There’s no shortage of fun to pack in during the Holiday season. From turkey dinners to Christmas lists, the to-dos can get long. You might not think to add it initially, but somewhere between buying presents and sipping eggnog, “maximizing the funds in your HSA / FSA” shouldn’t be overlooked. After all, it’s money you’ve been putting aside all year long.
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) enable you to pay for current health expenses and save for future qualified medical expenses on a tax-free basis. You own and you control the money in your HSA. For 2017, the maximum annual HSA contribution for individuals was $3,400, and $6,750 for individuals with family coverage. While there can be grace periods, funds remaining in an FSA are forfeited at the end of the year. FSAs are limited to $2,600 per year per employer. If you’re married, your spouse can put up to $2,600 in an FSA with their employer too. Both options allow you to save and give you tax-free funds to pay for qualified out of pocket medical expenses.
It’s a good idea to check with your employer’s Human Resource department so you’re fully informed on your eligibilities and the type of accounts available as a benefit to you. In general, the monies set aside in a typical HSA and FSA account can be used for out of pocket medical expenses. You can’t use the funds for things like premiums, babysitting, or Botox, but you might use the funds for meeting your deductibles, paying for prescriptions, buying first aid kits and offsetting the costs of elective surgeries such as laser eye surgery. We see many patients using funds from these accounts to help pay for LASIK. It’s a popular choice and our staff is well versed in working with individuals who want to utilize their HSAs and FSAs after they know their vision can be corrected with LASIK.
The beauty of paying for LASIK with your HSA / FSA is you’re often given a debit card by your employer or by the bank that holds your account so you can use that right at the time when payment is due. If your account is the type of account where you’re refunded after a qualifying purchase, ClearChoice will provide you with everything you need for a reimbursement.
Since most FSAs force you to use your funds before year end, this time of year is a great time to schedule a free LASIK consultation. HSAs offer a little more flexibility with when to schedule your procedure since your HSA contributions rollover year to year, but it’s worth your while to be aware of how close you are to reaching your max contribution threshold.
Perhaps, this is the year you put your visual needs first and add LASIK to your Holiday wish list!
Feel free to call or text us if you would like to learn more: (440) 740-0400