The end of the year is full of energy and activity. It is important that during this hectic time people do not forget to keep track of their flexible spending account (FSA) benefits. At the VisionCenter of West Texas in Lubbock, TX, our optometrists understand FSA benefits and can help you to ensure that you do not lose the money you worked so hard to save.
What are Flex Benefits?
A flex benefit account allows workers to put away up to $2,500 annually for vision insurance. This money is taken before taxes are assessed, and, thus, it allows workers to receive a larger take-home pay. In addition, it is available for them to use on qualified dental, medical, and dependent care, as well as vision expenses. However, any money in the account that is not used by December 31st every year is forfeited and lost to the worker.
In addition, there are areas that need to be carefully monitored at this time of year to ensure that you receive all the benefits of your flex account. These include the deductible, annual maximum, and plan changes.
Most FSA plans have an amount that needs to be met before vision insurance coverage begins. If the new year is approaching and you have met this deductible amount, then it is in your best interest to schedule that eye exam you need, refill your disposable contact lenses, or choose new frames.
Make sure that you use as much of this as possible in each calendar year. This way, you reduce the chance of having out of pocket expenses during the following year.
Plans tend to change from year to year. Making sure you get all the benefits during one year will help you save money if that benefit disappears the following year.
Use Up Your Vision Insurance Benefits at The VisionCenter of West Texas
Schedule your end of the year exam with one of our optometrists at The VisionCenter of West Texas in Lubbock, TX, by calling our friendly helpful staff at one of our two locations: Central Lubbock (806-793-1927) or South Lubbock (806-793-1928).
Do you have experience with end of the year FSA benefits? Join the conversation below.