You have an HSA or FSA account. Were you aware it can be applied to buy prescription eyewear? The end of the year—or the tax year—may be the ideal time to look at spending your HSA or FSA funds on “qualified expenses.”
Remember, you don’t want to spend the funds on non-qualified items because you could be responsible for a 20% penalty. Here’s what does and doesn’t qualify.
Eyewear and services for correcting your vision are classified as a “medical product” and can therefore be purchased with an HSA or FSA:
- Prescription eyeglasses
- Prescription sunglasses
- Contact lenses
- Eye examinations and eye surgery
- Reading glasses
You can’t use an HSA or FSA to buy:
- Non-prescription eyeglasses
- Non-prescription sunglasses
- Insurance premiums
- Non-prescription colored contact lenses
