Many employers now offer their employees Flexible Spending Accounts. These tax-advantaged accounts allow an employee to place a portion of their earnings into a separate account to pay for qualified expenses, such as medical expenses and dependent care expenses, including eye care. The money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in substantial savings. Many FSA plans have a deadline to use all the money in the account. Often times that deadline is December 31. Health Savings Accounts are similar, but are owned by an individual instead of an employer.
Flex money can be used to purchase vision care items like contact lenses, sunglasses, and glasses. Those dollars may also be spent on routine eye exams. FSA and HSA participants can use their dollars in conjunction with other insurance to extend the benefits of the vision or medical plan. For example, if a participant's vision plan covers one pair of eyeglasses, the patient can use the plan dollars to pay for computer or driving glasses or even prescription sunglasses.
Medications, such as those used for Dry Eye and Glaucoma are also eligible for purchase using Flex Plans. FSA and HSA accounts may also be used for LASIK surgery. If you have money from your Flexible Spending Account that needs to be used before the end of the year, consider contacting Iowa EyeCare today. Our phone number is 319-377-2222.