There are many ways to pay for health care expenses. Some people have special health care accounts through their employer, or a health savings account they set up on their own. Here are some simple explanations, and how you can leverage the funds in these accounts.
- Medical flexible spending accounts (FSA) provide pre-tax dollars, through an employer, to pay for certain medical expenses. A health reimbursement account (HRA) is set up through your employer to pay for certain health care related expenses as determined by your employer. Money deposited into these accounts expire at the end of the calendar year, and doesn’t roll-over for use next year.
- Health savings accounts (HSA) are special pre-tax savings accounts that you can contribute to throughout the year and use for health care expenses. Unlike FSA and HRA accounts, HSA accounts don’t expire at the end of the year, but do have limits on how much you can contribute annually.
- Did you know that you can use many of these accounts to pay for eye care? This can include the cost of eye examinations (including co-pays and co-insurance), prescription eyeglasses, and prescription contact lenses (including cleaning supplies). If you’re looking for ways to use all of your money before it expires, consider a new or back-up pair of glasses, or stocking up on contact lens supplies. Call us at Mad River Eye Care to schedule an appointment for your eye exam before the end of the year so you don’t lose any of your hard earned money.