How much do you really know about your Flexible Spending Account? Did you know you could use your FSA savings for products as well as services? The following are some frequently asked questions – answered!
What is an FSA?
Health Care Flex Spending Accounts help you pay for out-of-pocket medical, dental, and vision expenses for you and your immediate family. An out-of-pocket expense is anything not covered by your insurance, including deductibles, co-pays, and elective procedures.
Why have an FSA?
When you contribute to an FSA, all contributions are taken from your paycheck before tax. When you use funds from your FSA, you save roughly 30 cents on every dollar spent because these funds were not previously taxed.
How can I use my FSA at Cheyenne Eye Clinic?
Your FSA can cover an eye exam co-payment or deductible, prescription eyeglasses, contact lenses, and prescription sunglasses. While elective surgery is commonly not covered by insurance plans, you can use FSA funds to pay for cosmetic eyelid procedures.
Can I spend FSA funds on my spouse or children?
Yes, your FSA can be used to cover medical expenses for you, your spouse, dependents, and children under 26.
Do I have to use my FSA before the end of the year?
Yes. Commonly referred to as “use it or lose it”, FSA funds not used before the end of the year are forfeited.
If you haven’t had an eye exam this year, the first step is to schedule an appointment. Now would be a good time to speak with Dr. Dragan about cosmetic eyelid surgery.
I have a specific question about my FSA, who should I ask?
For more detailed answers to your questions, we recommend talking to your employer.