Not sure how you can spend your tax-free FSA before time runs out on 12/31? Learn everything there is to know about FSA and even HSA accounts so you know when and how to spend your hard earned dollars before it’s too late. Discover the benefits of having an FSA or HSA today and how you can put that money towards a new pair of prescription glasses, sunglasses, and even prescription goggles this season!
1. What is FSA & HSA?
1.1. How does FSA work?
1.2. How does HSA work?
2. When are my FSA/HSA dollars available?
3. When do my FSA/HSA dollars expire?
4. What can I buy with my FSA/HSA card at SportRx?
5. How-To: Spend your FSA/HSA dollars at SportRx
5.1. Visit your doctor
5.2. Shop for your eyewear
5.3. Put in your prescription
5.4. Use your FSA/HSA card
5.4.1. Split payments
5.5. Receipt with complete order
6. Can I use vision insurance at SportRx?
Flexible spending accounts (FSA) and health savings accounts (HSA) allow you to put pretax money away for specific health care expenses. What expenses are eligible can vary, so consult your FSA or HSA rules before making any purchase if you are unsure about your purchase.
An HSA or FSA account is like a rainy-day fund that you may set aside through your employer to use on various medical expenses. These funds are pre-tax dollars, meaning, the funds you contribute to your HSA or FSA will not be counted towards your taxable income. For example, if you contribute $2,500 for the year, your income will be taxed as though you made $2,500 less than what you earned.
One big difference between HSA and FSA is that HSA funds roll over year after year, while FSA funds expire at the end of each year if left unused. Knock on wood you never have to use ’em – however, you don’t have to let them go to waste.
This special account is usually available through your employer. It’s details, guidelines, and signing-up should be available through your employer as well. As of 2018, FSAs are limited to $2,650 per year. These funds can be used for certain medical expenses as well as pay for deductibles and copayments. Plan carefully, money left in the account after the year is lost.
The health savings accounts are truly like rainy-day funds. The account is not only tax free, it also gains interest over time. However, not everyone has access to an HSA. Only employees with high-deductible health insurance plans (HDHP) can qualify for an HSA. Most health insurance providers offer HSAs, but if yours doesn’t have one, you can open your own at most financial institutions.
The money goes in before taxes, growing with interest tax free, and the money can come out tax free. And unlike FSA accounts, the money rolls over year after year without the pressure of having to spend it.
FSA become available at the beginning of your coverage period, one calendar year typically beginning on January 1st. Your HSA dollars are available year-round, so long as you have funds in your account.
FSA dollars must be spent before the end of the same coverage period when the money was set aside. Most coverage periods are one full calendar year (ending on December 31st). Some plans have a grace period, so you can spend your remaining FSA dollars through March 15th of the following year. Afterwards, any unused FSA dollars are lost.
Other FSA accounts allow $500 to rollover into the next coverage period. Ask your employer what benefits your FSA accounts comes with.
- Prescription Sunglasses
- Prescription Glasses
- Prescription Goggles
- Reading Sunglasses
- Prescription Safety Glasses
Flex eyeglasses, flex sunglasses, goggles, and readers are eligible FSA expenses and HSA expenses that can be purchased online or over the phone with a friendly, helpful optician,. It’s never been easier to use those savings accounts on HSA eyeglasses, FSA eyeglasses, or flex sunglasses when you shop for prescription eyewear online at SportRx. So, don’t let your Flex dollars go to waste, and instead use ’em to get those sweet Oakley Crosslinks you’ve been eyeing, or even some awesome Ray-Ban Wayfarers with your flex and HSA funds.
Once you find the perfect pair of prescription eyewear, the awesome SportRx opticians make it easy to apply those flex funds you have saved up! If you’re using a payment credit card issued by your FSA provider, please contact us immediately after placing your order so that we can process your payment before the December 31st deadline. If you’d rather place your order over the phone and share your FSA Account info all at once, we’re happy to help you, every step of the way!
Time’s a tickin’! Shop the SportRx website or Call or LiveChat with a SportRx optician to use your FSA account on prescription eyewear before the December 31st deadline!
Go visit your local eye doctor to obtain an updated prescription. The prescription must have the doctor’s signature, an expiration date, and your Pupil Distance measurement. A prescription will typically last 2 years from the date you received the eye exam.
At SportRx we offer prescription sunglasses, eyeglasses, and goggles that are FSA/HSA eligible. Make sure to browse through all the brands we offer and contact a certified optician for any specific questions.
Once you’ve found your frame and customized the lenses, the final step will require you to enter your prescription. You can email, fax, or upload your prescription as a saved document. Whichever is more convenient for you.
When you get to the payment method enter in your FSA/HSA card like a typical credit card. Make sure to check the FSA/HSA box. This allows our opticians to recognize you are using an FSA/HSA card and to charge it right away.
Yes! After the order is placed please let us know the exact amount you want charged on each card. You can call, email, or live chat with an optician to get a split payment.
Once the order has been completed and shipped, you will receive an email with the tracking # and receipt for how much you were charged. If you do not receive this email make sure to contact SportRx.
SportRx is considered an out of network provider and does not directly take vision insurance as payment. Most vision insurances offer out of network benefits that allow you to be reimbursed for prescription eyewear. Make sure to check with your insurance and see what out of network benefits they offer. Insurances will require an itemized receipt to show proof that you bought prescription eyewear before you start your claim. You can contact SportRx if you need a copy of your itemized receipt.
Shop FSA/HSA Prescription Glasses, Sunglasses, and Goggles at SportRx
If you are looking for FSA and HSA eligible prescription eyewear, look no further. At SportRx we have in-house friendly opticians with over 20 years of experience that will help you custom your favorite pair. Contact Us and learn about our See Better Guarantee where you get 45 days to return your pair or get full credit towards a new one. We also offer free shipping both ways!