The Vision Council Update: Flexible Spending Arrangements / Health Reimbursement Arrangements / Health Savings Accounts (FSA/HRA/HSA)
With the ongoing debate regarding the Patient Protection and Affordable Care Act (PPACA) that Congress passed in 2010, consumers are becoming more aware of how they pay for their eye care and what their insurance plans will cover. The Vision Council has recently conducted extensive research regarding consumers who purchase their eye care through some type of insurance or vision plan provider and who specifically use a tax-deferred flex spending benefit plan.
Our research has shown:
- Of the 61% of consumers who used their vision insurance plan to purchase frames, 5.0% used their tax-deferred flex spending benefit plan in 2012 which increased from 4.7% in 2011.
- Of the 73% of adult consumers who used their vision insurance plan to get an eye exam, 4.0% used their tax-deferred flex spending benefit plan in 2012 which increased from 3% in 2011.
- There’s an increase in the number of consumers who say that they will wait to have an eye exam until the exam cost is covered by their insurance program.
In order to provide our members a better understanding of what is and what is not covered for reimbursement, The Vision Council has prepared a summary of the different tax-deferred flex spending benefit plans that are currently being offered.
Full Report here