If you have an FSA (Flexible Spending Account), your funds can be used to reduce your out-of-pocket costs on LASIK or other vision correction procedures. The Symfony intraocular lens used for cataract surgery may qualify as well.
LASIK and other vision correction procedures are qualified FSA medical expenses. You can save money on the total cost of the procedure. Savings varies depending upon your exact tax rate.
What is FSA?
If your employer has set up a health plan, flexible spending accounts (FSAs) can be established which allow you to designate pre-tax dollars to be used for certain qualified dental and medical expenses.
This “pretax” money is not taxed. Your savings equals the amount of money you save by not paying taxes on this withdrawn amount.
Your FSA funds may be used to pay for out-of-pocket healthcare costs such as LASIK or premium IOLs such as the Symfony intraocular implant. Check with your employer about specific medical costs.
How Much Can You Save?
FSAs are limited to $2600/year/employer. Your spouse can also elect to save up to $2600 with his/her respective employer.
Flexible spending account funds may be used to cover expenses for:
- Your Spouse
- Your Dependent Children
Participation in FSAs varies. For instance, your employer may elect to contribute to your FSA, but is not required to do so.
Max Savings: $2600 x (your tax rate) = Actual Savings
Your actual savings is equal to the amount of tax savings you avoid by setting up to $2600 aside. The higher your tax rate, the higher your actual savings.
Use it or Lose it
In many cases, FSA funds not used by the end of the calendar year are lost as plans generally extend from January until December.
In some situations, an employer may allow a “grace period” of 2.5 months. Other plans may allow you to “rollover” a portion of the FSA funds.
Neither a grace period nor a rollover are required. Check with your employer about these possible conditions.
How to Save on Vision Correction
Plan now to save on your LASIK or other qualified expense.
If you are interested in applying your FSA funds toward LASIK or cataract surgery, make sure you are a candidate for the procedure.
Make an appointment with us to insure you are a good candidate and will benefit from the vision correction procedure.
For example, once we confirm that you are a good LASIK candidate, schedule the procedure according to the dates and timing required by your FSA.
Hurry! End of year is around the corner!
We look forward to seeing you. If you would like to make an appointment or if you have questions about diabetes, please call us.