Did you know that starting in 2014, you can use up to $500 of your 2013
unused Flexible Spending Account funds? That’s right. The U.S. Department
of Treasury and the IRS have modified the “use it or lose it”
rule, which prohibited rollover of FSA funds and forced account holders
to forfeit unused dollars remaining in their accounts at year-end.
Now, assuming your employer makes proper provisions, you can use up to
$500 of unused FSA money from last year. Your employer is required to
update the paperwork to activate the changes to the rule. If your employer
currently offers a grace period to use leftover funds from the previous
year, you will likely not benefit from this change.
What is FSA?
If your employer offers a flexible spending account plan, you are able
to set aside up to $2,500 of your pretax income to use toward medical,
dental and vision expenses. FSA covers numerous medical treatments, procedures,
medications and equipment, including laser eye surgery and LASIK. A complete
list of FSA eligible expenses can be found
How to use your FSA
When it comes to
eye care, there are several ways you can use your FSA in 2014, including:
- Eye exams for the entire family.
- A second pair of prescription eyeglasses.
- A pair of prescription sunglasses.
- A premium lens option if you are having cataract surgery.
The cost of LASIK surgery is typically more than $2,500, but your FSA will
cover a large portion of the cost. Key-Whitman also offers flexible payment
options and payment plans that can be combined with your FSA to make covering
the cost of vision correction surgery even easier. (You must schedule
a free screening in order to learn more about our payment packages and
to select the option that best suits your needs.)
If you’ve been considering LASIK eye surgery, utilizing your FSA
funds will allow you to save money on the cost of vision surgery. It’s
a new year for FSA and now is the time to plan how you will use your funds
in 2014. Contact Key-Whitman to
schedule a free consultation. We will help you decide if a LASIK procedure is the best use of your FSA.