Have You Used Your FSA Dollars This Year?
Have you considered having a procedure that you’ve been putting off for some time? You can now, thanks to your FSA.
What is an FSA account?
Your benefits package may include the opportunity to contribute money to a special account put aside for health care expenses. This is a flexible spending account (FSA), which uses pre-tax dollars added in by yourself and your employer.
What are the advantages of an FSA account?
Contributing to a flexible spending account is ideal for families with eligible dependents who may have upcoming procedures. The contributions are added to the account before taxes are taken out of your paycheck, meaning that you save money on prescriptions and procedures as well as your overall paycheck depending on your tax bracket.
What procedures and treatments can be covered using FSA dollars?
While this will be dependent on your employer’s specific FSA guidelines, the funds used in this account can predominantly be used on expenses not covered by your health insurance plan. For procedures that are covered by federal, state, or private health insurance plans, your FSA dollars can be used for co-pay costs.
Some of the many procedures and treatments you can use with your FSA dollars include:
- LASIK surgery
- Hearing aids
- Prescribed allergy and sinus medication
- Insulin and blood glucose tests
What should be considered while using FSA dollars?
As beneficial as FSA money can be, there are certain limitations. Not every procedure is eligible, so it is important to discuss with your physician if any future treatments will need to be covered through your health insurance plan. These funds also have an expiration date; any amount not used by the end of the year (or March 15th depending on your employer’s stipulations) will be subject to a partial or full return to your employer. That means you will need to be sure to time your planned procedures strategically if you plan on using this account.
If you are looking to save money while planning upcoming procedures, your FSA could make the difference. Many of the eligible treatments are performed by CEENTA’s diverse team of surgeons, from vision correction to septoplasty to blepharoplasty and beyond. Schedule your next appointment with CEENTA at one of nearly 18 locations today and see how far your FSA can take you.
Charlotte Eye Ear Nose & Throat Associates
