add variety or in case you lose your primary pair
- Computer glasses that can help relieve symptoms of Computer Vision Syndrome
- Prescription sunglasses to combat winter glare
- Contact lens solutions (you can buy in advance for next year)
- Stock up on allergy eye drops or other eye drops
- Treatment for Dry Eye Disease
Much of December is spent focusing on gifts for loved ones. But why not give yourself a gift too? Give us a call or come by. We’ll see you soon!