Maximize Every Dollar
It’s that time of year again. Crisp days, chilly nights, pumpkin spice, sprinklings of holiday decor popping up in stores and homes. The year almost complete, our thoughts gently turn to…
I wonder if I have any money left in my FSA and will I lose it if I don’t use it before the end of the year?!
Is that just us?? Well, either way, we’re here to help. Let’s talk flex plans and pre-tax dollars, and how to make all these things work for you.
Flex Your Financial Muscles
Flex Spending Accounts (FSA) allow you to pay for selected expenses on a pre-tax basis. Here’s how they work: Before you pay taxes on your income, you can choose to have a certain amount of money deducted and placed into your flex plan to help pay for allowed expenses. By using pre-tax dollars to pay for these allowed expenses, you can lower your taxable income, saving federal, FICA and state taxes, in most cases.
For example: If your income tax rate is 30%, then you are basically receiving $30 for free, for every $100 put into a flex spending account. Boom.
Some allowed expenses include medical, dental and vision expenses not covered by an insurance plan. That would include elective medical, dental and vision correction procedures (A.K.A. LASIK). Yay!
Use It Or Lose It
One thing you definitely need to know about an FSA; it’s a “use it or lose it” scenario. This is the prevailing rule when it comes to flex plan money. If you don’t file a claim for all the money you contributed by the pre-selected “run-out date”, which is usually the end of the calendar year, it will be forfeited.
Some (but not all!) flex plans offer a grace period which may allow you an additional 75 days to use any of the prior year’s FSA balance. Make sure you know your employer’s policy!
See Life Better (And Pay Smarter)
Did you know you could have All-Laser LASIK at Mann Eye Institute and use any remaining money in your FSA to help pay for it? If you’ve always thought about being free from the hassles of glasses and contacts, LASIK steps up as a solid option. And if you have dollars left in your FSA that will expire at the end of the year, now could be the perfect time to start your LASIK journey.
As we approach the end of another year, do something wonderful for yourself and See Life Better…with All-Laser LASIK at Mann Eye Institute. Schedule your LASIK consultation today and let us help you maximize your LASIK savings!
At Mann Eye Institute, we believe that quality eye care should be available to everyone. That’s why we’ve made it easy to get the vision care you need through affordable financing. If you decide to finance your procedure, we work with several financial institutions that offer flexible payment options!
Want to learn more about how you can maximize your LASIK savings using your FSA? Schedule your FREE LASIK consultation at Mann Eye Institute.
Don’t let anything keep you from enjoying the things you love. If you’re ready to See Life Better, we’re ready to help.