The motto of FSAs is use-it-or-lose-it, and that is one of the downsides of the plan and handing back to the employer leftover FSA money is something nobody wants. Although there are two options that can save your funds and actually help you, they differ from employer to employer especially because no employer is obligated to offer them. At once the employer may offer you a grace period to use up the rest of the funds, meaning that you can have up to two months of the following year. On the other hand, your other choice is to transfer directly up to $500 of funds into the next benefit year. If by some means you have none of the above choices, we’ve got some excellent ways to spend your money on.
- Eye exam
- Contacts: If you have a stable eye prescription (having the same eye diopter for a couple of months/years), it wouldn’t be a bad idea to use your balance to stock up some extra pairs of contact lenses.
- Prescription glasses: Other eligible items on the FSA list are the frames and prescription glasses. As we all know if you take good care of the frames, they can last years. Which is the exact reason why stocking on frames can be a great idea.
- Prescription sunglasses: available for reimbursement with both FSA (watch out that you can’t buy any of the things above with a Dependent Care FSA) and HSA. A pair of good sunglasses can last years and years and that’s why it’s important to make a good choice.
Eye care should be at the top of our list of priorities. However, in most cases, people don’t visit an optometrist or ophthalmologist until is too late. So, let’s change that.