2014 Changes to Flexible Spending Accounts

Posted By Key-Whitman Eye Center || 19-Dec-2013

pigssmallA new year is around the corner, and you can again expect to see amendments to your flexible spending account (FSA) guidelines. But not all the changes are unwelcome. For one, you’ll find the “use it or lose it” rule has been relaxed.

In October, the IRS modified the use it or lose it clause to allow an annual carryover of $500 of unused contributions (as long as your employer does not offer a grace period). The amendment to FSA guidelines was made effective immediately, meaning employers could alter their 2013 plans to allow employees to carry $500 from their FSA over into 2014.

If you have been considering LASIK eye surgery but aren’t ready to take the leap this year, you can now carry some of your funds over into 2014 to help cover the expenses.

FSA and LASIK

Under the flexible spending plan, you can set aside $2,500 of your income pretax to use for medical, dental and vision. Though this may not cover the entire LASIK eye surgery cost, it will cover most of the expense of the procedure. When combined with Key-Whitman’s flexible payment options and payment plans, we can help make paying for your vision correction surgery as painless as possible. In order to select the payment package that best suits your needs, schedule your free screening.

Read more about our LASIK fees and payment options.

FSA and eye exams

Regular eye exams are also an eligible expense under FSA regulations. Keeping up with routine eye checkups is as essential to your overall health as regular physical exams. During a comprehensive eye exam, your doctor will check for refractive errors and symptoms of eye diseases. An eye exam may even help detect other ailments such as high blood pressure, high cholesterol and diabetes. Routine exams will also monitor existing conditions for any changes that may affect your vision.

FSA and eyeglasses

According to WageWorks, both over-the-counter and prescription eyeglasses are covered expenses under your flexible spending account. The Key-Whitman Optical Center offers a variety of eyewear choices, including stylish frames and designer sunglasses. We will help you find the frame that best suits your bone structure, skin tone and personality, and our on-site lab will craft thin, lightweight high-index prescription lenses for your eyeglasses or sunglasses.

In our Optical Center, you will also find other eye care accessories, such as vitamins and artificial tears.

For more information on using your FSA for your eyes, contact Key-Whitman to schedule a free consultation. We can help you determine the best way to maximize your funds for eye care.

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