Flex Spending & Your Optometrist in Manchester
At Prudhomme Vision, our optometrist in Manchester CT provides all-inclusive vision and eye care services that your family needs. With the end of the year quickly approaching, it is essential that you check your vision benefits to ensure that you have used them before they expire. Especially if you have a flexible spending account where putting off appointments until 2020 can mean losing out on your 2019 benefits.
Don’t Let Flex Vision Benefits Go to Waste!
For those who have flex spending accounts (FSA), it is essential to understand how they work. For instance, the majority of FSA providers do not allow unused money to roll over into the next year. While there are some with a clause that allows flex dollars to be spent until March of the next year and others allow up to $500 to roll-over into the next year, this is not common. Generally speaking, with flex spending accounts if you don’t use it, you lose it!
In addition to keeping a close eye on your flex balance, there are a few other areas that need to be kept in mind. These include annual maximums, plan changes, and deductibles.
Often, flex spending vision insurance plans have an annual maximum for coverage. To make the most of your plan it is important that you use as much of this max amount every calendar year. This can drastically reduce the out of pocket expenses you incur in the next year.
Many flex spending plans have an amount that must be met before coverage kicks in. If the new year is approaching and you have met this amount your eye exam, new frames, and contact lenses are completely covered.
Finally, plans change from year to year. If you do not use a benefit this year it may not be there the next.