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Don't Forget To Utilize Your Remaining Benefits for the Year

Last updated 5 years ago

Many times, we have patients who approach the end of the year with remaining benefits in their Flexible Spending Account (FSA) or Health Savings Account (HSA), and they end up in a mad dash to use the funds before they might lose them.  If you still have an FSA or HSA and still have funds remaining, why not use them to get LASIK?

What is an FSA?

A Flexible Spending Account is an account set up with your insurance provider that allows you a set amount of covered spending for the year.  Usually, you’re given a sum of money, similar to a cash advance, at the beginning of the year that you can use for medical expenses.  After you receive the sum, you then pay it back in small increments of money taken from your paycheck.  All the funds are pre-tax, so you actually end up earning more benefit from the funds than if you would have paid with taxed income.  With an FSA, if you don’t use all of the funds, the DO NOT roll over to the next year, so the system operates on a “use it or lose it” basis.

What is an HSA?

A Health Savings Account is an account also set up with your insurance provider that allows you to pay small amounts of money into a checking-account style fund that you can then draw from over the year for medical expenses.  Usually, the types of medical expenses that are covered by funds in an HSA are different than those in an FSA.  You can also only use funds that you’ve contributed, so if you’ve only paid into the account $500, then your HSA will not cover an operation costing $1,000, only $500 worth.  With this system, though, you can’t lose funds that you haven’t used.

If you have funds still remaining on your FSA for the year, or are planning on enrolling with your employer at the beginning of next year, you need to call Clear Advantage at (603) 379-6817. We accept both plans, and can help you maximize your benefits for both 2011 and 2012!  For information on all of our vision correction services in Portsmouth, visit our website.

 

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