A Flexible Spending Account, or FSA
, is a special account that allows you to set aside part of your pre-tax wages to pay for certain healthcare expenses for you and your family. Eligible expenses include contact lenses, over-the-counter products and prescriptions.
How will an FSA help me save money? The money you contribute to a flexible spending account is taken out of your paycheck before taxes are taken out. So doing this lowers your taxable income, which means you'll pay less at tax time! FSA plans are set up so that you can use these pre-tax funds to cover your qualified healthcare expenses not covered by your health plan, such as vision care expenses, doctor visit copays, deductibles, prescriptions, dental, vision and more.
What can I buy with my FSA funds? Besides vision care expenses, you can also buy prescription contact lenses, eye care accessories, and many other items. We make t easy to determine which products are FSA qualified products, because we mark them with our FSA icon.
Are contact lenses eligible for FSA? Prescription contact lenses are covered by FSA. Contact lenses worn for cosmetic reasons (zero prescription power) might not be covered. This is why some colored contact lenses are not flagged. If you wear color contact lenses in a prescriptive power, these lenses are eligible for FSA.
How do I order contact lenses using my FSA? Find your prescription contact lenses and place your order. If your plan provided you an FSA debit card, you may use it at checkout to pay for your contact lens and FSA eligible items directly from your FSA funds. If your plan requires you to submit a receipt for reimbursement from your FSA, you may print your receipt when your transaction is complete. You may also access a receipt showing past prescriptions, and all FSA-eligible purchases, through the FSA/HSA Manager under our ‘your account’ section.
How much should I contribute to my FSA? That’s a good question. Because you lose any unused FSA funds, you should consider it carefully. Your administrator may provide a calculator to help you determine how much you should deposit in your flexible spending account.
When can I sign up for an FSA? FSAs are offered through your employee benefits. You can typically sign up only during your annual open enrollment period. You should check with your employer’s benefits department for more details.
How do I pay for healthcare expenses with my FSA funds? If your administrator provides a debit card, that’s the easiest way to access your account. We make it really easy by allowing you to use your FSA card at checkout when purchasing FSA eligible items. By using your debit card, you won’t have to file a claim, the money will automatically be deducted from your FSA account. However, some administrators require you to submit a claim to receive reimbursement from your FSA account. We can help with that, too. Through our FSA Manager you can print a receipt that includes only your FSA purchases, making it easier for your administrator to process your reimbursement.
What purchases show up in the FSA manager? Our FSA manager is configurable by date range. Enter the date range and we will show you all qualifying items purchased in that period. As a bonus, our FSA manager also shows your purchases from our sister site drugstore.com to make reimbursement for all FSA purchases quick and easy.