If you are someone who plans ahead and likes to save money, then you have probably heard of or already have a FSA, also known as a Flexible Spending Account. These accounts are great for people who want to save as much money as possible because they can deposit money into their FSA and use it on medical expenses without having to pay taxes on it. The money they deposit into their FSA can also be deducted off of their overall income as well, reducing the amount of money a person claims–lowering their overall tax expenses. However, the money in a FSA account will not roll over into the next year; if it’s not used on medical expenses the year it is deposited into the account, then it will expire and become useless. Many people who require optical aids use their FSA money to get a new pair of glasses or a batch of contacts before the end of the year so the money is not wasted.
Using Your FSA For New Glasses
You will easily be able to find an eye doctor in Miami Beach that works with FSA, so it won’t be any problem getting yourself a new pair of glasses. There’s no reason to let the money go to waste if you are having it deducted from your paycheck in the first place, especially if you are going to buy a new pair of glasses every year anyway.
- Optometrists recommend that patients get an optical exam at least once per year. During this time, a doctor will examine their patient’s eyes to determine if their prescription has changed at all. If there’s any change in someone’s vision, then they can have a new pair of glasses ordered and use their FSA to pay for them.
- If you prefer wearing contacts instead of glasses, then you can simply ask your optometrist to provide you with the appropriate prescription–your FSA money will also cover your contacts.
- If you have extra leftover money in your FSA account at the end of the year when you are getting your optical exam, then you should consider using it on multiple pairs of glasses. Many people like to keep several pairs for different occasions, and many glasses providers offer deals when getting more than one pair.
Can’t Make it By the End of the Year?
If you are unable to schedule an appointment with your Miami Beach eye doctor by the end of the year, then you should ask your employer if they provide a grace period or allow any of your money to roll over. While it’s not required, an employer has the option of either allowing $500 of their employee’s FSA funds roll over into the next year, or keep their FSA money for an extra 2.5 months into the beginning of the new year. Your employer may offer one of these options already, so it would be wise to check with them and make sure you aren’t losing any money.