If you are like most people, then you want to be sure you have medical coverage for ALL areas of your body, not just some. Unfortunately, many employers don’t offer healthcare coverage for dental and vision, which leaves employees in a bad situation when it comes to getting the medical care they deserve. However, there’s a good chance your employer offers FSAs if they do not offer vision/dental coverage. FSAs, or flexible spending accounts, are accounts that employers deposit untaxed dollars into that can be used for your dental/vision appointments and necessities throughout the year. Before you sign up for a FSA with your employer, though, you need to be sure that you are well aware of all the flexible spending account rules.
Important Things to Know About FSAs
There are many pros and cons to having a FSA that you need to be aware of. You may not be told everything you need to know by your employer, so it’s good to find out reliable information on your own.
- The money in your FSA will expire at the start of a new year, which means you need to use it the same year it is accumulating.
- Most eye doctors in Miami accept FSA payments, so you will still have a large selection of reputable doctors to choose from.
- While the money does not roll over to a new year, your employer may allow either $500 to roll over, or allow you an extra 2.5 months to use the money in your account. They are not required to offer either of these options, though, so be sure to ask about this specifically.
- There is a limit to how much money you can put into your FSA–in 2017, it will be $2,600 for individuals and double that for those who are married.
To Open an FSA or Not to Open an FSA
After learning about an alternative way to pay for a visit with your eye doctor in Miami and get glasses without vision coverage, you may be wondering if you should open a FSA through your employer. If you are someone who has perfect vision and teeth and don’t worry about their health condition, then you can get away without having an FSA. However, if you are like the vast majority of people in the world, then you are likely concerned about the current health state of your eyes and teeth and want to be able to do something about any potential problems. If your employer doesn’t offer vision coverage or only offers plans that you deem unsatisfactory, then you should most definitely open a FSA.