How do I redeem my FSA dollars?

Happy woman with eyeglasses on her laptop - FSA

When it comes to flexible spending accounts (FSAs), “use it or lose it” is the name of the game. Approximately 8% of users leave pre-taxed salary dollars on the table, according to WageWorks, a firm that administers FSAs. 

Here’s how you can make it your mission to be among the 92% of savvier spenders and redeem your FSA dollars for great deals on vision care products and services.

Know what’s covered

It may surprise you to learn that your optometrist visit copay and deductible are both FSA-eligible expenses. So are eye exams — even without vision insurance. 

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Also on the list: prescription eye drops and over-the-counter treatments; eye surgery, such as LASIK; reading glasses; prescription glasses and sunglasses; and contact lenses and cleaning solutions. 

You can also visit an online FSA store, usually offered by your provider, to get a complete list of FSA-eligible items.

Use your FSA card

Most plans provide subscribers with an FSA card. This is the easiest way to redeem your FSA dollars at the point of sale. 

You simply swipe your card when making a vision-related eligible purchase, just as you would a credit or debit card. Better yet, transactions are automatically verified for eligibility right there at checkout. 

You won’t need to cross-reference a list. You’ll know exactly how much you've spent and how much you have spent on eye care services and products. Just be sure to save your receipts. Your employer may request them.

Submit a claim

If you do not have an FSA card, or you otherwise paid out-of-pocket for an expense, you can redeem your FSA dollars by filing a claim on your provider's website. 

Use your FSA login to access your information on your provider's website. First time logging in? You may need to register. 

Once you have signed in, you should see an option to submit a receipt or claim among the website menu options. From there, follow the steps provided on the website. 

For example, you will likely need to:

  • Upload a digital copy of your purchase receipt

  • Input the service type 

  • Enter your date of service

  • Enter the service provider's name

  • Input the cost of the service not reimbursed by your health insurance provider 

  • Provide your personal information

Most reimbursement claims for any FSA-eligible items will likely need to be submitted by either the end of the calendar year, your plan's end date or the end of the rollover or grace period.

If you don't have access to your provider's website, check with your human resources department or contact your third-party FSA provider. 

Flexible spending accounts are a great way to save while investing in what’s good for your eyes, and redeeming that hard-earned income is easier than you might think. 

Schedule an eye exam today to start reaping the benefits of your FSA funds.

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