Buying Glasses and Contacts the Savvy Way
Check out my staff post on Dimespring. It’s about buying glasses and contacts the savvy way.
Who knew buying glasses would be such a hassle?
This weekend we took off to the mall to visit Lens crafters and our optometrist’s office to finally get my husband some new glasses. I knew this was going to be an expense this year, so I planned for it in my FSA (Flexible Spending Account).
A flexible spending account (FSA), also known as a flexible spending arrangement, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States.
An FSA allows an employee to set aside a portion of earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee’s pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings.
Vision coverage plans vary from company to company. But here’s an example of mine:
- In-Network vs. Out-of-Network matters
- Contact allowance every year is $105 in-network and out-of-network
- Frame allowance every other year is $105 in-network or $70 out-of-network
- Allowance can only be claimed for contact lenses or frames in one year. Not both.
Make sure to read your vision plan coverage before heading out to shop for glasses and contacts. This way you can maximize your coverage and pay the least out of pocket.
To read more…visit the article and comment on how you have purchased glasses and contact lenses!