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Flexible Spending Accounts Can Make LASIK Even More
Affordable! |
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Save up to 30% on laser vision correction
Thousands of companies now offer their employees this
versatile, yet underutilized, benefit, sometimes
referred to as a "flex plan" or "cafeteria plan."
An FSA can save you hundreds of dollars on medical
bills and can be used to pay for laser vision
correction. Depending on your tax bracket, using an FSA
to pay for vision correction could save you up to 30
percent. |
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How it works
Money set aside in an
FSA escapes both federal and state income tax and also
Social Security tax. By law, the maximum amount you can
contribute to an FSA is $5,000, but most companies limit
contributions to $2,000 or $3,000.
FSAs are not
just a savings account. They save you money by
decreasing the amount of taxes you pay. For instance, if
you make $35,000 per year and pay 16% Federal Tax; 6%
State Tax, and 7.65% FICA Tax, your total payroll taxes
would be $10,377. However, if you contribute $3,000 to
your FSA you would pay the same percent of taxes on only
$32,000. This would give you net savings of
approximately $900. The higher your tax bracket, the
more you save.
How to enroll in an FSA
Check with your benefits manager at work to
find out if FSAs are offered by your company. Employers
usually offer open enrollment for FSAs only once a year.
Some enroll in late fall and some in the spring. When
your benefits manager sends out an enrollment form, fill
it out immediately. You'll probably only have a week or
two to sign up.
On the application, you'll need
to decide how much of your salary you want deducted from
each paycheck. This money will be deposited in your
health care FSA. Most companies allow you to spend the
money any time during the year, even when it has not
fully accumulated in your account. |
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What to do now
If you're thinking of
setting aside money in an FSA so that you can save up to
30 percent on laser vision correction, schedule an
appointment now to find out if you're a candidate for
the procedure.
With FSA's and our
affordable payment plans,
laser vision correction
will never be more affordable!
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Michael A. McMann, MD
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