FLEXIBLE SPENDING ACCOUNT (FSA) | Long Island Eye Doctor
It’s that time of the year again when people start to think about their left over funds in their flexible spending account or FSA. So here are some tips to understand and remember.
DEFINITION: The use of pre-tax dollars for health care expenses. These expenses must be incurred within the plan year to be eligible for reimbursement. This includes eye examinations, eyeglasses, sunglasses, contact lenses and cleaning supplies and eye medications.
Many employers provide FSA plans to their employees to help reduce the cost of healthcare. This is a benefit that many employees do not understand. The benefit of this plan is that employees pay pre-tax dollars for anything to do with their health. Think of this as saving up to 40% on your healthcare. Unfortunately, many employees fail to use their plan to the fullest and the left over money goes back to their employer.
REMEMBER: USE IT OR LOSE IT
So what should you do to maximize your plan?
• Get your eyes examined by an optometrist annually.
• Even if you do not have a prescription, invest in protective sunglasses.
• Purchase an extra box of contact lenses.
• Invest in a second or third pair of prescription eyeglasses. Most people can use an extra pair for the computer or a spare pair to leave in the car or by their bed.
• Love your dentist. Get your teeth examined and cleaned.
• Ask your doctor for a written prescription for the vitamins you are taking. Even though most vitamins are over-the-counter, FSA funds can be used if the doctor writes a prescription for them.
• Plan ahead and maximize your benefits.