posted: Mar. 22, 2021.
Being able to afford the medical services you need and want is important. Millions of Americans have opted for high deductible healthcare insurance allowing them to receive healthcare for catastrophic events but providing little or no coverage for routine services. If you have one of these types of insurance policies, you have a couple of options that allow you to save money before taxes. If you are looking for an optometrist in Chehalis, our team at Lewis County Eye & Vision offers a variety of payment options.
What is an FSA
An FSA is a flexible spending account. In order for you to have one, you must have an employer who offers it and have a high deductible healthcare insurance plan. Every year the federal government sets the amount you are allowed to save through this plan. In 2020, it was $2,750 and in 2021 it has remained the same. The amount is the same for a single person or an entire family. But both spouses can have an individual flex spending account. Employers can choose to help their employees by extending the time they can use their money by 2 1/2 months, or they can allow up to $500 transferred into the account next year, but they are not required to do either.
How Can You Use an FSA
The good news is that you can use an FSA for many products and qualified medical expenses. The IRS has defined qualified medical expenses on their website. Over-the-counter medication whether you have a prescription or not is considered a qualified medical expense. You can also use it for deductibles, co-insurance, prescriptions, medical, vision, and dental exams. You can also pay for new eyeglasses, sunglasses, and contact lenses.
Contact Our Optometrists in Chehalis, WA
If you are looking for vision or eyecare services, Lewis County Eye & Vision is your full-service optometry practice. If you have any questions about Flex spending or would like to schedule an appointment with one of our eye doctors, call us today at (360) 748-9228.