As we are quickly approaching the end of the year, it is a great time to review what’s available in your Flex Spending Account! FSAs are known for their “use it or lose it” rule. Don’t let that money got to waste! Use it to start treatment now or to make a payment if you’ve already started. Planning ahead is crucial, as well. It is that time to verify with your employer your flex spending. In addition, it’s great to keep in mind Health Savings Accounts (HSAs) and any changes in insurance coverage. Each year many patients lose out on hundreds of dollars through their vision insurance provider, simply because time has slipped away. Don’t forget to take advantage of your remaining vision benefits before the end of the year!
Like most other services or treatments covered in your personal health insurance plan, the vision coverage included in your policy will most likely refresh on December 31st. With the full coverage amount resetting January 1st. This means that your annual deductible amount starts over again from zero. However all insurance policies differ, confirm what your plan offers by getting in contact with your provider.
FSA eligible expenses for vision care:
- Eye exams
- Eye surgery
- Transportation expenses for medical treatments and services
- Braille reading material
- Contact lenses and eyeglasses
- Prescription safety glasses
- Prescription sunglasses
- Co-pays, co-insurance and deductibles
- Guide dog or other service animals
FSAs provide the opportunity to use pre-tax dollars for medical benefits in turn reducing taxable income. They also offer increased deductions for dependent care expenses, help with increases in premiums, co-pays and deductibles.
Contact us and we can help you maximize your benefits and plan for your treatment investment.
#eyegotcha #FSA #useitorloseit