You may have heard of something your employer offers known as a flexible spending account, also known as a FSA. These savings accounts are ones that your employer uses to deposit money into directly out of your paycheck throughout the working year. When the time comes, you can use the funds in your FSA to pay for copays, prescription drugs, glasses, and much more. The reason people make use of these accounts is because the money put into and taken out of the FSA is untaxed–you can get an eye exam from your Miami optometrist and a pair of glasses without having to pay taxes on either. If your employer does not offer vision coverage in any of their health care plans, then you need to be sure and ask them about a FSA account.
Before you go ahead and sign up for a FSA with your employer, you need to find out some important information first. There are also some things you should know regarding your FSA account and how it works.
If you are liking the idea of opening a FSA that you can use for medical expenses without having to pay taxes on the money, then you need to speak with your employer. They will likely have someone on their team that can give you all the information you want to know about FSAs and how they work, and also to help you sign up for one. Don’t get discouraged if you notice that your employer does not offer any type of healthcare coverage for vision–there’s a good chance they offer FSAs if they do not. In many people’s eyes, using a FSA as opposed to having standard vision coverage is much better anyway.