We talk to so many patients and prospective patients and we know that vision insurance is increasingly rare in an employee benefits package. We always work with patients to find a way to afford life-changing eye care and vision therapy. While many don’t have vision insurance, we find it pretty common that employers offer a Healthcare Flexible Spending Account (HFSA). Here is a quick overview to help you understand and take charge of this money saving option.
These accounts are sometimes also referred to as an employee reimbursement account or a flex account. Either way, it is an agreed arrangement between you and your employer to hold aside some of your paycheck which will be tax-free, provided you use it for approved health-related expenses. The great news is that YOU determine what amount of pre-tax wages you want taken out of your paycheck and placed into the HFSA.
These funds are designated to cover many out-of-pocket medical expenses, like deductibles and co-payments and many other medical expenses.
It’s important to know that you can even be reimbursed for tax dependents who are not covered by your employer’s health insurance program. To determine how much money to place into an HFSA, consider how much you typically spend on you and your qualified dependents’ medical expenses in one year. We like to make sure everyone knows that this includes eye exams, prescription glasses/lenses or contacts and vision therapy services.
Be sure to contact your employer today and get informed on the benefits and particulars about your healthcare flexible spending account. If you already have one, be sure to check on your agreed filing deadlines. We’d be happy to schedule an appointment for you and will work with you on deadlines and all paperwork you need to make your claim an easy process!