End of the Year Flex Benefit Considerations
Flexible Spending Accounts – also known simply as Flex Accounts or FSAs – are an excellent way for hard-working people to get more out of the money they earn. However, it is essential that you understand your FSA and all the benefits and limitations it includes. Otherwise, you run the risk of missing out. The eye care professionals at our office know FSAs and how to make the most of your annual benefits.
What is an FSA?
An FSA allows employees to defer up to $2,500 of their gross income annually. This money is not taxed and put into an account for use on eligible medical, dependent care, dental, and vision expenses.
Do Not Let FSA Optometry Benefits Go To Waste
The vast majority of FSA providers do not allow money that is unused at the end of the year to be rolled over into the next. There are a few that provide a clause that allows those funds to be used until March of the next year and others that allow a rollover of $500 maximum at the end of the year, however, this is uncommon.
Any balance left in a standard FSA at the end of the year is forfeited and lost to the worker. Basically, if you do not use it, you lose it.
Additional Eye Care & Flex Benefit Considerations
In addition to the balance of an FSA, other areas of these accounts need to be checked at the end of the year. These areas include deductibles, annual maximums, and plan changes.
If there is a deductible that has been met or there is room left before the annual maximum is reached, then it is in your best interest to get any services before the new year. This includes eye exams by our expert optometrists, new frames, or a refill of your disposable contacts.
Moreover, FSA vision insurance plans often change from one year to the next. If you do not use a benefit this year, it might not be there next year.