Vision expenses piling up? Use your HSA or FSA

Visual health is a vital component of overall well-being, and unexpected eye-related expenses can put a strain on your finances. However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (FSAs), there are ways to alleviate the financial burden associated with vision-related costs. Let’s explore a few common vision-related questions as it relates to your HSA or medical FSA.

Can vision expenses be covered by HSAs and FSAs? 

HSAs and FSAs can cover certain vision-related expenses. It’s important to note that the extent of coverage might vary based on your unique plan specifications. Check out our comprehensive list of eligible expenses for both HSAs and FSAs.

What eye procedures does my HSA or FSA cover?

If you require eye-related procedures, HSAs and FSAs can be valuable to tap into. Surgeries such as LASIK or to treat cataracts are generally eligible for reimbursement from both accounts. Nevertheless, it’s worth acknowledging that the degree of coverage could hinge on the specifics of your plan and the medical necessity of the procedure. For instance, if the procedure is deemed essential due to an underlying medical condition, it may be covered under your medical plan rather than your HSA or FSA.

Are you new to HSAs? Watch the video below to learn 7 things you should know about them. 

Vision costs eligible for HSA and FSA funds 

Beyond routine examinations and eye procedures, there’s an array of vision-related expenses that can be purchased using HSA and FSA funds. These include expenses such as prescription eyeglasses, contact lenses, and prescription sunglasses. Moreover, both accounts can also be employed to offset the financial burden associated with treatments for eye infections and glaucoma. Reading glasses also qualify as an eligible expense.

Boundaries to eligibility: Vision expenses that don’t qualify 

While HSAs and FSAs offer a broad scope of coverage for vision-related expenses, there are certain costs that don’t meet the criteria for reimbursement. Cosmetic procedures such as elective vision correction surgery (e.g., PRK or cosmetic LASIK) typically aren’t covered by HSAs or FSAs. Non-prescription eyewear, such as non-prescription sunglasses, do not qualify for reimbursement.

Filing claims for vision expenses

Medical FSAs do require claims to be submitted. When you’ve made a purchase or received a service using a benefits card, retaining documentation is essential in case it’s needed to substantiate your claim. This documentation typically includes: 

• Date service was received or purchase was made
• Description of service or item purchased
• Dollar amount
• Provider or store name

Check out the HSAstore and FSAstore to explore further items and services your HSA and FSA can cover!

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. 

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