Now that Halloween has come and gone the Holidays are fast approaching. Soon we will be counting down as we watch the ball drop in Times Square!
As we begin decorating and putting up Holiday lights or trimming the Christmas tree, something that ought to be considered towards the end of the year is the use of your benefits before they expire out. Did you know you may be able to afford an entire LASIK procedure using your Flexible Spending Account or Health Savings Account? The first step is to select a reputable LASIK surgeon. Most LASIK clinics provide complimentary eye examinations to ensure that you qualify for the procedure. Once you are identified as a qualifying candidate, discuss the most effective way to spend your flex spending account or health savings account to pay for all or part of your LASIK procedure.
FSA and HSA (Flex Spending Account and Health Savings Account, respectively) offers even more savings as you can set aside additional funds to pay for LASIK as pretax dollars. Traditional and Custom LASIK have both been approved by the federal government as eligible medical expenses under FSA and HSA accounts. Simply bring your LASIK receipt and submit it to your FSA/HSA administrator for reimbursement or if you have been provided with a FSA/HSA debit card you can simply charge your procedure to your account.
Some companies' have a “use it or lose it” rule, so if you do not use the funds set aside in your account, they will expire at the end of the year and you lose your savings. Considering that we are now in Q4, if you have been considering LASIK and freeing yourself from the hassles of glasses and contacts, now may be a great time to check if you qualify and once you do, consider how much you should invest in your FSA account to pay for your procedure before the year is over. Consider the tax savings by investing in your hard earned money back into your health. FSA contributions are made before federal income taxes, Social Security taxes, and most state income taxes.
FSA and HSA accounts are an employer sponsored benefit provided to their employees. It lets you take control of your income and dictate how much you will spend on uninsured medical expenses including dependent care. Consult with your HR Department to see if your employer would be interested in providing this remarkable benefit and start investing in your health before the year is over!