Making the Most of Your End-of-the-Year Eye Care Benefits

November 25, 2024

According to a report published in May 2024, flexible spending accounts (FSA) had an average forfeiture of $441. If your health insurance spending plan includes Flex Dollars, it's important to make the most of your benefits; otherwise, you risk forfeiting cold hard cash that you could use on a new pair of designer glasses!

Key Takeaways

Flex Dollars are a part of a flexible spending account and will help cover out-of-pocket healthcare costs.
You can use Flex Dollars on medical, dental, or vision expenses.
Now that it's the end of the year, it's an excellent opportunity to schedule an annual eye exam and spend any unused Flex Dollars before the next calendar year.

Keep reading, and we'll tell you how to maximize your end-of-the-year insurance benefits.

See Related: What Are Computer Glasses?

What Are Flex Dollars?

If you receive health insurance benefits from your employer, you may have a health insurance spending plan, also known as a flexible spending account (FSA). Flex Dollars are typically a part of an FSA and will help cover certain out-of-pocket healthcare costs. It also grants certain tax advantages.

Some employers will offer Flex Dollars to help cover certain medical expenses and healthcare costs. The issuing company will determine what happens to unused Flex Dollars - unused Flex Dollars may roll over into the next calendar year, or they may be forfeited if unused.

For example, let's say that you receive $1,000 worth of Flex Dollars from your employer each year to spend on out-of-pocket expenses for medical, dental, or vision. Depending on the issuing company, if you do not use that entire $1,000 by the end of the calendar year, it may be forfeited. So, where can you use your Flex Dollars to make the most of your health insurance spending plan?

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Where Can I Use Flex Dollars?

Most of the time, you can spend your Flex Dollars on any medical, dental, or vision expenses, from blood sugar test kits to prescription medications to contact lenses.

Now that it's the end of the year, you can easily kill two birds with one stone - you can spend unused Flex Dollars and update your glasses prescription when you visit Oculus Eyecare. Our optometry practice and optical boutique is typically busy at the end of the year, so it's a good idea to book an appointment for a comprehensive eye exam and personal styling appointment before the holidays get too close!

Be sure to contact your employer or issuing company if you have any further questions or concerns about where you can spend your Flex Dollars.

Bonus: What Glasses Will Suit My Face Shape?

Scheduling Your Annual Eye Exam

Adults should get a comprehensive eye exam at least once every one to two years, even if they don't have vision problems or eyesight concerns.

At your annual eye exam, your optometrist will be able to screen you for early signs of eye disease like glaucoma, macular degeneration, or cataracts. An annual eye exam is an essential part of maintaining and supporting your overall wellness and ocular health.

If you haven't yet scheduled an eye exam, now is the perfect time to do so. You can also schedule a personal styling appointment with our talented and experienced opticians to find frames that give you true confidence and comfort.

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Frequently Asked Questions

What are Flex Dollars used for?

Flex Dollars can be used for certain out-of-pocket healthcare expenses, including medical and vision care. They are usually a part of a health insurance spending plan.

How do Flex Dollars work?

If you receive health insurance benefits from your employer, Flex Dollars are usually a small portion of your regular wage. Flex Dollars are put into a flexible spending account (FSA) and work on a declining balance system. You can pick and choose when and where to use your Flex Dollars.

What is the interest rate for Flex Dollars?

The interest rate of your Flex Dollars or FSA depends on the issuing company and the healthcare plan.

Keep Reading: How Long Does It Take To Adjust To New Glasses?

Oculus Eyecare is Seattle’s premier optometry practice and optical boutique for those looking to see and be seen in a new way. Located in South Lake Union on Denny Way, Oculus Eyecare offers comprehensive eye care services and exams for individuals and families in Seattle. Click here to schedule an appointment or a personal styling session. To stay connected and learn more, follow us on Facebook, Instagram, and X/Twitter.