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Flexible Spending & Health Savings Accounts

Flexible Spending & Health Savings Accounts

Created on: Tuesday, November 29, 2011
Author: Milwaukee Eye Care Associates

The great thing about a Flexible Spending or Health Savings Account (FSA & HSA) is that the dollars set aside for them are not taxed.  These benefits are gained through an employer and the money is taken from wages earned before it is taxed.  The money is set aside at the beginning of the year, and reimbursed to the enrolee as medical bills are submitted.  If elected, it can save people some hard-earned money. 

It's true that FSAs and HSAs can save people a great deal of their own money, but there is some risk of losing money as well.  If you do not use the money in your FSA or HSA account before your annual deadline, the unused money is lost.  In other words, if you don't use it, you lose it.  That's why it is important for people to estimate their annual medical expenses as accurately as possible at the beginning of each enrollment period.  It is also important to know when your annual deadline is for submitting reimbursement claims.  For some, the deadline comes and goes without their awareness, and the money is lost forever.  It is also common for some to over-estimate the initial dollar amount upon enrollment and end up having left over money that must be used at the end of the year toward medical expenses or it is lost. 

When the whole point of enrolling in an FSA or HSA account is to save money, it can be very frustrating when people end up losing money instead.  Don't let that happen to you. 

You can use your FSA or HSA dollars toward some medical services, products, or procedures.  The definition of qualifying medical expenses for an FSA or HSA has recently changed, and some things have remained the same.  These changes are relatively new and there is still some confusion about how this money can be used.

Often, our patients are not aware that FSA & HSA dollars can be used to help improve their vision.  Some of the products and services offered by Milwaukee Eye Care Associates which qualify for FSA & HSA reimbursement are (but are not limited to):

LASIK (Laser Vision Correction)
Specialty Lens Implants
Refractive Clear Lens procedures
Phakic Lens Implant procedures
Eyeglasses (frames, lenses, coatings, Transitions, etc.)
Contact Lenses
Prescribed Medications

Whether you are an FSA or HSA enrollee with extra dollars to spend in 2011, or someone looking to set aside money for 2012, you have the potential to stay healthy, improve your vision, and save some money doing it.  Feel free to call us anytime at 414-271-2020 with any questions you may have regarding your FSA or HSA reimbursement as it pertains to eye care.

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