Laser Eye Surgery and your Flexible Spending Account
Let your tax free dollars reduce the cost of Conventional LASIK or CustomLASIK!
By using tax-free Flex Spending money to reimburse you for eligible medical expenses like LASIK, a Flexible Spending Account can reduce your out of pocket costs by hundreds, even thousands of dollars.
FSA enrollment periods are brief and yours may open soon - for details on how to set up an FSA, see your Employee Benefits
FREQUENTLY ASKED QUESTIONS ABOUT FLEXIBLE SPENDING ACCOUNTS?
Can I use my Flexible Spending Account for Conventional LASIK or CustomLASIK?
Yes, Conventional LASIK and CustomLASIK have been approved by the federal government as eligible medical expenses under Flexible Spending Accounts.
How do I know if I have a Flexible Spending Account?
Check with your human resources manager. Be sure to ask if there is a maximum contribution amount and when are the open enrollment dates.
What if I have money left over from my Flexible Spending Account this year?
Depending on the amount, you may want to consider having one eye treated this year and one eye treated next year.
How can I be sure the money I put aside towards Conventional LASIK or CustomLASIK in my Flexible Spending Account will be used?
Before committing any money to a Flexible Spending Account for Conventional LASIK or CustomLASIK, we recommend you come in to have a full evaluation to ensure you are a candidate. Then, you can confidently set aside your FSA funds and schedule your surgery during the planned Flexible Spending Account year.
How do I pay for Conventional LASIK or CustomLASIK if I am using a Flexible Spending Account for Conventional LASIK or CustomLASIK?
We will give you an itemized receipt which you should submit to your Flexible Spending Account administrator. They will reimburse you directly from the amount you have budgeted for in your FSA account.
How long does it take to get reimbursed?
Most Flexible Spending Account management companies process claim payments on a frequent basis. However, please check with your human resources manager or the FSA Administrator to determine your company's payment schedule.
Are there any additional costs to me for using/planning to participate in a Flexible Spending Account?
No, Flexible Spending Accounts are voluntary programs sponsored by employers as a benefit to their employees.
PLAN NOW
Flexible Spending Accounts are one of the most versatile yet underutilized benefits offered to employees. Now is time to start planning to use this benefit.
Below is a "real life" example of how a flexible spending program helped an employee give himself a 30% discount ($1,186) off the cost of LASIK.
This procedure, as well as any number of health care costs, can be paid with "pre-tax" dollars, resulting in significant savings in your take home pay.
The net cost of LASIK budgeted with pretax FSA dollars equals $2,814 [$4,000 global fee minus $1,186 tax savings]
*Illustration assumes federal tax at 17%; FICA at 7.65% & state tax calculation at 5% for a total of 29.65% - individual state tax will vary.
If you would like to learn more about using your Flexible Spending Account for Conventional LASIK or CustomLASIK surgery and to find out if you're a candidate, please ask us about about a FREE consultation.
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