eyeglasses

10 Ideas for Using Your FSA Before Year End

Carrie Kirby — Fri, 30 Dec 2011 10:48:23 +0000

I hate leaving money on the table — the operating table, ha! — by failing to spend my whole medical flexible spending account. As the final hours of 2011 tick down, it's time to use up your flexible spending balance before you lose it!

(If you don't know what flexible spending accounts are, you probably don't have one. But check out the post What You Need to Know About Your FSA to learn the basics.)

This year it's a little more challenging because the rules have changed for 2011 — you can no longer use the funds for over-the-counter medication unless you get a prescription. If at all possible, start this process before your doctor's office closes for the week, because even if there's no time for an appointment, they may be able to help you with paperwork. Here are some ideas for spending a lot in just a little time.

1. Order Glasses or Contacts

This is a favorite at our house, because even if you already have a decent pair of glasses, who couldn't use some prescription sunglasses or a spare pair? I have used Zenni Optical and Coastal Contacts and was happy with both — Coastal tends to be more expensive than Zenni, but with nicer frames and more coupon codes. (See also: 6 Ways to Save Money on Eyeglasses)

2. See the Eye Doctor

Optometrists are easier with last-minute appointments than doctors, and if your prescription is more than a year old, it's a good idea to get a new one now. If you have extra money to blow, you can spring for all the tests like getting your eyes dilated. Hey, wearing sunglasses to your New Year's Eve party will make you look like a celebutante!

3. Join Weight Watchers Online

You can prepay for a three-month plan. When my husband did this, he just noted that his doctor had verbally advised him to exercise to lose weight. But to be safer, fax or email your doctor this form (PDF), and include the completed form with your request for reimbursement.

4. Sign Up and Pay for a Tobacco Cessation Program

Again, you should get your doc to recommend this in writing, but what doctor wouldn't?

5. Go to the Dentist

Like the eye doctor, dentist offices sometimes have last-minute openings. No cavities? If you have a few hundred to blow, get your kid to get dental sealants.

6. Get a Flu Shot

Many drugstores offer walk-in flu vaccinations, and some do shingles as well. Take the kids in for shots, too. Even if you do this at the doctor's office, many offices don't require appointments to have a nurse give you an immunization.

7. Refill Any and All Prescriptions Your Family Already Has

You can check with the pharmacist to make sure that the allergy meds you plan to take come spring will still be good if you buy them now.

8. Purchase Medical Supplies

The new prescription requirement applies to OTC drugs but not equipment, such as Band-Aids, contact lens solution, barrier contraceptives (as in, condoms), pregnancy tests, blood pressure cuffs, or crutches. Hey, they make some really expensive bandages these days!

9. Call Your Doctor's Office and Ask for a Quick Prescription for OTC Drugs

If the office can send it straight to your drugstore, you may be able to get this done in less than a day.

10. Reread Your Company's FSA Policy

Or put in a quick call to HR; you have more time than you think. Some policies include a grace period after the end of the year when you can still spend your funds.

While you're at it, plan ahead to avoid spoiling next New Year's Eve with these concerns. If you have already made your FSA election for 2012, book enough appointments now to make sure you've taken care of any routine health maintenance well before it becomes an FSA emergency.

This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Cheat Sheet: Retail Markup on Common Items

Kentin Waits — Wed, 15 Dec 2010 15:00:07 +0000

The holidays typically bring a rush of retail shopping. And during tough economic times, retail shopping brings endless commercials and high-decibel ads all proclaiming “low prices” and “deep discounts.” But how can we determine the value of a discount if we’re unaware of the average retail markup? If those jeans are priced 200% above wholesale, does a 15% discount really seem that generous? (See also: Party Like It's 19.99: The Psychology of Pricing)

Very few resources exist to research the average markup that retailers enjoy between their wholesale costs and retail prices. The whole topic seems shrouded in complex formulae and arcane insider knowledge. Even in the Information Age, online searches on the subject bring wild variances in statistics (when they exist) and huge gray areas of subjectivity (when they don’t).

With a few days worth of research, I’ve narrowed down the range that most retailers employ when pricing their items. The list below outlines some of the more common consumer goods and the associated markup from wholesale to retail. One caveat: Consumers in America have a wide choice in retailers, and big box stores, outlets, malls, and boutiques all have their unique pricing structures based on overhead such as advertising, real estate prices, buying volume, staffing, etc. No single rule holds true for each, and broad ranges are the norm. However, from a consumer perspective, a broad range based upon research is better than no idea at all. A knowledgeable consumer is better equipped to understand the real value of a discount based upon a retailer’s real cost and not the markup/markdown shell game that seems to entice us so often.

Clothing Markups: 100-350%

Jeans are the biggest culprit in the clothing category. The price of boutique denim jeans can reflect a markup of 350%. Jeans from mid-level retailers like Kohl’s or JCPenney are slightly saner with an average markup of 115%.

Shoe Markups: 100-500%

Markup is as varied in the footwear industry as sizes and styles. Typical cross-trainers or athletic shoes carry a 100% mark-up, while higher-end fashion shoes at boutique stores can be marked up by as much as 500%.

Cell Phone Markups: 8-10%

The entire category of electronics has some of the lowest markups around. Cell phones, for example, are only bumped up about 8% between wholesale and retail. The profit center for phones lies in the service contracts and usage fees. Manufacturers can operate with a lower retail markup because the real money is in the service.

Furniture Markups: 200-400%

No industry manipulates the meaningless MSRP (Manufacturer’s Suggested Retail Price) quite like the furniture industry. Salespeople usually receive a 15-20% commission if they sell an item at the inflated MSRP. But there’s another helpful abbreviation to know: MAP (Manufacturer’s Advertised Price). This lower price is the minimum at which most retailers are allowed to sell the item. Salespeople resist consumers who ask for this price and only receive about 7% commission on MAP sales.

Grocery Markups: 5-25%

Grocers certainly operate on slimmer profit margins than most other retailers. According to the Retail Owners Institute, stores typically maintain a narrow margin of 5-8% on the staples and then broaden their margins on luxury or indulgence items (think high-end coffees, chocolate, wines, etc.).

Cosmetics Markups: 60-80%

According to the research firm Euromonitor, the average markup on premium cosmetics is 78%. Since most cosmetics are composed of various combinations of good ol’ dirt, oil, wax, and fragrance, this relatively small markup adds up to big profits.

Prescription Medicine Markups: 200-5,600%

According to an expose by the Detroit ABC affiliate WXYZ-TV, pharmaceutical companies enjoy a 200-5,600% markup on their drugs in the US. Canada and several European nations impose a ceiling on drug prices and actively negotiate with drug manufacturers to keep costs down. No such safeguards exist here; even generic drugs in the US can be marked up by as much as 1,200%. Sure, development costs are high for some of these life-saving medications, but the markup has no expiration date.

New Car Markups: 8-10%

Not factoring in extended warrantees, finance charges, and other add-ons, auto dealers markup car prices by about 10%. Dealers’ intricate pricing structures involve invoice prices, transportation charges, dealer holdbacks, and incentives — enough confusing consumer fodder to fill a dozen articles. Suffice to say, the more you know about the secret cabal of car dealerships and how they arrive at their sticker prices, the better chance you’ll have of knowing where to begin your negotiating.

Eyeglasses Markups: 800-1,000%

It’s amazing but true: Some opticians charge 1,000% over wholesale for the hottest designer frames. Malls and larger chain stores are the worst offenders, with many other peripheral costs factored into the price of those fancy frames.

I'm not suggesting that retailers shouldn’t be paid for the services they offer. Buying low and selling high is as American as apple pie and credit card debt. Retailers often have huge cost-structures to maintain — all supported by tweaking that markup and (hopefully) influencing consumer behavior by hitting the sweet spot between cost and perceived value. But since this whole system rides on the backs of you and me, isn’t it worth unpacking, examining, and understanding exactly what we’re paying for?

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This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Ways to Save Money on Eyeglasses

Linsey Knerl — Sun, 18 Apr 2010 17:00:10 +0000

Dealista MP3:

Dealista #33: How to Save Money on Eyeglasses

This article shares tips from the newest episode of Dealista, our podcast that'll help you get more for less.

It’s National Women’s Eye Health and Safety Month, and that means time for everyone (even the guys) to replace their worn out glasses for some new ones! But before you fork out big dollars, read our tips for saving big on your eye care expenses!

Check Your Insurance

Many people are unaware if their regular medical insurance plan covers eye care. If you’re one of them, get informed! While it may not cover actual glasses or contacts, some plans do cover exams and will offer discounts to additional services (like laser surgery). Check the plan’s fine print or contact your HR rep through your workplace to find out what’s available to you.

Use That HSA or FSA

In addition to the awesome tax perks that you can get from taking advantage of these savings plans, they can be a useful way to sock away money for a much-needed replacement pair of lenses. If you’re finding yourself with extra FSA funds at the end of a tax year, this is a great way to use it up. HSA’s will also cover some additional eye care expenses (like contact lens solution). Again, it’s best to check your plan carefully to see what qualifies.

Order Online

If this is going to be your first pair of eyeglasses or contacts, you may want to stick to ordering in-clinic. For the rest of us, you may be comfortable ordering from an online discount chain like 39Dollar Glasses. I’ve used the service myself, and while the quality is nothing compared to my favorite $300 Kate Spade frames that I wear most often, it’s a great way to snag a cheap pair of “backup” frames or for getting fast replacement when the budget is extremely tight. You’ll want to have a current prescription from your eye doctor, as well as measurements for making sure you get a good fit before you order.

Take Advantage of Repair and Replacement Plans

Some clinics will offer one free replacement or repair on certain kinds of lenses, and most reputable eye doctors that I know will switch your contact lens brand for free if you have trouble wearing them. In addition, retailers like Walmart will replace kids’ lenses for up to a year from the date of purchase for free, and many big chains like Lens Crafters may adjust or repair your frames from another store — no questions asked. To get an idea of what’s available to you, just call your closest eye clinic and ask!

Read Up

There’s no better way to save money than by being an informed consumer. That’s why I like the Glassy Eyes blog, a journal about saving money on eyeglasses that includes reviews for retailers, discount codes, and clever hacks to help you from overpaying on your eye care.

Hack It

I wouldn’t recommend this for your best pair of designer frames and lenses, but as a last resort alternative to tossing your beat up frames, you might want to try Armour Etch.

Dealista is a collaboration between Wise Bread and Quick and Dirty Tips, the producer of popular podcasts such as Grammar Girl, Money Girl, Winning Investor, and Mighty Mommy.

If you enjoyed these tips you can find more in our show's archive.

This article is from Linsey Knerl of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Armor Etch can be a cheap fix for your scratched eyeglasses

Torley Wong — Wed, 04 Mar 2009 06:15:40 +0000

My wife recently scratched up her eyeglasses which we bought at a bargain from an online store (perhaps another story for another post). Holding them up to the light, the flaws were visible. Thankfully, searching the web yielded answers in short order, although they took some time to compile, so I'm sharing my experiences with you.

Many reviewers have suggested using Armour Etch to remove glasses' antiglare coating, and thus, the scratches. Note that this ONLY applies to plastic/polycarbonate lenses in general — do NOT use it on actual glass glasses, because it'll "frost" and RUIN them. I also recommend not doing the following if you only possess one pair of glasses... have a backup! After weighing our options: ~US$50 for a new pair of glasses vs. $10 for a small (3 oz.) bottle of Armour Etch, we opted to use the latter for an experiment.

I procured a bottle from eBay, and the process was very simple.

Here's exactly what I did:

Wear vinyl gloves.
Hold the glasses facing away from you, with one hand holding onto the frames.
Pour a gumdrop-sized dollop of Armour Etch on each lens, then rub it in circles with your fingers. It'll feel sort of gritty and textured. Rather relaxing, really.
Avoid rubbing Armour Etch onto the frames — my wife's glasses didn't experience problems with some slop, but others have reported discoloration and other adverse affects.
Keep rubbing for about a couple minutes or so.
Rinse the glasses under warm water, taking care to remove as much residue as possible. This is tricky.
Dry your glasses off with a soft cloth. Don't make the mistake of using paper towel as I initially did, because not only is it composed of abrasive wood fiber, it sheds off onto the glasses, defeating the purpose of cleaning with them.
Hold your glasses up to the light to view the results.

Then, I placed the glasses back on my wife's face. She was wowed by the noticeable difference, and while they appeared visibly more glare-y (obviously since the antiglare coating had mostly been removed), the clarity of vision is worth it so far.

It's not as comprehensive as a new pair of glasses, and not even as reassuring as getting those new glasses on a budget — US$100 is just too much, see GlassyEyes for why! — but it's a fun little experiment to try at your own risk. I was comforted having read through dozens of reports before me. Also, some have suggested cleaning with other materials like toothpaste, but I haven't tried that yet. Maybe next time, or if you have, do tell.

Related resources

Repairing Scratched Eyeglasses - The bulk of the reviews I read.
Armour Etch mentioned on Kevin Kelly's Cool Tools - KK is an influential voice if he quotes you, and not just because one of his books was required reading for the stars of The Matrix: at times, he's like a high-tech Heloise.

Do you have an eyeglasses-related tip? Share it with us in the comments!

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This article is from Torley Wong of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: