Flex Spending Account Benefits

For millions of Americans, medical expenses are a regular part of their lives. On average, US citizens spend approximately $11,000 per year on medical costs. Fortunately, employees receiving health benefits through their employers are able to use Flexible Spending Accounts (FSAs) to help offset these costs. These accounts can help employees mitigate medical expenses and can even help save some money on your taxes. However, there are also some rules and regulations attached to your FSA. Eye 1st Vision Center offers a premiere optometrist in Sandy Springs. We can help you to navigate the use of your FSA account for all your vision insurance needs, and more.

Use It or Lose It

For employees under company medical plans, an FSA is a useful tool to help budget medical costs. However, each employee will need to consider their potential annual expenditures and build your FSA account, accordingly. Under federal law, each employee can:

• Set aside $2,650 per year for medical expenditures.
• Pay deductibles and co-pays for medical procedures and office visits, such as to the dentist or optometrist. You can't pay for insurance premiums with an FSA, though.
• Pay for pharmacy medication and over-the-counter medicines, accompanied by a doctor's prescription.
• Pay for medical equipment and diagnostic tests.

You can even offset some tax costs through FSAs. The money put in an FSA can't be taxed. You save the money you would have paid in taxes on the amount you put aside.

Keep in mind, though, that the money you put in your FSA must be spent within one calendar year or the money is forfeited. Some employers may offer a grace period of a few additional months to spend the balance of your FSA. Employers may also offer an option to carry over $500 to next calendar year. Speak to your employer to see what options, if any, they give.

An Eye on the Future

Eye 1st Vision Center in Sandy Springs, GA, is ready to assist in all your vision needs. Give us a call at 404-252-1702 or visit our patient pages to set up an appointment today.