Insurance Benefits and Flexible Spending Accounts
Use it or Lose it!
Insurance Benefits and Flexible Spending Accounts typically expire at the end of the year. Some companies allow you to use your flex money until March 15th of each year. Please check with your HR representative for details.
Stop into iCare Family Vision TODAY to use your vision benefits, flexible spending, and health savings accounts on:
FLEXIBLE SPENDING ACCOUNTS (FSA)
Many employers are offering Flexible Spending Account (FSA) options to employees. Sometimes these are referred to as cafeteria plans and are elective, supplemental insurance savings plans.
These plans are designed to let you save money in an account, pre-tax, to pay for additional medical expenses such as eye exams, glasses, and contacts.
Check with the benefits administrator at your work to see if you are eligible for this program. FSAs can typically be used in conjunction with any vision insurance plan to offset any out-of-pocket costs on your behalf.
HEALTH SAVINGS ACCOUNTS (HSA)
Depending on your insurance plan, your employer may offer a Health Savings Account (HSA) instead of an FSA. Typically an HSA is offered with high deductible insurance plans. Unlike an FSA, the money put into an HSA does not have a use-it-or-lose-it policy.
Instead, it earns interest over time and can be used as a rainy-day fund when healthcare expenses pop up. Just like an FSA, you can usually use HSA dollars to purchase glasses and pay for other vision expenses like eye exams, prescription sunglasses and contact lenses.
Check with the benefits administrator at your work to see if you are eligible for this program. HSAs can typically be used in conjunction with any vision insurance plan to offset any out-of-pocket costs on your behalf.
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5103 Minnetonka Blvd - St Louis Park, MN 55416