The offices of eye doctors across the country are busier than ever in the last few months of the year. Because of how vision insurance policies work, most people receive a set amount of coverage yearly that expires when the year ends. It’s in your best interest to use up any unspent portions of your end of year vision benefits.
Generally speaking, when it comes to vision coverage, the benefits don’t roll over, and your plan next year may not be as generous as what you receive this year. Also, doctors’ offices of all kinds get very busy towards the end of the year with patients trying to avoid losing their benefits. Avoid the rush by making your appointments early and ensuring you can take advantage of all of your vision benefits before they disappear.
Important: This article is for informational purposes only and is not meant in any way to be considered as tax or insurance advice. Please consult your own Tax or Insurance Professional for information about your particular situation.
What Should I Do?
Plan your next visit to your eye doctor if you have any remaining coverage on your eye care insurance plan. Some benefits worth claiming are:
- Eye Exams for Adults. These essential appointments help you see clearly, detect and treat eye diseases like macular degeneration, glaucoma, and cataracts, and other health problems like high blood pressure and diabetes. They’re also your best line of defense against future vision problems like Dry Eyes, Myopia and Keratoconus.
- New Glasses. Don’t let poor vision interfere with your life. A new pair of glasses are usually either free or greatly discounted in most vision plans, especially for senior citizens.
- Eye Exams for Children. And don’t forget to make appointments for your kids too. Insurance companies are required to offer Vision coverage for children according to the ACA, and school vision screenings are not sufficient for identifying underlying issues. Some conditions, like Myopia and Glaucoma, can start early in a child’s lifetime and can get worse if left untreated.
If you’re not clear what vision benefits are due to you, we can help. Call our benefits experts at (818) 891-6711 and we will contact your insurance company for you.
Non-Insurance Vision Benefits
With the end of the year fast approaching, now is the best time to use up any remaining coverage you may have in your health savings accounts (HSAs) and flexible savings accounts (FSAs).
Spend Your FSA Funds Before They Expire
FSAs are often partially funded by employers, so it’s important that you take advantage of those benefits. A typical FSA will provide up to $2,650 worth of coverage each year. This is a reasonable amount of coverage that you can use to cover your eye exam, prescription glasses, and any other vision services you may require.
You need to take advantage of your FSA benefits before the year ends because they do not roll over. We recommend that you make an appointment for your exam exam as soon as possible if you want to use them in time.
Most health FSA accounts can be used for standard eye exams, prescription glasses, and other essential services. If you’re unsure of what’s covered, consult with your FSA provider.
Your vision is incredibly important, and a yearly eye exam is your best way to protect your most important sense.
Take Advantage of Your HSA
Many insurance plans require copayments or have deductibles. Or maybe you don’t have vision insurance at all. Either way, if you have been putting money into a Health Savings Account, you can use those funds to cover your vision care costs.
An HSA is a specialized account that lets you save money for medical, dental, and vision services. Money that is automatically put into your HSA account from your paycheck is income-tax free. So not only do you have lower income taxes when you make tax-free deposits each paycheck, that money is yours for most of your health care needs. You can withdraw from these deposits for medical expenses like vision care for you and your family members. Because the funds roll over from year to year, you have an opportunity to grow your account.
HSAs are great for predictable yearly medical expenses like vision care because it allows you to pay for these services with non-taxed income.
Claim Your End of Year Vision Benefits Today
Do you have leftover eye coverage on your insurance plan? Do you have cash in either your FSA or HSA? When it comes to looking your best and seeing your best, taking care of your vision should be at the top of your priority list.