Use it or Lose it: Use those FSA Dollars by the end of the year!
With all the holiday craziness, yet another end-of-the year shopping spree is going on. It’s that last dash to use up the remaining dollars in your health care flexible spending account. Flexible spending arrangements (FSAs) can help you spend less on health care, but only if you use yours correctly: by spending all the money in it before the looming year-end deadline.
FSAs are tax-advantaged accounts that can be used for medical expenses only; they’re sometimes also called flexible spending accounts. They’re different from health savings accounts, or HSAs, in that the money can be spent only in the calendar year it’s contributed.
In other words, FSA funds are use it or lose it, and any unused money left over at the end of the year is no longer yours. Unused funds go to your employer, who can split it among employees in the FSA plan or use it to offset the costs of administering benefits.
At Dr. Kye Mansfield, we have plenty of options to spend those dollars while keeping you looking SPEC-tacular (get it?)! Come in to treat yourself to a new pair of glasses, prescription sunglasses or contact lenses before this year is gone, while making sure to use your FSA funds.
We have a few FAQ and answers:
So how can I use all my leftover dollars?
We accept FSAs on all prescription eyewear purchases (including prescription sunglasses, progressives, readers, and contact lenses!) and exams, as long as your FSA or HSA card is affiliated with a major credit card.
But my prescription expired!
Easy solution! Come in for an eye exam with one of our doctors. You can even pay for your eye exam with your FSA.
I only have a little bit left in my FSA account, can I apply the amount towards glasses?
Absolutely. We can easily split your payment between two cards.