There are surprisingly many items and services covered by your FSA. However, you must have in mind that not all FSA plans are the same. For example, let’s imagine that all three FSA plans are the same so, why would there be three plans in the first place?
Naturally, they all have some differences for instance the Health Care FSA is designed to cover almost all health expenses, meaning you can spend your funds on prescription medicine, dental care, vision care, over-the-counter medicine, and much more. Your Health Care FSA can help you to buy those much-wanted branded sunglasses and ease the cost of them.
On the other hand, the Dependent Care FSA is designed to help you fund the expenses of your child’s daycare, or maybe if you have an elder dependent person in your charge, you’d pay for his/her daycare. You need to have in mind that to use these funds on a dependent person, he/she has to be incapable of taking care of self-care, no matter if that’s mental incapacitation or a physical one.
While the Limited Expense Health Care FSA is designed for people who already participate in the HSA plan, and the only eligible products and services are related to the dental and vision care field. For example, you’re having trouble seeing and want to get some contact lenses then your Limited Expense HCFSA has you covered. The contact lenses you purchase will be fully reimbursable with your account, and you will save 30 cents on the dollar, as all of the FSAs are tax-free.
And if you are in doubt about how to choose the right contacts for you – check our Vision Specialist Store.