HOW TO GET THE MOST OUT OF YOUR VISION CARE BENEFITS
1. Understand what is covered under your plan, and use in-network doctors to lower your expenses.
HORIZON and AETNA plans generally cover one annual routine eye examination and/or refraction by an in-network ophthalmologist or optometrist. You pay your applicable co-payment and or deductible, unless you are enrolled in one of the High Deductible Plans.
• Contact lenses fittings
• Out-of-network routine eye exam/refraction
• Frames, lenses, or contact lenses
2. Save your itemized receipts, and submit for reimbursements through the Vision Care Reimbursement Program.
Members of IFPTE and Managerial employees* who are full-time and eligible for coverage under the New Jersey State Health Benefits Program may, after 60 days of employment, submit one eye examination and one itemized eyeglass/contact lens purchase receipt for reimbursement once every two contract years for themselves and each of their dependents. (The current contract period is July 1, 2015 to June 30, 2017)
The Vision Care Reimbursement Program allows for up to $40 for single lens eyeglasses, $45 for bifocal and trifocal eyeglasses or contact lenses, and a maximum payment of $35 or the cost, whichever is less, of an eye examination.
To request a reimbursement for vision care expenses, please submit a Vision Care Reimbursement Request Form and an itemized receipt to the Office of Human Resources. Further instructions are available on the Vision Care Reimbursement Form.
*Other employee groups may become eligible as new collective bargaining agreements are ratified.
3. Take advantage of an FSA – Unreimbursed Medical Flexible Spending Accounts
Did you know you may not be able to tax deduct all or any of your unreimbursed out of pocket medical expenses (i.e., purchasing frames, lenses, or contact lenses) when you file your taxes? If your unreimbursed medical expenses fall under the allowable IRS threshold, an FSA could save you money.
“If, for a taxable year, you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse, and your dependents. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. For years beginning after December 31, 2012, you may deduct only the amount by which your total medical expenses exceed 10% of your adjusted gross income. You figure the amount you are allowed to deduct on Form 1040, Schedule A.”
To learn more about the FSA, please visit the Section 125 Tax Savings Program website.