Save Up Tp 40% On Flex Plan Qualified Expenses
Wednesday - April 13, 2011
Brought to you by: Pan Pacific Laser Vision Center, LLC. (Since 1997)
A Flexible Spending Account (FSA), is one of a number of tax-advantaged financial plan’s that can be set up by your employer. FSA’s allow an employee to set aside pre-taxable earnings to pay for qualified expenses as set by the employer. Most often these are for medical expenses, but can include other expenses too. Money deducted from your pay into an FSA is not subject to payroll withholding taxes. As a result your net taxable income is less!
Medical expense FSA
This type of FSA is used to pay for medical expenses not covered by their health insurance; this includes items such as co-payments, glasses, contacts, and laser vision correction would also fall under this category.
One major drawback is that the set aside money must be spent within the coverage period and any money left at the end of the period is forfeited back to the company.
This means that if you are employed by a company from January through June and covered on their benefits plan (including FSA) during that time, but do not elect and pay for continued coverage under that plan (i.e., COBRA). Your coverage period is defined only as January through June, not January through December as one might think. In this example, all covered expenses must be incurred between January and use it or lose it by June of that year. Check with your employer for more information.
When considering Laser Vision Correction, you must make sure that you qualify for the procedure before filing. Call and schedule for a free consultation to find out if you are a suitable candidate first.
For more information, please call us at 949-9200 or visit our web site at www.PanPacificLaser.com.
E-mail this story | Print this page | Comments (0) | Archive
Most Recent Comment(s):
