HSA and FSA:

What’s the Difference?
If you have an HSA or FSA, you want to be aware of all the eye care services you can pay for using these payment plans. However, properly navigating your eye care financing can sometimes be difficult and confusing. We want to break it down. Continue reading below to learn more about HSA and FSA and how you can use your balance to care for your eyes.

What is an HSA?

 
If you have a high-deductible health plan, you may qualify for a Health Savings Account (HSA).

The purpose of an HSA is to save up for medical expenses while also reducing your taxable income. Each year, you can decide how much money you would like to deposit into your HSA and you’ll then receive either checks or a debit card for your account that can be used to cover qualifying medical expenses.

You will not have to pay taxes on eligible medical costs paid for with your HSA. Here’s one of the important things that separates the HSA from the FSA: any of your unused HSA funds will roll-over at the end of the year.

What is an FSA?

 
Like an HSA, an FSA, or Flexible Spending Account, is used to pay for health care costs and can help reduce your taxes. However, you don’t have to have a high-deductible health plan to be eligible to open an FSA, rather, you can often qualify for an FSA if you simply have a health plan through your work.

The purpose of an FSA is to pay for qualifying out-of-pocket health care costs. When you require or have a medical expense that isn’t covered by your health care plan, you can use your FSA Visa or Mastercard or submit a claim to receive reimbursement through your FSA.

One major benefit of using an FSA is that you can access all your account’s balance even when you haven’t made all your pre-tax deductions yet.

Unlike HSA, at the end of the year, only a portion of unused FSA funds can roll over to the next year.

How Can I Use My HSA or FSA at Eye Centers of Florida?

 
Unfortunately, some health insurance policies don’t provide coverage for certain eye care procedures. Often, this is reason enough to pursue opening an HSA or FSA. While these health care options can be used to cover costs of procedures often not covered by other insurances, there are still a few limitations as to what is eligible for coverage.

When it comes to receiving eye care services or products at Eye Centers of Florida, we often accept HSA and FSA payments for qualifying services including:

Optical Retail

At Eye Centers of Florida, you can use your HSA and FSA funds on select eyewear products. This includes:

Treating yourself to new, fresh eyewear is a fantastic way to utilize what’s left of your insurance benefits before they renew at the year’s end.

Eye Exams

Have you had an eye exam this year? If you haven’t, consider scheduling a checkup at Eye Centers of Florida using your HSA or FSA.

Comprehensive eye exams are the first step to ensuring that your eyes are performing at their best and will help determine if you have any eye health or vision problems that need to be addressed.

Cataract Surgery

Cataract surgery is usually covered by your health insurance policy, because it’s considered a “necessary” procedure. At Eye Centers of Florida, we have a better selection of lens options for cataract surgery than any eye doctor in SW Florida.

If you plan on paying for cataract surgery with our premium lens option using funds from your HSA or FSA, we can provide exceptional cataract care that meets your needs.

LASIK

Unfortunately, insurance policies do not cover LASIK because it’s considered an elective procedure. However, the IRS currently deems LASIK an eligible expense for both HSA and FSA payment plans.

This is important, because of the life-changing potential of LASIK and other vision correction procedures. Being able to use tax-free money to pay for some or all of your laser eye surgery may be exactly what you need to take that final step and schedule your procedure with Eye Centers of Florida.

Double-Checking Your Financing

While this blog acts as a guideline as to which services and procedures can be covered by an HSA or FSA, the IRS modifies its list of eligible expenses annually. It’s always a good idea to double-check and make sure that your expenses will be covered by your account. A comprehensive list of medical services that can and cannot be covered can be found on the IRS website in IRS Publication 502.

It’s important to note that any funds you withdraw for non-qualified medical expenses can incur a penalty. For an HSA, this includes the medical expense being taxed at your income rate, plus a 20 percent tax penalty if you’re under the age of 65.

Have More Questions?

Eye Centers of Florida is Here to Help.

Understanding your finances and how to pay for the things you need is important, but it can also be tricky. At Eye Centers of Florida, our billing staff is here to help you understand how you can use your HSA or FSA to finance your eye care.

We also offer other insurance and financing options. We accept many major insurance plans, Medicare, private health insurance plans, managed care networks, and provide access to interest-free financing plans.

If you have any questions about your HSA, FSA, or want to learn more about other financing options, our Eye Centers of Florida billing staff will be happy to speak with you at 888-393-2455.