While it's widely regarded that sunglasses have long been a staple in fashion, they're also quite necessary when it comes to sunny days. Most of us might not be aware that certain styles of sunglasses may qualify for Health Savings Account coverage. Understanding the guidelines is paramount for anyone hoping to maximize the benefits of an HSA in an attempt to protect their eyes from the sun. In this blog, we will discuss whether sunglasses qualify for HSA, the most important factors that affect eligibility, and how you can make a smart purchase with your eyewear to maximize HSA funds.
What is an HSA, and How Does It Work?
First, let's take a minute to explain what exactly an HSA is and why it is such a powerful savings tool for healthcare.
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An HSA is a tax-advantaged savings account that enables individuals to save money specifically for qualified medical expenses. This means that money put in, money taken out for qualified expenses, and money left over at the end of the year all goes in tax-free. If you are enrolled in an HDHP, you more than likely have an HSA available. Because of these advantages, HSAs are attractive options for those who want to save money for medical expenses and grab favorable tax benefits.
Common Eligible Expenses under HSA
Some of the most common expenses covered by funds under HSA include:
Doctor visits and medical exams
Prescription medications
Dental care
Vision-related expenses such as eyeglasses and contact lenses
But what about sunglasses? Can you buy those with HSA money? Let's dive into that next.
Are Sunglasses HSA Approved?
The short answer is: yes, but with conditions.
Prescription sunglasses can be bought with HSA funds, but most non-prescription sunglasses are normally not covered. The difference here is over whether the sunglasses have a medical purpose. Prescription sunglasses help correct vision while your eyes are being protected from damaging UV rays and are thus a valid medical expense. Non-prescription sunglasses are normally seen as a non-essential item, more for style than a medical one.
What Makes Prescription Sunglasses Eligible for HSA?
Prescription sunglasses fall into the category of vision-related medical expenses, just like regular prescription glasses or contact lenses. Here's why:
Vision correction: Prescription sunglasses are designed to correct vision in the same way as regular prescription glasses. This simply makes them a qualified medical expense under HSA guidelines.
UV Protection: Apart from correcting vision, prescription sunglasses also offer your eyes protection from damaging UV rays that can lead to potential cataracts or macular degeneration later on. Since this is also a form of protection to the eyes, while providing a vision correction, prescription sunglasses are eligible under HSA.
What About Over-the-Counter Sunglasses?
Unfortunately, over-the-counter sunglasses that don't correct your vision are not typically eligible for reimbursement through HSA. There are a few exceptions, however-if they are prescribed by a medical professional as part of a treatment plan-a condition such as intense light sensitivity or post-eye surgery. How to Use HSA Funds for Prescription Sunglasses
If you have a prescription for sunglasses, buying these with your HSA is pretty painless. Here's a step-by-step guide to ensure you get the best bang for your buck from your account.
1. Get a Prescription
The first step is getting a prescription from an eye doctor. Even if one uses prescription glasses, one will require yet another prescription for prescription sunglasses. A doctor shall be in a position to advise lenses with enhanced UV protection, polarization, or antiglare depending on one's different needs.
2. Choose HSA-Eligible Retailers
Shop for your sunglasses with HSA-approved retailers. Most optical shops, in-store or online, accept HSA cards to pay for your new shades. Look for companies such as Warby Parker, Zenni Optical, or LensCrafters that offer prescription sunglasses and a way to receive HSA as a payment method. More often than not, you will be able to filter for HSA-eligible items on their websites.
3. Save Your Receipts
Keep in mind that you will have to keep a record, even though you are paying with HSA funds. The IRS will require proper documentation of your HSA expenses for proof that the expenses are qualified medical purposes. Save your receipt and prescription; you may need them when filing your taxes or in case of an audit.
4. Get Reimbursed
You can also pay out of pocket and get reimbursed later if you don't pay for your sunglasses upfront with your HSA debit card. Simply upload your receipts on your HSA provider's portal to receive reimbursement.
Other HSA-Eligible Vision Expenses
If you want to take full advantage of your HSA for your eye care, then you'll be happy to know that many other products and services having something to do with vision are eligible for HSA money. Some of these include:
Prescription glasses-regular or bifocal
Contact lenses and solution
Eye exams
LASIK surgery
By paying for these expenses with your HSA, you can save money while taking care of your eyes.
Takeaway Points: How You Know Your Sunglasses Purchase Is HSA-Approved
In summary, here's what you should know when you are wondering if your sunglasses qualify as HSA-approved:
Prescription sunglasses are HSA-eligible because they correct vision and protect your eyes from UV rays.
Nonprescription sunglasses are usually not qualified for HSA, unless of course, prescribed by a physician for medical reasons. Spend HSA funds at qualified retailers, and always save a receipt for purchase for tax purposes. Actionable Tips for Shoppers Consult an eye doctor for a prescription if one wants corrective sunglasses. Scour for HSA-friendly places which provide prescription sunglasses and hence allow HSA payment for the purchase. Save all receipts from vision-related purchases-from prescription to receipt-to ease the headache during tax filing. Conclusion
Sunglasses aren't just a fashion accessory; rather, they can be life-saving eye health tools when prescribed. Understand the kinds of sunglasses that are HSA-approved, and the result will be a smart purchase that will save money over time. Just think of consulting with your eye doctor, choosing the right retailer, and keeping the documentation for tax purposes. Keeping these steps in mind, you can maximize your HSA benefits along with clear vision and UV protection throughout the year.
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Frequently Asked Questions
1. Can I use my HSA to buy non-prescription sunglasses?
Generally, no. Non-prescription sunglasses are not considered a qualified medical expense unless prescribed for a specific medical condition.
2. Are blue light glasses HSA-approved?
Blue light glasses may be HSA-eligible if they are prescribed for a medical purpose, such as eye strain or digital eye strain.
3. Can I use my HSA to buy contact lenses?
Yes, usually any sort of contacts, contact solution, and other vision-related products can be covered under an HSA.
4. What if I don't have a prescription but need sunglasses after eye surgery?
For instance, in the case of post-surgery recovery, over-the-counter sunglasses may qualify under HSA if prescribed by a physician.
5. Is there any reimbursement on sunglasses with no usage of my HSA card upon checkout?
Yes, of course; you can submit them to your HSA provider for reimbursement, provided you have a receipt and prescription indicating they are medically applied.
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