What You Should Know About Your FSA/HSA Dollars
It is here, the back-to-school year 2022-2023. Sensational, right? Do you know that you can use your Flexible Spending Account (FSA) and Health Savings Account (HSA) dollars to take care of some back-to-school needs for both K-12 and college-bound students? Eyeglasses are eligible for reimbursement with FSA, health savings accounts (HSA), health reimbursement arrangements (HRA), and with most limited care flexible spending accounts (LCFSA). FSA dollars can be used for the treatment of a medical condition and you may be able to use it to purchase eyeglasses that protect the kids from digital technology/E-Learning.
Blue-light-blocking glasses protect the eyes from blue light emitted from laptop screens, tablets, smartphones, or computers, which can be harmful to our eyes. Blue light can accelerate the growth of cataracts, and studies have shown it may contribute to permanent retinal damage. Besides those physical changes to eye health that are cumulative. Overexposure to blue light can also disrupt healthy sleep patterns and cause digital eye strain. To find out if the blue light glasses will qualify, contact your FSA administrator or HR department. now and you may be able to deduct a portion or large percentage of these glasses that aren’t typically FSA-eligible,
Back-To-School Items Eligible For Purchase With FSA/HSA Dollars
- Eye Exams
- Eye Glasses
- Prescription Sunglasses
- Contact Lenses
- Many Eyeware and care accessories
- And certain surgical procedures
- Contact lenses, solutions, and cases
- Rx acne treatments
- Back braces
- Bandages, first aid kits, and other supplies
- Orthopedic shoe inserts
- School and sports physicals
- Also eligible are eyeglass and lens accessories such as microfiber lens cleaning cloths, and lens cases
Dependent Care FSA (DCFSA) Is Another Option For Back-To-School Expenses
If you select to use DCFSA you must keep and submit receipts that show the expense amount and date, and the name of the dependent care provider. It is important to note that the FSA money is for dependents under the age of 13, a spouse that can’t care or work for himself/herself, and or an adult that is depending on you and you claim them on your taxes (Source: Advantage Admin).
- Adult daycare center
- Before or after-school program
- Work-related, in your home or someone else’s OR
- Work-related babysitting by a relative who is not tax dependent OR
- Work-related (or for other purposes) babysitting by a tax dependent
- Child care
- Elder care (in your home or someone else’s)
- Nursery school
- Senior daycare
- Sick child care
- Summer day camp
- Transportation to and from eligible care provided by a care provider
If you are uncertain what is covered, the rule of thumb is anything “medical” which the IRS defines as amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or to affect any structure or function of the body. In the Vision World, that means prescription glasses, prescription sunglasses, prescription / non-prescription reading glasses, contact lenses, and routine exams.
Come see us soon so that we can get your kids ready for back to school by providing the best products for safety and learning. We want to make sure they are getting off to a great start and remove potential obstacles that may inhibit their learning potential.