Can I Use HSA for Glasses?
Author : Daniel Stewart | Published On : 23 Sep 2021
Figuring out how to pay for prescription glasses can be a daunting task! Many insurance policies treat vision as a separate entity, forcing millions to look for other ways to cover costs.
Unfortunately, things can get pricey if you can't see 20/20! The cost of frames alone is substantial. When you add in prescription lenses and other treatments, you're looking at hundreds of dollars! That rising price tag often leaves folks turning to their HSA broker. So, can you use HSA funds for your glasses? Read on to find out!
What Exactly is an HSA?
First things first, let's go over HSA basics. If you don't already have an HSA, you're missing out! Also known as a Health Savings Account, an HSA is a tax-advantaged account that can help you pay for all kinds of medical expenses.
An HSA is self-managed, and contributions aren't subject to federal income tax. An HSA broker can also invest in mutual funds, stock, and more to produce some impressive growth over time.
It's a great way to supplement your standard insurance policy while preparing for the unknowns of tomorrow!
Are Glasses an Eligible HSA Expense?
You'll be happy to know that an HSA will cover the cost of prescription eyewear!
It's important to note, however, that there are some limitations. The exact eligibility requirements can vary, but the general rule of thumb is that any form of prescription eyewear qualifies. That includes:
- Prescription eyeglasses
- Contact lenses
- Prescription sunglasses
- Prescription safety goggles and sports gear
The word "prescription" is critical here. An HSA is all about covering legitimate expenses related to your optical health. Many will even pay for things like specialty lens treatments or contact cleaning solutions. As long as it's medically necessary, you're good to go.
However, that means non-essential items such as fashion lenses, colored contacts, or extended warranties are a no-go.
Choosing the Right HSA
Ready to manage your eyewear costs? An HSA will help you do just that. That said, you must choose your broker wisely. Go with an HSA that's transparent, flexible enough to meet your needs, and equipped to make the most out of your contributions.
Daniel Stewart has been helping people with their money management and personal finance with over 15 years’ experience in business finance. You can find his thoughts at HSA solution blog.