Does your workplace offer an HSA (Health Spending Account)? Did you know that you can save money by spending HSA funds on eyeglasses and eye exams? Here’s more information on how you can use your HSA funds to cover your eye-related medical expenses for the year.
How do HSAs work?
Your employer sets up an HSA or Health Spending Account for their employees. You can make regular monetary contributions to the Health Spending Account. These contributions are tax-deductible and removed from your paycheck before taxes are taken out. This allows you, the employee, to maximize your contributions every month.
An HSA is only available to employees who are covered by a HDHP (High Deductible Health Plan). If you have a different health plan with a lower deductible, you may be eligible for a similar account, called an FSA.
In your Health Savings Account, you can save over $3,000 a year (there is a cap set each year as to how much you can save) of this untaxed money. This money can be used for any medical expenses you choose. There are certain rules about what is considered a “medical expense.” What is covered by spending HSA funds: typically, to cover co-pays, prescriptions and any other medical related expenses, including eye health needs.
How can I save money with an HSA?
You’ll absolutely save when you’re spending HSA funds! All the money contributed to the HSA is contributed before it’s taxed. For every $100 you save, you’re really saving an additional $20 to $30 (depending on your income tax rate). A $100 contribution would typically be $70-$80 in your savings account after income tax is removed from your paycheck, but with an HSA, that amount remains $100!
This untaxed money can add up over the course of a year. An extra $20 a month over the course of a year, is an additional $240 for you to use towards your medical expenses. You’re a contact lens or eyeglasses wearer – think about it! The $240 a year you save is enough to cover all of your eye-related expenses for the entire year.
How can I maximize my HSA spending at Eyeglass World?
Take care of your optical needs for the year and head to Eyeglass World to spend your HSA funds. You can really stretch your dollars by becoming a member of the Eyesight Club. When you become a member, contact lens wearers get great discounts on annual supplies of contacts. Also, take advantage of Eyeglass World’s two pair deals that assure you the lowest prices on two complete pairs of top designer eyeglass frames.
Talk to the professionals at your closest Eyeglass World to see how you can use your HSA funds to cover all of your specific optical needs.