A Flexible Spending Account (FSA) is tax-exempt money you can set aside from your paycheck to pay out-of-pocket expenses. Throughout the year, the level you contribute is consistent and even. The maximum amount you can contribute in 2021 is $2,750.
If you have been considering getting LASIK, your FSA could be used to cover the cost. Recent legislation has made it possible for employers to extend the deadline for all 2021 FSA spending. Thanks to this new extension, employees can use their FSA to pay for LASIK.
There are a few limitations when it comes to FSAs, including:
- Pretax funds can only be spent on qualified health and medical expenses
- The current limit that can be used in an FSA account is $2,750
- Any remaining cash in the FSA after December 31 is forfeited – all funds must be used within the calendar year
- Grace periods and the ability to carry over a portion of the funds do exist
FSA was limited due to the global coronavirus pandemic, making spending a challenge. The 2021 FSA deadlines were extended to compensate for this pause in healthcare. Now, the entire amount of FSA can be carried through December 31, 2022.
To use your FSA to pay for LASIK, contact your employer’s HR department to determine whether they have opted to implement the flexible deadlines. Check your balance to calculate how much money you will have available. Schedule a consultation ASAP, and soon enough, you can sigh in relief…no more glasses or contacts after LASIK!
Thinking about LASIK? There’s no better time to achieve your dreams! Contact Rohr Eye & Laser Center today to get started.
Rohr Eye & Laser Center offers the most advanced technology available to provide personalized and extraordinary care to our patients. Whether your goal is to maintain or improve your natural vision, we are here to help you. Call us at 877-579-0202 or visit https://www.michiganlasik.com/ to schedule an appointment today.
Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.