Your Healthcare Flexible Spending Account and Optometrist in Columbia, MO

It’s that "use or lose it" time of year for many people with healthcare flexible spending accounts. Time to ask what you have yet to do this year to take advantage of that benefit by visiting your friendly optometrist in Columbia, MO. Maybe you’re not sure what else is covered under your plan or how long you have to use the funds. Find out more about healthcare flexible spending accounts and how best to manage them.

What is a Flexible Spending Account?

Let’s start with a brief definition. A flexible spending account is a special tax-free fund designated just for qualified healthcare expenses such as that annual trip to the Columbia eye doctor.

At the end of the year, any unused money is forfeit. The exact date of the forfeit depends on your employer. That leaves many people scrambling for ways to use up that money. One practical solution if you live in the Columbia, MO area is to use flex spending at Andrew Stone Optometry for your annual eye exam.

Do You Lose All the Money?

If you are down to 500 or less, you may not lose that money. The IRS did make a change recently that allows up to 500 dollars to carry over to the next year’s fund. It depends on how your employer set up the fund. If you are allowed a grace period, until March 15^th for example, you cannot carry over any funds from the previous year. If account closes at the beginning of the new year, the 500 dollars will carry over.

If the dashboard on your account shows a box giving you the option to carry over 500 dollars, then your account has no grace period.

Can You Use Those Funds With Our Columbia, MO Eye Doctor?

Going to your Columbia eye doctor is one of the best ways to use those leftover flexible spending account funds. You may also be able to use the account to help pay for eye care products like glasses or contact lens. In most cases, it can go towards advanced vision solutions like LASIK, as well. Discuss your healthcare flexible spending options with our staff when you come in for an appointment, especially if picking out new frames or ordering contacts. The account may not apply to every product.  Our staff is fully trained to help you get the most from your account before that money disappears.

Your healthcare flexible spending account is designed to help you pay expenses that your health insurance plan does not cover. By definition, that would probably include vision services like eye exams. It’s a great benefit to have but only if you use it. If you let that money disappear, you lose out of beneficial options like an annual eye exam.

If you have not had your eyes checked this year and have a healthcare flexible spending account, put that money to good use. Give us a call at 573-445-7750 to make an appointment before the funds expire.