When It Comes To An FSA – Use It Before You Lose It

Each Fall, the phones at Raleigh Eye Center ring more than usual. The reason for the increase in phone calls are three little letters that have the potential to save people thousands of dollars – F-S-A.

Flexible spending accounts, known as FSAs, provide employees with an excellent way to set aside money, tax-free, for medical expenses. Offered by employers, FSAs typically equate to a 20-30% savings on medical related expenses by decreasing the employees taxable income. The caveat is that any money left in the account at the end of the year disappears. Therefore, many people find themselves scrambling at the end of the year for ways to use the balance remaining in their accounts before they lose it. Many decide now is the perfect time to have LASIK or PRK. This can be challenging because at the same time people are trying to have their procedure, others are planning for the upcoming year.

For most companies this is the time of the year when employees have to make their annual FSA elections. It is important to have your candidacy verified by the surgeon who will be performing your procedure prior to securing FSA elections. It would be disappointing to put a large sum of money aside only to find out you are not a candidate for either procedure.

“My best advice is to avoid setting aside money for the upcoming year without first having a consultation with the surgeon you plan to have perform the procedure,” said Amanda Carey, LASIK Coordinator at Raleigh Eye Center. It would be very frustrating and expensive to set aside the money only to find out you are not a candidate for LASIK or PRK,” she added.

If you have been considering the procedure, now is the time. We know every budget is different and will work with you to create a plan that works for you and your FSA. If you are ready to schedule an appointment, call today.