FSA Investment PlanningJanuary 2, 2013
What is an FSA?
Depending on your employer, you may be offered the option to contribute to a FSA, or, Flexible Spending Account. Money is taken out of your paycheck, pretaxed. This money can be used for qualified medical purchases, even some over-the-counter products, provided certain guidelines are adhered to.
How to contribute to your FSA:
This is done via your employer, in most cases, money will come out of your paycheck in small increments, based on how much money you elected to contribute.
Example: Rachel elected to contribute $1000 for the 2013 FSA her employer offered; she is paid bimonthly and approximately $39 will come out every pay period.
Budgeting and Planning For Medical Expenses:
Healthcare costs continue to rise and many people find their expenses are difficult to afford. With your FSA, the money you would already pay out for many products and services is available in pretaxed dollars. FSA money can also reduce your income taxes! One caveat with FSA contributions: any money put aside must be used in the calendar year in which it was deposited. If the money contributed isn’t used by the end of the contributing year, it is lost.
How to Use Your FSA at Our Office
Your FSA can be used for our products and service in office including, but not limited to:
- Prescription glasses and prescription sunglasses
- Contact lenses
- Exam fees
- Prescription medications
- Certain over-the-counter medications (artificial tears, contact solution, eye patches, lid scrubs, vitamins), provided a prescription from a doctor can be given for them
What your FSA CAN’T be used for:
- Nonprescription sunglasses
- Cosmetic treatments and medications
- Multiple vitamins
- Lotions and skin moisturizers
Depending on your employer, you still may be able to participate in this program!
“The real voyage of discovery consists not in seeking new landscapes, but in having new eyes.” (Marcel Proust)