Flexible Spending Accounts (FSAs), also known as Flex Dollars, flex plans, and reimbursement accounts, are non-taxable savings accounts offered by employers to their employees to be used for medical expenses. With flex dollars, you can save up to $2,500 from your taxable wages, which you can then spend on your chosen medical related expenses, such as laser eye surgery or LASIK. With a flex dollar, you basically get tax deduction for the procedure. The FSA cannot be used on all medical expenses. However, LASIK is one of those medical expenses that is approved from FSAs.
LASIK can cost thousands of dollars per eye, so for many patients, financially, it is not an option. What many do not know is that the flex dollars or FSA is a good way to afford the procedure. Different eye surgeons have different financing options and the FSA is usually included in them. Using your FSA for your laser eye surgery is easy. Here are some simple steps that can serve as your guide:
See an eye specialist – This is the first step that you should do because the eye specialist will determine if you are a candidate for LASIK. If you are a good candidate for the procedure, then you can talk to your doctor about the procedure and FSA. They will tell you how much you need to put in your FSA for the procedure.
It is important for you to go to a good eye center or surgeon because it might be possible for you to get additional medical expenses deducted, such as deductions on transportation to the location and on your prescription for post-surgery care. A good eye center can also give you other equally good options if you cannot use your FSA so that you may afford a vision correcting procedure.
As a leading laser eye surgery center in Houston, Sugarland Eye & Laser Center is always happy to inform you of what we can do to help you afford the eye surgery that you need using your flex dollars or other financing options. Just give us a call or visit us and we will assist you every step of the way.
Talk to your employer – You need to talk to your employer to know when is the deadline for your enrollment in the FSA program. If the period of enrollment is still open for the year, then you can now enroll for the year. What you have to remember is that you cannot make any change to your plan/amount once you have completed enrollment. You therefore have to make sure that the amount you put on your plan is what you need. The only way that the plan can be changed is if there will be a change in your status.
Go back to your eye specialist – Once you have enrolled in FSA, you should go back to your eye doctor and inform them of your enrollment. This is now the best time to ask your questions and inform your doctor about your concerns regarding the surgery.
Sources:
http://www.flex-plan.com/home/hchowenr.aspx
http://www.providenceeye.com/community/using-fsa-hsa-for-lasik/
http://www.tlcvision.com/cost-of-lasik/lasik-flex-accounts/
http://www.2020eyesite.com/lasik-cost/flex-spending-accounts/
Sugarland Eye & Laser Center leads in providing premium LASIK technologies to Houston, Sugar Land, and the surrounding region. The Center’s award-winning medical director introduced revolutionary technologies such as iLASIK to the region. This technology is used by NASA astronauts, Navy SEALS and Air Force fighter pilots. At Sugarland Eye & Laser Center, you can now receive the same treatment. For more information, please call (281) 240-0478 or visit us at www.houston-lasik.com.
About the Author
Amjad Khokhar, M.D. is Chief LASIK Surgeon at Sugarland Eye & Laser Center. Add Dr. Khokhar on Google+ here.
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