Flexible Spending Alert: New Changes Apply to Your FSA in 2013

Posted By Key-Whitman Eye Center || 1-Feb-2013

FSA Blog 1Millions of employees in the U.S. have the opportunity to take advantage of a Flexible Spending Account to pay for out-of-pocked health expenses such as co-pays, deductibles and healthcare not otherwise covered by insurance. FSA is not a new benefit of employment, but with changing healthcare laws under ObamaCare, new rules and guidelines apply to flexible spending in 2013 and beyond.

The biggest FSA change is in limiting the amount of pre-tax salary employees are able to designate to their flex spending account. In years past, there was no cap, though most employers typically set a $5,000 limit for employees. New laws, which went into effect on Jan. 1, 2013, limit the amount individuals can designate for FSA to $2,500. (Employees who work two jobs for unrelated employers can elect up to $2,500 under each employer’s FSA.)

Use-it-or-lose-it rules also apply to FSAs saying unused dollars at the end of the plan year are forfeited. The insurance plan year for most employers ends on Dec. 31, meaning many employees lost any unused money in their FSA at the beginning of the year. Some employers, however, offer a grace period of two months and 15 days after the plan year ends to use the money. If this is the case for you, there is still time for you to use your 2012 FSA funds. (Source: Forbes.com)

Under FSA guidelines, LASIK and laser eye surgery are covered expenses. However, if you hold a health savings account in addition to your FSA, you may only use FSA funds for dental and vision care, eye care would not be an eligible FSA expense. (A complete list of FSA eligible expenses can be found here.)

If you’ve been considering LASIK eye surgery, utilizing your FSA funds will allow you to save money on the cost of vision surgery. If you have funds remaining in your FSA from last year, keep in mind the “use-it-or-lose-it” rule and schedule your LASIK surgery before time runs out. Contact Key-Whitman to schedule a free consultation. We can help you decide if a LASIK procedure is the best way to spend your remaining 2012 FSA funds or your 2013 funds.

Blog Home
  • Certified

    As a team of Board Certified Specialists, we are the qualified surgeons you can rely on to handle your procedure.

  • Experienced

    Our professionals have been devoted to serving the Dallas/ Fort Worth Metroplex for more than 50 years.

  • Advanced

    Our surgeons utilize only the most state-of-the-art equipment and techniques, all which are approved by the FDA.

  • Dedicated

    We are passionate about providing a lifetime of high quality, specialized eye care to meet our patients' needs.

  • Welcoming

    Our patients are our top priority, and every person who walks through our doors is treated with respect and care.

  • Award-Winning

    As a highly rated facility, our list of honors includes the Angie's List Super Service Award in Eye Care – Ophthalmology.