Don’t Forget - 2009 Flex Plans Expire Soon!

Posted: Wednesday, January 13, 2010

Some healthcare plans have what is called a Flexible Spending Account (FSA) in which a balance may exist and possibly expire as the year ends. In order to secure these funds, the plan holder must spend before the true expiration date (many run 2-1/2 months into 2010).

An FSA allows participants to set aside pre-tax dollars that can be used to pay for medical expenses not covered by a health insurance plan. These expenses include deductibles, co-payments, as well as vision care. FSA funds are deducted from a participant’s earnings throughout the year and are forfeited if they are not used before the annual plan expiration date.

“If eyeglasses or contacts are ordered and paid for before the plan runs out, then patients can use flex-account funds, even if they are not received until after this years plan is over,” stated Jon Kessler, chairman of WageWorks, a manager of flex-spending accounts.

St. Charles Vision welcomes FSA holders and is able to offer for purchase contact lenses, eyeglasses and prescription sunglasses. “We want our patients to take full advantage of this ‘free spending’ opportunity,” stated Dr. James McGuinness, St. Charles Vision Elmwood, “This gives them a chance to stock up on products that they will have to purchase anyway.”

To learn more visit one of our New Orleans locations including Uptown, Metairie, Mandeville, Elmwood, Chateau and Westbank.