This is a busy time of the year, but there’s one tax task you shouldn’t overlook in the holiday rush. If you have a medical flexible spending account, or FSA, you need to check its balance and make sure you don’t end up wasting that money.
These workplace-provided accounts are popular for a couple of reasons.
First, you can use the account money to pay for items and services that aren’t covered by your health insurance.
Second, the saving process also saves you tax dollars. You make FSA contributions via regular, equal payroll deductions. The amounts are taken from your paycheck before your withholding taxes are calculated, so you pay less in federal income and Social Security taxes upfront.
But the accounts have one drawback. In many instances, if you don’t use the money by the end of your benefits year, which for most people is Dec. 31, you’ll lose it.
How can you use your Flexible Spending Account?
LASIK Vision Correction
If you’re tired of wearing glasses to see at a distance – watch tv and movies, play sports and more – LASIK is a great solution.
Pepose Vision was the first in the area to offer LASIK and is recognized annually as one of the very top LASIK surgeons in America.
We offer a free consultation where we’ll measure your eyes to make sure LASIK is right for you and explain the procedure in detail. You can be free of glasses by the New Year!
Near Vision Loss Solutions
If you’re frustrated with readers but can’t see without them we now have a simple solution, the Raindrop® Near Vision Inlay.
Raindrop is a small, transparent, curved disc called a corneal inlay. It’s made of approximately 80% water and from similar material to a soft contact lens. It is similar to the clear front part of the eye and it is the size of a pinhead and extremely thin. The Raindrop Near Vision Inlay offers a long term solution to near vision loss caused by aging quickly, painlessly and simply, with great results typically seen within one week.
Pepose Vision Institute is proud to be one of the first practices to offer the Raindrop in Missouri and the bi-state area
Other great uses of your FSA funds is for eye exams, eye glasses and prescription sunglasses and contact lenses and replacements.
What is a Flexible Spending Account?
It’s an account where you contribute money from your salary BEFORE taxes are withheld that you can use for approved out-of-pocket health care and dependent care expenses.
If you have any questions about your FSA, please contact us at 636.728.0111.