If you wear contact lenses, you know how expensive they can be. But did you know that you may be able to save money on your purchases by using a Flexible Spending Account (FSA) or Health Savings Account (HSA)? It may sound complicated, but don’t worry, we’ve got you covered! Here’s everything you need to know to buy contact lenses using these accounts.
What are FSAs and HSAs?
Before we dive into how to use these accounts to buy contact lenses, let’s talk about what they are. FSAs and HSAs are special accounts that allow you to set aside pre-tax money to pay for certain medical expenses. These accounts can only be used for specific expenses such as doctor visits, prescription medications, and medical supplies.
How to Use FSAs and HSAs to Buy Contact Lenses
The good news is that both FSAs and HSAs can be used to purchase contact lenses. As long as your contact lenses are prescribed by a healthcare professional, you can use these accounts to pay for them.
Here’s how to use your FSA or HSA to buy contact lenses:
1. Go to your eye doctor and get a contact lens prescription.
2. Find a retailer that accepts FSA or HSA debit cards. Some popular options include 1-800 Contacts, LensDirect, and Eyeconic.
3. Make your purchase. Use your FSA or HSA debit card to pay for your contact lenses.
4. Keep your receipts for your records.
It’s that simple!
Benefits of Using FSAs and HSAs to Buy Contact Lenses
So, why use an FSA or HSA to buy contact lenses? There are a few benefits:
1. Tax savings: Because you’re using pre-tax dollars to pay for your purchase, you’ll save money on taxes.
2. Convenience: You can use your account debit card to pay for your contact lenses, which is much easier than submitting a claim for reimbursement.
3. Flexibility: FSAs and HSAs can be used to purchase a wide variety of medical supplies, including contact lenses.
Final Thoughts
Using an FSA or HSA to buy contact lenses can be a great way to save money on your purchases. Just make sure that you purchase your lenses from a retailer that accepts these accounts, and keep your receipts for your records.
Now, go forth and save money on your contact lenses! Your eyes (and your wallet) will thank you.