What is a FSA?
A Flexible Spending Account is a type of savings account offered by many employers in the U.S. that provides tax advantages. With this type of account, you can contribute some of your earnings to pay for qualified care expenses, including prescription eyewear and laser vision correction. You choose the amount you’d like to contribute over the year and the funds are drawn from your paycheck in equal installments. When you incur medical expenses that are not fully covered by your insurance provider, the amount used from your FSA will be reimbursed to you. The funds in a FSA are deducted from your earnings before they are subject to payroll taxes which ultimately lowers your annual tax liabilities and reduces your out of pocket costs.
Planning is the key to taking advantage of a FSA because there is a yearly limit that can be contributed (set by your employer) and any money remaining at the end of the year is lost. However, the savings can be significant with a FSA. If your employer offers an FSA, then it is definitely something you should consider participating in. It’s important to find out information about enrollment and any deadlines associated with the FSA provided by your employer so you can plan accordingly.
FSAs and Prescription Eyewear
Before deciding to contribute to a FSA, it’s never a bad idea to have a comprehensive vision and eye health examination. This will give you an idea of the costs for your glasses and/or contact lenses so you can avoid being stuck in the use it or lose it scenario at the end of the year.
When you’re ready to purchase your new glasses/contact lenses and your FSA is set up, the money is ready to be used so there is no need to worry! With the end of the year approaching, if you would like to use any leftover funds in your FSA, contact us today!
With a FSA, prescription eyewear is made more affordable so you can save money during the holidays.
Buda Vision Source – Eye Exams and Care in Buda
At Buda Vision Source our mission is to provide you with the best quality eye care. We are committed to performing comprehensive, thorough eye health evaluations for you utilizing state of the art technology. From our complimentary beverages, to our in house optical lab, we strive to make your experience the best possible!
This month take advantage of our specials so you can save even more! Now save $50 when you buy a year’s supply of contact lenses and receive instant mail-in rebates with a minimum of $50 in savings. If you’re ready to buy new eyeglasses, now receive 20% off and get a pair of non-prescription sunglasses for FREE!