Flexible Spending Accounts
A great way of financing LASIK or other laser vision correction procedures offered by Cullom Eye & Laser Center is through your Medical Spending Account (MSA), Flex Plan (FP) or a Flexible Spending Account (FSA). These accounts are offered by most employers today and afford you flexibility and choice in planning your own health care spending.
FSAs allow you to use pretax income on medical expenses including deductibles co-payments and medical expenses not normally covered by medical insurance like eyeglasses, refractive surgery, even aspirin and bandages.
The one caveat to FSAs is the “use it or lose it” provision. All of the FSA money set aside must be used during that same year. If it is not used, it cannot be rolled over into the next year and you actually lose the money. You’ll need to do a little planning to decide how much you want set aside from your paycheck to fund out-of-pocket medical expenses. Talk with your employer’s human resources department about your company’s FSA.
