Understanding Your FSA/HSA Benefits For
Glasses and Prescription Sunglasses
Many employers offer flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their
employee benefits. These programs allow you to contribute a portion of your wages on a tax-free basis to a
special account. Then you can use those funds to help pay for qualifying out-of-pocket health care expenses
(like prescription eyewear) for your water-ready lifestyle.
As the saying goes, knowledge is power. Understanding the basics of FSA and HSA benefits can help you make
informed decisions about your eyewear needs for the upcoming year. Read on to learn how to use your FSA or
HSA for Costa Del Mar prescription sunglasses, eyeglasses and reading sunglasses.
FSA and HSA Explained
Both FSA and HSA benefits can help you manage your medical costs. But there are some distinct differences between the two types of programs.
Flexible spending accounts typically work under a “use it or lose it” rule, meaning that any money not spent within the benefit year is forfeited. Some plans may allow a limited rollover amount or offer a grace period. Other key features of FSA plans include:
- Broader eligibility – FSA plans can be used with or without health or vision insurance. These plans are accessible to anyone whose employer offers them.
- Capped contributions – Contributions to these plans may be made by the employee, employer or both and are capped at a yearly amount. (This amount is $3,050 in 2023 and will increase to $3,200 in 2024).
- Lack of portability – FSA plans are usually not portable. This means that if you change jobs, you may lose access to your FSA funds.
Health savings accounts do not have a use-it-or-lose-it rule. HSAs allow rollovers, so any unused funds can be rolled over from year to year. Other key features of HSA plans include:
- Limited eligibility – HSA plans can only be accessed by those with an eligible high-deductible health insurance plan. You do not need vision insurance to be eligible for this type of plan.
- Capped contributions – Employees and employers can contribute to these plans. Contributions are also capped at a yearly amount. For 2023, these amounts are $3,850 per individual and $7,750 for a family in 2023. These limits will increase to $4,150 per individual and $8,300 for a family in 2024.
- More portability – HSA plans are portable, meaning that if you change jobs, your HSA funds go with you.
The information here offers a brief and general overview of FSA vs. HSA plans. Please review your plan details or contact your plan administrator to learn more about your specific plan.
Are Polarized Sunglasses FSA/HSA Eligible?
Polarized sunglasses may be eligible for coverage by an FSA or HSA if they have prescription lenses. Polarized lenses can improve your visual comfort by reducing glare from reflective surfaces such as water, snow and cement. But if they don’t also include prescription options to correct your vision, they are not eligible for payment with FSA or HSA funds.
All Costa sunglasses are made with polarized lenses, and most of our sunglass frames can be fitted with prescription lenses too. Costa accepts FSA and HSA as forms of payment on eligible items at checkout.
We offer a wide selection of HSA- and FSA-approved sunglasses that come standard with polarized lenses and can be custom-fitted with your vision prescription.
How to Purchase Your Costa Prescription Sunglasses with FSA/HSA
If you’re a water or adventure enthusiast, having the right eyewear is essential. Purchasing HSA- and FSA-approved prescription sunglasses, glasses or reading sunglasses is a simple process at Costa. Before selecting your perfect pair, you’ll want to gather the following information:
- Your current vision prescription (provided by your eye doctor at a recent eye exam)
- Your FSA or HSA card (if you’ve received one)
FSA and HSA cards typically work like debit cards and can be used to purchase eligible items on the Costa site. Once you’ve made your selection, you’ll be prompted to enter your prescription information. You can then choose your preferred lens color (if purchasing Costa prescription sunglasses) and complete your purchase.
Remember to keep your receipt and any paperwork related to your HSA- or FSA-approved sunglasses purchase. You may be required to provide documentation for reimbursement or to validate eligible expenses.
Keep Up with FSA/HSA Changes: Stay Informed for Future Purchases
It’s important to stay up to date regarding your FSA or HSA so you can make the most of your benefits. Details of these plans and their eligibility requirements may change from year to year. Be sure to review your plan’s documents and consult your benefits administrator for the most accurate information.
Maximize Your Benefits Before the Deadline
As the end of the year approaches, try to maximize your HSA or FSA benefits to ensure you’re well-equipped for the adventures ahead. Keep an eye on your account balance and know the deadline to spend your eligible funds. You may have an additional, later deadline to submit reimbursement claims.
Flexible spending accounts and health saving accounts can be invaluable when it comes to managing your health care needs and out-of-pocket expenses.
Understanding the benefits of your flexible spending account or health savings account can help you navigate the world of eyewear and other medical costs with confidence. Whether you’re shopping for Costa prescription sunglasses, reading sunglasses or prescription glasses, you can find options that meet your needs and leverage your HSA or FSA benefits.
Visit Costa today to explore our eyewear collections and embrace your spirit of adventure.