Using Your HSA on Glasses
Whether you’ve been a lifelong wearer of prescription glasses or require eyeglasses for the first time, purchasing the right pair is surely a financial investment. And while some glasses wearers are fortunate enough to have vision insurance, others have to pay for eyewear costs out of pocket. Fortunately, a health savings account (HSA) offers an easy way to pay for glasses without tapping into your day-to-day budget. If you make contributions to an HSA, Cohen’s Fashion Optical explains how you can use those funds to cover the costs of eyeglasses, contacts, and more.
What is an HSA?
HSAs are open to individuals who receive insurance coverage through a high-deductible health plan (HDHP). They serve as an option for these plan holders to put pre-tax money aside for potential medical expenses, as well as to decrease their taxable income. Some HDHP participants are offered HSAs through their employer, while others open one on their own – as long as they have a qualifying HDHP.
The way an HSA works is quite simple. HDHP holders determine how much money they’d like to save in their HSA, which can be done through automatic payroll deductions or manual deposits. Although the government sets a limit on how much money can be placed in an HSA each year, unused funds roll over each year. That means there’s no hurry to use your savings, offering a huge benefit compared to flexible spending accounts.
How do I use my HSA funds on eyeglasses?
HSA funds can be used to cover the cost of vision plandeductibles, coinsurance, copays, and other qualified health expenses that are not covered by your HDHP. These also include the price of eyewear and some related services, such as:
- Prescription, progressive, sunglass, safety, sports, polycarbonate, UV-protection,Transitions, hi-index, polarized, and bifocal lenses
- Value and designer frames for eyeglasses and sunglasses
- Various types of contact lensesincluding disposable, daily, extended wear, toric and color lenses
- Saline solution and cleaning solution for contact lenses,eyeglass cleaning solution and eyeglass cleaning cloths, protective eyeglass cases, and other eyewear accessories
- Eye exams, vision screenings, and other eye-health related procedures
To utilize the money in your HSA Account for any of these vision-related expenses, simply use the debit card or checks associated with your account during your visit to Cohen’s Fashion Optical. You may also transfer funds from your HSA to another account for use at one of our locations.
Why should I use my HSA at Cohen’s Fashion Optical?
Consider us your one-stop-shop for all of your eye health needs. Aside from using your HSA to cover vision exams and procedures through our on-site Optometrists, you can also take advantage of our highly regarded collection of frames and lenses. We offer designer frames from over 20 of the topbrands around the world, as well as many affordable options, allowing us to meet the needs of nearly any budget.
At any of our numerous locationsacross New York, New Jersey, Connecticut, Massachusetts, New Hampshire, Pennsylvania, Florida, and Puerto Rico, you’ll also find out what makes the Cohen’s Fashion Optical eyewear shopping experience so unique. Our eyewear specialists will work closely with you and your family to find the ideal lifestyle lenses and frames that best accentuate your face shape and personal style– all while ensuring that you’re using your HSA funds wisely. For more information, schedule an appointment at your neighborhood Cohen’s Fashion Optical today.