Using Vision Insurance to Help Cover Contact Costs

Question 1

What is a Flexible Spending Account (FSA)?

Accepted Answer

A Flexible Spending Account (FSA) is an employee benefit that allows you to set aside money from your paycheque, pre-tax, to pay for healthcare and dependent care expenses, which can help you save money on income taxes. You usually forfeit the money you contribute to an FSA that you don’t spend by the end of the plan year.[^±]

Question 2

What is a Health Savings Account (HSA)?

Accepted Answer

A Health Savings Account (HSA) is an investment account available only to members who are enrolled in a High Deductible Health Plan, whether an individual plan or through an employer. Funds in your HSA can be used to pay for your plan deductible and/or qualified medical expenses that do not count towards your deductible. These accounts earn interest and roll over any remaining balance from year to year. The funds are yours to keep whether you change plans, leave your employer, or retire.[^±]

Question 3

For what types of out-of-pocket vision related healthcare costs can I use my HSA or FSA?

Accepted Answer

Please check with your specific provider or plan administrator for exact out-of-pocket expenses that your HSA or FSA dollars can be used towards, but in general eligible expenses include vision exams, prescription glasses, contact lens fittings, and contact lenses.

Question 4

What is the difference between an FSA and an HSA?

Accepted Answer

An FSA works as part of an employer health care plan, meaning it's tied to your employment, and funds do not rollover to the following year. An HSA can be part of an employer health care plan,but it does not have to be—it just requires a high-deductible health insurance plan. With an HSA, funds do rollover and can even be invested.

Coverage can help with costs

Vision insurance vs. medical insurance: What's the difference?

Make the most of your insurance

Insurance Tips

Don't leave your insurance card at home

Know your exam schedule requirements

What goes into the cost of contacts?

FAQs about FSAs and HSAs

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Footnotes