HSA vs. FSA: What's the difference?

Do you have a flexible spending account (FSA) or health savings account (HSA)? If so, we can help you make the most of it. You can apply your benefits towards a routine eye exam or to purchase prescription eyeglasses at Pearle Vision. Learn more about HSA benefits and FSA benefits below. Or, contact your neighborhood Pearle Vision to speak with an eye care expert about your options.

What Is an FSA?

If you have health insurance through your place of employment, you can use an FSA to set aside money for certain out-of-pocket healthcare costs. In some cases, your employer may also contribute money to your FSA. Generally, you must use the money in your FSA within a year. Depending on your company's policy, items such as prescription eyeglasses and contact lenses may be FSA eligible.

How To Use Your FSA Benefits

Using your FSA benefits is simple. Follow these instructions when seeking reimbursement:

  • Before using your account, check company’s FSA policy to confirm what is eligible for reimbursement.
  • Schedule an eye exam and pay for eligible items or services out-of-pocket.
  • Use your FSA debit card or a different form of payment and submit a claim for reimbursement. Check with your FSA to find out what documentation will be needed to file the claim.
  • Receive reimbursement for your costs, typically within 10-14 days.

What Is an HSA?

An HSA is another type of savings account that lets you set aside money to pay for qualified medical expenses without being taxed. The biggest difference between an HSA and FSA is that HSAs are owned by you and not your employer. HSAs also allow you to roll your unspent money into the following year, giving you more flexibility. You may be wondering, "does HSA cover eyeglasses?" Yes, you can use your HSA for eyeglasses, deductibles, copayments and a number of other expenses. However, keep in mind premiums are often excluded. Make sure to check your policy to see what is eligible with your HSA.

How To Use Your HSA Benefits

Once you enroll, you'll receive an HSA Bank Health Benefit Debit card to pay for eligible medical expenses. You can use this card at your neighborhood Peale Vision EyeCare Center to pay for the visit and other qualifying items. You can also use the card to withdraw cash and reimburse yourself for any out-of-pocket expenses.

HSA Benefits and FSA Benefits

Typically, vision expenses covered under HSA benefits and FSA benefits are:

  • Routine eye exams
  • Prescription eyeglasses and sunglasses
  • Eye care deductibles and co-pays required from your insurance

In order to use your FSA or HSA for contact lenses or eyeglasses you must obtain a prescription from an eye doctor stating that they are needed to correct a vision problem. If you don't have a prescription or need to update your current one, programa un examen de la vista at your neighborhood Pearle Vision EyeCare Center to get started.

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