Thinking about LASIK? It’s time to act now.
Individuals who opt to get LASIK eye surgery before 2013 will be able to cover all or most of the cost of their procedure using pre-tax dollars. Fall is the busiest time of year for LASIK offices, so it is essential to plan ahead. Call in advance so that there is ample time to schedule a consultation and book a surgery date.
Beginning on January 1, 2013, the tax-free Flexible Spending Account (FSA) will be capped at $2,500 per year, with annual inflation increases. The average cost of LASIK eye surgery in the U.S. averages $4,300.
Currently, there is no federally mandated cap, though the IRS mandates that employers set a limit on the amount each employee can contribute. Most employers choose to cap the amount somewhere in between $2,000 and $5,000.
Using contributions from your 2012 FSA enrollment, you can pay for most or all of your LASIK eye surgery with pre-tax dollars. That’s a savings of 20-30% depending on your income tax bracket.
If you have unused 2012 contributions, it’s time to plan how you will spend them.
The FSA account is a “use it or lose it” account, meaning that you will lose the remaining balance if you have not used all of it by the end of the enrollment year. Certain plans, however, allow for a short period at the beginning of the next year for the rest of the dollars to be spent. Check with your human resources director for details.
Tips:
- Ask your human resources department for your FSA plan details.
- Schedule a consultation to find out if you are a good candidate for LASIK surgery before contributing the amount to your FSA account.
- Spouses could each contribute $2,500 to a joint account to increase the total annual contribution to the FSA account.
Schedule a Consultation Today
Plan ahead to make sure you take advantage of your FSA tax-free benefits before the 2013 cut-off. Contact Providence Eye & Laser Specialists to schedule an appointment.
Due to increased demand for LASIK surgery towards the end of the year, we ask you call as soon as possible if you are planning to use your 2012 FSA to pay for your surgery.
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