Flexible spending accounts (FSA) and health savings accounts (HSA) allow you to contribute pre-tax dollars to use toward medical expenses that your insurance doesn't cover. However, there are a few differences—here are some things to keep in mind:
Always check with your program administrator on the amount you can contribute as it varies year to year, and consider how much money you think you will use. If you don't spend the money you set aside by December 31 of the contribution year, the money will be lost. It does not roll over, nor will it be refunded.
However, some employers offer one of two options as a safety net:
- Grace period: Employers provide up to two and a half extra months to use FSA funds.
- Carryover: Employers allow you to roll over up to $500 to use the following year.
Which AC Lens products are FSA-qualified?
AC Lens marks FSA-qualified contact lenses with a symbol to make them easily recognizable. Prescription glasses, reading glasses and lens accessories may also be eligible, but check with your plan administrator to see which products qualify.
How to pay for AC Lens products with an FSA:
If you have an FSA debit card, you can use it to make purchases, but make sure to keep receipts in case questions arise. If you don't have a debit card, you'll pay up front for items and submit your purchase confirmation page (via email, fax, mail) to your FSA account administrator for reimbursement. Orders must be placed by December 31 to be eligible for reimbursement.
Like an FSA, the amount you're allowed to contribute varies yearly, so always check with your program administrator. Unlike the FSA, HSA contributions roll over annually and earn tax-deferred interest.
You can set up an HSA if you meet the following criteria:
- You're covered by a high-deductible health plan (HDHP)
- You're not covered by an additional medical plan
- You cannot be claimed as a dependent on someone's tax return
- You're not entitled to Medicare benefits
Which products are HSA-qualified?
Contact lenses, eyeglasses and eye exams are included, along with most eye care products. See list for details.
How to pay for AC Lens products with an HSA:
HSA trustees or medical insurers will issue a debit/credit card that you can use to place orders online or over the phone with our Customer Service Team.
If you have any other questions about how to use your FSA or HSA to purchase contact lenses, please contact your plan administrator.