Flexible spending accounts provide a way to save tax-free dollars for healthcare spending. These types of accounts are often provided by employers as a workplace benefit, and you can contribute in addition to taking advantage of employer contributions depending on how your account is set up. Family and friends can also contribute to a flexible spending account, but there are contribution limits each year. At the end of the year, any unused funds are forfeited and do not roll into the next year.
Paying for High-Cost Dental and Vision
Some employers create special flexible spending accounts that are designed to cover post-deductible costs. The most common type of this kind of account is known as a limited purpose flexible spending account (FPFSA).
You can use a limited purpose flexible spending account to pay for costs associated with expensive dental care, and many people also use these types of accounts to pay for vision care. These types of accounts can sometimes be used in conjunction with health savings account (HSA) funds to further reduce costs since HSA funds roll over at the end of the year. If you are looking for a limited purpose flexible spending account, you should visit this website.
Paying for LASIK Surgery Using an LPFSA
Laser-assisted in situ keratomileuses (LASIK) surgery is a type of corrective vision surgery that can help certain individuals regain perfect vision. It uses lasers to make an incision in the eye to expose tissue called the stroma. This tissue is then obliterated and the tiny incision is sealed. The goal of LASIK is to allow people who need corrective lenses to stop having to rely on glasses and contacts.
Most LASIK procedures are eligible for coverage by LPFSA funds. You will want to speak with your account administrator as well as your LASIK provider to discuss eligibility in your specific situation. Even though most people with LPFSA funds can obtain LASIK using these accounts, every case is unique, so it’s better to get your information directly from the source.
Read a similar article about healthcare savings account here at this page.
