We hear it every year from our patients..."I have money in my FSA and if I don't use it by the end of the year, I'll lose it!" Sound familiar?
Flexible Spending Account (FSA), Cafeteria Plan, Section 125 -- are all terms used to describe an employer-sponsored benefit for employees to fund out-of-pocket medical, dental, vision and in some cases, child care expenses. Money deducted from an employee's paycheck into an FSA account is done so BEFORE taxes which at the end of the year saves you money by reducing the amount of income tax you pay!
The employee is given the opportunity, usually in the Fall, to elect the amount they would like to be placed in the account. The amount elected is then deducted (before taxes) in equal payments from the employee's paycheck throughout the year and deposited into their FSA account. The good news is that the entire amount elected by the employee is available immediately at the beginning of the year in case it is needed.....the bad news is that if the money is not spent by the end of the year, you lose it!
Though some of the rules for over-the-counter items changed back in 2011, many are still available to use FSA funds provided that you have a doctor’s prescription.
To help you, we have compiled a list of vision care related items that may be eligible for FSA reimbursement. If you are unsure, please check with your employer regarding your specific FSA eligibility for purchases outlined below.
Dr Mulqueeny is friendly yet very professional. He cares about his patients and will take the time to talk and answer any questions. I would tell anyone to go see him.