If you’re thinking about LASIK and are lucky enough to have a Flexible Spending Account (FSA), you’ll need to contribute to the account soon in order to use those tax-free dollars in 2016. With the ever-changing contribution amounts and rules on FSA accounts, it’s time to revisit this topic.
What is an FSA?
An FSA allows an employee to set aside tax-free dollars that can be used to pay for some out of pocket healthcare costs. LASIK is one of the many procedures that can be paid for with FSA dollars.
How does an FSA work?
There are two ways an FSA is administered:
1. Employees are given an FSA debit card which they can use to pay directly for services using their FSA funds.
2. Employees pay out of pocket and then submit a receipt to their employer for reimbursement from their FSA.
An important note to consider is that there’s a deadline for making contributions to an FSA plan. For most plans that deadline is between October and December for the following calendar year. This means you would have to contribute by the deadline in 2015 in order to have access to the funds beginning in January 2016. So, if you’re planning to have LASIK in 2016, you need to contribute before the end of this year. Be sure to ask your plan’s administrator or human resources department what the deadline is for your particular plan, so you don’t miss out on these savings!
What’s changed for 2015:
• The maximum FSA contribution has been increased to $2,550.00 in 2015. This is a $50.00 increase from last year.
• There will no longer be a grace period for carrying over unused funds. Instead, qualifying participants will be able to carry over up to $500.00 of unused funds to the next plan year.
The most important piece of information for FSA’s and LASIK:
If you put aside the entire $2,550.00 for LASIK and are not a candidate for the procedure, you could lose $2,050.00 or more. So, it pays to plan ahead! If you’re considering LASIK, you should first find out if you’re a candidate for the procedure before contributing any money to your FSA. The only way to know definitively if you’re a candidate is to have a thorough screening with a LASIK specialist. Since the deadline for most plans is within the next two months, you should start planning now! At Mandel Vision, we offer free LASIK consultations with NYC LASIK specialistEric R. Mandel, M.D. in our state-of-the-art laser vision correction center in Manhattan. You can call us at 888-866-3681 to make an appointment, or you canbook your appointment online.
Related Blog Posts:
LASIK and Flexible Spending in 2014
The Top 5 Reasons Patients Choose Dr. Mandel for LASIK and PRK
The 3 Key Factors that Set Mandel Vision Apart from Other Laser Vision Correction Centers
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