Quick Facts: Health Savings Account (HSA)
- You need to be enrolled in a high-deductible insurance plan to become eligible for a Health Savings Account (minimum of $1,250 for every person)
- HSA funds are usually accrued throughout the calendar year
- Every person can contribute up to $3,300 every year, sometimes an employer will also add to the contribution, (just like with a 401(k)).
- Your entire yearly FSA funds will be available by January 1st
- Funds will usually expire by March 15th or December 31st
- You may be able to carry over $500 of unused FSA funds from the previous year (this will depend on your employer)
- FSA funds are usually accrued throughout the calendar year
- Every person can contribute up to $3,300 every year, sometimes an employer will also add to the contribution, (just like with a 401(k)).
- FSA/HSA funds can be used whether you have vision insurance or not
- FSA/HSA funds can be used to purchase Rx eyewear and/or frames
- Prescription eyeglasses
- Contact lenses
- Prescription sunglasses
- Routine eye exams