Flexible Spending Accounts
What is a Flexible Spending Account (FSA)?
To help offset medical expenses, many employers offer flexible spending accounts, also known as a flexible spending arrangement. This plan allows you to set aside pre-tax dollars for medical costs that are not covered by insurance. It also helps you keep more of your paycheck and gives you the opportunity to receive certain benefits such as paying certain expenses before taxes are deducted.
The maximum amount that can be set aside for an FSA is $2500. Surgery needs to be completed in the same calendar year, which means you’re unable to use next year’s money to pay it off this year. You can spend the amount in January and it will come out of your paycheck the rest of the year.
The Benefits of an FSA
The federal government has approved Traditional and Custom LASIK as eligible medical expenses under Flex Spending Accounts (FSA). Taking advantage of the FSA that your employer offers will make LASIK even more affordable. You may even be able to utilize your FSA to pay for the entirety of the procedure. Due to new federal regulations on healthcare, the maximum you’ll be able to put in your FSA has risen in 2015. You may even end up with money left over for other procedures.
If you’re considering using your FSA for LASIK, remember that these plans are generally on a “use it or lose it” basis. If you withhold FSA funds throughout the year but don’t use them, they’ll be forfeited, so it’s crucial to plan carefully.
How Does an FSA work?
Kremer Eye Center can run the FSA card just like a credit card. If you don’t receive a card, you’ll pay the full amount the day of surgery then submit to your FSA for reimbursement. You cannot pay the financing company with a Flex card. Pay Kremer with FSA and only finance the balance to bring your monthly payment down.
For most insurance programs, open enrollment begins around the fall and patients will be able to select the amount of money they want taken out of their paychecks pre-taxed. Beginning on January 1st of the new year, patients will have access to the money and can use it to pay for procedures.
Before deciding if your FSA should go toward LASIK, schedule a free consultation to find out if you’re a candidate. Together, we can arrange a treatment date that works with your schedule and your plan. Even if you don’t have funds for this year, it’s a good idea to schedule a consultation as soon as you can to find out if the surgery is right for you. Then, you can feel more comfortable arranging the FSA for the following year.
To make the process easier for you, Kremer’s Simple FSA Savings Calculator will help you find out the amount that your FSA will pay for your LASIK procedure.
Find out if LASIK is right for you by having an exam by one of the renowned physicians at Kremer Eye Center. Schedule a consultation today! Everything’s in place!