What is a FSA? Is it contagious? Can I use it for vision care ? What are the rules? And why is everyone telling me to use it now it now or lose it for all of eternity?
Relax. We’ll break it all down.
FSA’s were initiated by the US Government to provide employees with a tax-free way of paying out-of-pocket medical and health-related expenses, allowing them to lower their taxable income by up to $5,000 and then use it for health and dependent-care expenses. Funds are withdrawn from an FSA account by using a debit card, or you can submit receipts to your employer. See, you’re feeling better about this whole FSA thing already, right? You can do this! Let’s delve a little deeper.
Say Hello to Your Little Friend
Your Flexible Savings Account is a savings powerhouse – it allows you to save money that isn’t taxed by the Federal Government to cover out-of-pocket expenses while lowering your tax liability. A FSA is a hard little worker and has your back when it comes to Vision Care – use it for eye exams, prescription eyeglasses and sunglasses, computer and safety glasses, and contact lenses.
Uh-Oh! Time is running out. Your FSA will be gone on December 31st
The only real bummer about your Flexible Spending Account is if you don’t use up all of the balance in your account by December 31st you will lose it forever. This is the infamous Use It or Lose It phrase that causes folks to run around in a frenzy at the end of the year.
Not to Worry – We’ve Got Your Eyes Covered
Come into Philadelphia Eyeglass Labs before the end of the year and use your FSA on an eye exam and spiffy new designer specs to greet the New Year.
Go on now, what are you waiting for? The clock’s a ticking.
Center City S. Phila. Bensalem E. Norriton Ardmore Jenkintown
Note: This article is for education purposes only and does not constitute professional financial or tax advice. If you’re unsure about what services and products qualify for Flexible Spending Accounts contact your accountant, tax attorney, Human Resources professional at your place of employment or the Internal Revenue Service.
Copyright 2016 Philadelphia Eyeglass Labs