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Flex Spending
What is a Flex Spending Account?
A Flexible-Spending Account or "Cafeteria Plan" allows employees the option of setting aside a certain amount from each paycheck-before paying income tax on those funds. The money that is set aside in this account can be used to pay for a variety of expenses not covered by insurance, including Laser Vision Correction and CK (Conductive Keratoplasty). When employees use tax-free dollars to pay for these expenses, they realize an increase in their spending power, and substantial tax savings.
How to use FSA dollars to pay for Your Procedure
There are many different Flex-Spending plans, and depending on how your employer has structured yours, you need to allocate funds at a certain time each year. Some plans require you to "opt-in" in November or December, and funds can be used at any time during the next year. Other plans cover from July to July, with the enrollment period scheduled for late spring. Contact your Benefits Administrator to verify when you must enroll for this benefit. At the time of enrollment, you must indicate how much money you will be deducting from each paycheck. This money can usually be used at any time during the year, even if the money has not fully accumulated in your account.
The First Step
If you are thinking about using your Flex-Spending Account for elective eye surgery, first schedule a free consultation with us to determine if you are a candidate. Flex dollars are a "use-it-or-lose-it" benefit, meaning that any money left in the account by the closing date cannot be returned to you.
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