Do you have a Flexible Spending Plan (FSA) through your workplace or employer? Many people have access to this account that allows you to set back money for health expenditures on a pre-tax basis without knowing it! This means that during your enrollment period, you can allot money for qualified medical procedures from your pay before taxes. When money is held back on a pre-tax basis, it means that the amount is not taxed at that time, giving you more money to spend on a qualified procedure (like LASIK). This is a useful tool when used to cover known expenses (like a planned procedure) or deductibles.
As open enrollment season approaches, it’s a good idea to determine how much - if any - money to put back on a pre-tax basis for the upcoming year. It’s important to think this through, because often this money is not rolled over into the next year and must be spent in the year that it is set aside. Many people chose this time to schedule elective procedures such as LASIK so that this money does not go to waste.
These funds can also be used in conjunction with other payment methods (such as Care Credit) to pay for a procedure. If you are curious about using FSA funds for a procedure at McFarland Eye Care, let us know! We can help!