Use it or lose it. That’s the motto when it comes to your flexible savings account.
A flexible savings account (FSA) allows you to set aside money for health expenses. The money comes out of your paycheck before taxes are deducted, which leads to big savings. The average person saves about 30% per year with a flex spending account!
But here’s the catch: Any money you don’t use up for the year is forfeited. Don’t worry, though, your Indiana eye doctor has several ideas on how to use your benefits. You can use your FSA to purchase contact lenses, solutions, cleaners and cases. Vision care expenses like glasses, prescription sunglasses, refractions and vision correction procedures are also covered by your FSA.
If you order your glasses or contacts by December 31, you can use your FSA even if they don’t arrive until January. But be sure to check with your policy holder for details regarding your specific account.
Make the most of your money by draining your flex savings account before 2012!