Flex Spending Account
A Flexible Spending Account Helps Make Laser Vision Correction Even More Affordable Today!
How You Can Save On Laser Vision Correction
Many companies now offer their employees a "flex plan" or "cafeteria plan" benefit formally called an FSA. An FSA can help you save money on your medical bills and can also be used to pay for procedures like laser vision correction. Depending on each individuals tax bracket, a "Flexible Spending Account" could save you as much as 50% when you pay for vision correction.
How an FSA Works
When money is set aside into an FSA it is exempt from State, Federal, and Social Security Tax. According to the law the maximum amount that can be contributed to an FSA per year is $5,000, but most companies limit their employees contributions to $2,000 to $3,000 dollars.
Flexible Spending Accounts are not just a savings account. They actually save you money. When you contribute money to your FSA you are actually decreasing the amount of taxes you pay. This can save you hundreds of dollars a year. The higher your tax bracket, the more you save.
Estimated Income Tax Savings
|
Your Annual |
15% Tax Bracket |
28% Tax Bracket |
31% Tax Bracket |
| $100 | $30 | $43 | $46 |
| $250 | $74 | $107 | $114 |
| $500 | $148 | $213 | $228 |
| $1,000 | $296 | $426 | $457 |
| $3,000 | $890 | $1,280 | $1,370 |
| $5,000 | $1,483 | $2,133 | $2,283 |
Note: This example takes into account federal income taxes, FICA (Social Security taxes) at 7.65%, and state taxes at 7% (state taxes will vary).
How to Enroll
The first step is to find out if your employer offers an FSA as a benefit. There is an open enrollment for FSA's only once a year. Some enroll in late fall and some are able to enroll in the spring. The second step is to check with you Benefits department to see if you qualify, then fill out the enrollment form immediately. Normally there is a window of one to two weeks to sign up. Finally, on the application, fill out how much of your salary you want to deduct from each paycheck. This money will then be deposited in your health care flexible spending account. Most of the time you are able to spend this money throughout the year.
Save Now!
Contact LASIK MD now and find out if you are a candidate for laser vision correction. With FSA's and our affordable plans, laser vision correction will never be more affordable!
