Flex Spending Accounts
Medical bills can be expensive. Without the necessary insurance, you can be stressed out while trying to pay your medical bills. Many employers provide health insurance as well as other medical benefits. One benefit that many employers offer is a Flexible Spending Account (FSA). These benefits are also known as a flex plan or a reimbursement account.
What Is a Flexible Spending Account?
A Flexible Spending Account allows you to pay for certain medical expenses on a pre-tax basis. This benefit is excellent if you are going to run into medical expenses that aren't covered by your health insurance plan.
What Are the Benefits of a Flex Spending Accounts?
There are a few reasons why you should take advantage of this benefit if it is offered to you. First, the money that you pay into your FSA is deducted from your pay before Federal, State, and Social Security taxes are taken out. This would decrease the income that you can be taxed on and it would increase your spendable income. Over the course of a year, an FSA can save you hundreds and possibly thousands of dollars each year.
How Does an FSA Work?
When the New Year begins, your employer will ask how much you want to contribute to your FSA. This money would be taken from your paycheck each week and placed in your FSA account. When you have a medical expense that is not covered by your insurance, you will submit a copy of the provider's bill along with your proof of payment to your plan's administrator. They would issue you a check to reimburse you for the cost. You can claim any medical expense on your FSA as long as it is not covered by your health plan. This includes most dental work, physician care, deductibles, prescriptions, and even acupuncture treatments. Cosmetic surgery can be covered under your FSA as long as it is non-elective. You can use your FSA for optometrist services such as eye exams, glasses, and contact lenses. It is important to understand that you are required to use the funds in your FSA before the New Year begins.
Call Richardson Eye Associates Today!
The next time you make an appointment with Richardson Eye Associates, you should consider using the funds in your Flexible Spending Accounts for any non-covered service. It is a great way to save money and get the care and services that you need from your eye doctor.