When it comes to FSA benefits, as the end of the year approaches, it is a case of use it or loses it. With high deductible insurance policies being so popular, many people are opting for an FSA (Flexible Spending Account). Having a Flex Spending Account is a way to save money before taxes for qualified dental and medical expenses. When you have met your deductible, all your medical expenses are covered at the agreed-upon rate. Your FSA can cover after deductible expenses not met by your insurance. The money saved in your FSA however does not roll-over into next year, you must use it in the current year. At Riviera Opticare in Mesa and Scottsdale Arizona, we can work with you to make sure that you maximize the combination of your vision insurance coverage and your FSA.
Vision coverage is part of most insurance plans. Most have designated amounts that are allowed for different procedures and products. This is where your Flex Spending Amount comes in. If your policy allows for $100 for glass frames and the frame you want is $250, you can pay the additional amount above the insurance with your FSA. You need to check the coverage that you will have in the upcoming year and whether the amount of coverage is the same or even less than you currently have.
You must use the amount of tax-free savings you have within the current calendar year. As the year winds down, it is imperative that you keep a close eye on the amount of money you have remaining in your account. This is your money and losing it does not make any sense. If you wear contact lenses, this is a great time to order a few boxes.
If you need vision care we take a variety of vision insurance. At Riviera Opticare we are a full-service optometrist in Mesa and look forward to seeing you in our office. Give us a call at 480-991-6432 in Scottsdale and 480-827-9184 in Mesa.