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How to Spend Less on Eye Care with FSA/HSA
Maintaining clear vision shouldn’t come with a steep price tag, and at EuroOptica, we make sure it doesn’t have to. With the ability to pay for our products and services using your FSA or HSA funds, you can cover your eye care needs at a reduced cost, helping you stay on top of your eye health without the worry of high expenses. Whether you're looking for prescription glasses, contacts, or eye exams, EuroOptica offers tangible FSA/HSA benefits to address your specific vision issues without compromising on quality and at a price that makes sense.
What Is FSA /HSA?
FSA (Flexible Spending Account) and HSA (Health Savings Account) are tax-advantaged financial accounts that let you set aside pre-tax funds specifically for healthcare expenses, which can include items like prescription eyewear and contact lenses. They are typically offered by employers as part of their benefits package but can also be opened through banks, credit unions, or insurance providers that offer these kinds of services. Both FSA and HSA help you save on taxes while covering essential health costs, but with a key difference in how the funds are handled. Let's break it down and bring things into focus.
How FSA Works
- You contribute a set amount annually: Choose how much you want to contribute to your FSA at the beginning of the year. The amount is deducted from your paycheck in pre-tax installments, lowering your taxable income.
- The funds are available upfront: Once the year starts, you have access to the full amount of your contribution right away, allowing you to cover a variety of eligible healthcare expenses, such as eye exams, prescription glasses, or contact lenses.
- You have full control over how much to spend: When paying for a medical service, you can choose to deduct any amount that works for you, leaving the rest in your balance for future expenses. Your FSA spending plan is entirely up to you!
- The funds must be spent within the same year: FSA funds have a "use-it-or-lose-it" policy. Any money left in your account at the end of the year is forfeited, so it’s important to plan your spending wisely to make sure you use the full balance before it expires.
Who Qualifies
FSAs are accessible to anyone, regardless of the type of health insurance plan you have. Whether you’re on a regular or high-deductible plan, you can set up an FSA, providing flexibility for various income and coverage types. You can even open an FSA with no health insurance at all.
Contribution Limits
FSAs generally have fairly affordable annual contribution limits, which makes them a good option for covering smaller healthcare expenses. They’re ideal for individuals who don’t expect high medical costs but still want to save on everyday healthcare needs like vision care, prescriptions, or co-pays.
Real-Life Example
Sarah recently visited EuroOptica to pick out a pair of prescription glasses. Thanks to her FSA, she was able to splurge on a premium ic! berlin frame she’d wanted for ages but had struggled to afford. By using her FSA, Sarah paid for her glasses with pre-tax dollars, saving money on taxes while getting the eyewear she needed. She also took advantage of the funds to add blue-light lenses, perfect for reducing the eye strain she feels after long hours on the computer. Since her FSA funds were available right from the start of the year, Sarah didn’t have to wait to use them, making it a perfect time to update her prescription and invest in high-quality glasses. Be like Sarah—maximize your benefits and prioritize your eye health without stressing about the cost!
How HSA Works
- You contribute a set amount annually: Like an FSA, you choose how much to contribute to your HSA each year, with pre-tax dollars deducted from your paycheck, lowering your taxable income.
- Your funds grow tax-free over time: If your HSA balance earns interest or once it reaches a certain threshold, those earnings are not subject to federal income tax. This means the money you make from that point on will accumulate without being taxed, which can help your savings grow faster over time.
- The funds never expire: In contrast to an FSA, your HSA doesn’t limit you to the full balance for the year. You can spend as much or as little of your balance as needed, and the funds roll over year after year. That allows you to accumulate significant funds, especially if your account has gained a tax-free status.
- Your savings roll over into retirement: HSA funds allow you to save and grow your balance for future healthcare costs even in retirement. It serves as a smart long-term savings strategy, ensuring you have financial backup for healthcare when you step away from work.
Who Qualifies
Unlike FSAs, which are available to anyone, HSAs have specific requirements based on your health plan type. To qualify, you must be enrolled in high-deductible health plans (HDHPs). If you have one, you can open and contribute to an HSA, which makes sense for those with higher medical costs who want to save for future expenses.
Contribution Limits
HSAs offer higher contribution limits compared to FSAs, which may not suit everyone's budgeting approach but allows you to save more for your healthcare needs. This makes them an excellent option for those who anticipate higher medical expenses or want to build a larger healthcare savings fund, including for retirement healthcare costs.
Real-Life Example
Robert stopped by EuroOptica at the end of the year for his annual eye exam and prescription update. He paid for it with his HSA. His account had already grown tax-free, and he still had half of his savings left on balance. If he had an FSA instead, he would’ve had to rush to buy a new pair of lenses right away or risk losing the rest of his assets. But with his HSA, he could afford to wait—after all, Christmas took its toll on his wallet, and there was still the New Year’s party to plan. With HSA funds rolling over into the next year, Robert can return to EuroOptica anytime and use his remaining balance to get the lenses he was prescribed and maybe even treat himself to a frame from Götti’s latest collection, his favorite eyewear brand. Take cues from Robert and get the most out of your HSA!
How Can You Spend Your FSA/HSA Funds at Eurooptica?
- Prescription Glasses: Updating your prescription glasses is the key to good vision. Choose from a variety of options, including blue-light filtering, anti-fatigue lenses, light-responsive features, and progressive lenses, and pay for them using your FSA/HSA.
- Prescription Sunglasses: You don't have to choose between seeing clearly and keeping your eyes protected from the sun. Block harmful UV rays and enjoy perfectly sharp vision with prescription sunglasses that combine sun protection with corrective lenses for all-day wear.
- Contacts: Whether you prefer daily, biweekly, or monthly disposables, find a range of prescription contact lenses designed for comfort and clarity, all while making smart use of your FSA/HSA funds.
- Eye Exams: Regular eye exams are crucial for maintaining your eye health at its best and detecting early signs of vision changes. Skipping them can cost you dearly. Keep your routine check-ups affordable with FSA/HSA.
At EuroOptica, we make it easy for you to cover your eyecare expenses with your FSA/HSA account. You can use these funds at our flagship stores in New York to purchase frames from top brands, including Gucci, Lafont, J.F. Rey, Sabine Be, and others, paired with prescription lenses that cater to your specific vision needs. We also encourage you to make the most of your healthcare savings by paying for regular eye exams with your FSA/HSA funds. Buy smart, save plenty! We're waiting for you at 280 Columbus Ave., Upper West Side, or 1249 3rd Ave., Upper East Side.