Another year has come and gone, and it’s almost that time to get your taxes in order and prepare to file a tax return. And for those with flexible spending accounts (FSAs), it’s also time to make good use of those tax-free funds before they are no longer available to you. As an FSA helps to pay for out-of-pocket medical and health-related expenses, why not invest those dollars in your family’s vision? Here’s a closer look at how your FSA can cover eyeglasses and much more at Cohen’s Fashion Optical.
What to Know about FSAs
FSAs are established by the federal government as a tax-free account meant to set money aside for health-related expenses. These accounts are open to employees of companies that include FSAs as a part of their benefits package.
If you are one of these individuals, your FSA allows you to set aside up to $5,000 per year, which is taken out of your paychecks in increments on a pre-tax basis. Since the money in your FSA is not subject to payroll taxes, your taxable income can potentially be lowered by up to $5,000. That means you can think of every health-related purchase made through your FSA as a tax deduction.
It’s important to note, however, that FSA funds typically do not roll over into the next calendar year. For many, they’ll need to use the money in their FSA by December 31. However, the Internal Revenue Service (IRS) allows employers to offer an optional grace period, which gives employees access to their FSA funds for an additional two and a half months after the end of the plan year. So if you’ve been eyeing a pair of Prada shades or the latest frames from Versace, now is the ideal time to put those funds to good use and make a lasting investment in your eye health.
Covering Vision-Related Expenses
Aside from covering an array of other medical expenses, your FSA funds can also be put to great use at Cohen’s Fashion Optical. In fact, almost every vision-related purchase is eligible, including the following:
- Eye exams
- Prescription eyeglasses
- Prescription sunglasses
- Reading glasses
- Contact lenses
- Contact lens solution, Eyeglass cleaning solutions and Cleaning cloths
In addition, with a prescription from our on-site optometrists, you can even have the cost of your favorite designer frames covered at Cohen’s Fashion Optical. Our collections feature many highly renowned brands, including Tom Ford, Coach, Guess, and Lacoste, allowing you to make a fashion-forward health related expense possible with your FSA. We also offer a host of options for frames and lenses at various price points, meaning you can get the most out of your hard-earned FSA dollars.
Utilize Your Funds at Cohen’s
Whether you’re looking for prescription sunglasses, color contact lenses, or designer frames, you can invest in new eyewear and stay on top of your family’s eye health by using your FSA funds at Cohen’s Fashion Optical. After your exam with one of our on-site eye doctors, a knowledgeable eyewear specialist will guide you through our assortment of value and designer frames. We’ll then help you choose frames that enhance your facial features and highlight your style – all while staying on budget. For more information, schedule an appointment at your neighborhood Cohen’s Fashion Optical location.