Steps To Using a Flex Spending Account for Your Eye Care or LASIK!

How would you like to cover your eye care expenses (and more) while also getting the benefit of tax advantages? Flexible Spending Accounts, or FSAs, offer a flexible and efficient way to accomplish this.  While most people understand how to use their FSA towards eye health care services, others are unsure how these plans work, how their benefits are defined and what are the full range of services. Here’s a summary of how FSAs can help pay for to improve your vision, and your life.

Using a FSA can be a game-changer when it comes to managing your eye care expenses. FSAs allow you to set aside a portion of your pre-tax income to cover eligible healthcare costs, including those related to your eyes. Depending on your tax bracket, you can save up to 40 cents on every dollar you spend on your eye health needs. The best part is that these funds can be used for a wide range of eye care needs, ensuring your vision stays clear without straining your budget.

1. Already enrolled for 2023? Be sure to use the funds you’ve set aside before they expire, which is typically at the end of the year. If your plan doesn’t allow funds to roll over, you’ll need to use it or lose it! Keep in mind, you can use any amount towards your eye care, whether you have $200 or $2000 left in your account.
2. Need to enroll for 2024? Check with your HR Manager to find out if a Flex Spending Account is available at your company and what is the window for the enrollment period. For many companies, the enrollment period happens on a calendar year. The funds you allocate will be equally set aside from each paycheck over the course of the year. And the best part is, once you enroll your plan is effective immediately. Unlike other health savings plans, you don’t have to wait until your plan accrues the funds to use them!
3. When you come to Key-Whitman Eye Center you can use your FSA for any of our services including general exams, treatments, glasses or contact lenses and even LASIK. You can use your Flex Plan debit card (if distributed with your plan) to pay for these services directly or you will submit your payment receipt to your plan for reimbursement (check your plan for details).

*If you plan to use your FSA for LASIK, we do recommend that you determine your candidacy with a free consultation prior to making any allocations.

Three things to keep in mind when using or considering an FSA for your eye care:

• FSAs offer tax benefits and have annual contribution limits.
• FSAs are a “use it or lose it” benefit. That means you’ll lose any funds you don’t spend by the end of your plan year, unless the plan has a grace period or carryover feature.
• You can use your FSA to cover many eligible eye care costs at the start of the year. The entire amount is available on day one.

If you find yourself scrambling every year to spend your flex plan dollars, consider using them towards your eye health or improving your vision! Or if you’re curious how you can better budget for your eye care costs, consider the tax-free benefit of an FSA!

To schedule an appointment, contact our experts at Key-Whitman Eye Center. Our vision specialists are standing by (214) 220-3937.