If you have unused funds in your 2023 Flexible Spending Account (FSA), it’s not too late to put those dollars to good use. But time is running out! Unless your employer has set a closer deadline, the grace period to use FSA funds from the previous plan year ends March 15, 2024.
Understanding Flexible Spending Accounts (FSAs)
An FSA is an employer-sponsored benefit that allows employees to contribute a portion of their pre-tax salary to cover eligible medical expenses. These contributions are deducted from your paycheck before taxes are applied, providing an immediate tax benefit.
FSAs have long been a valuable tool for individuals to set aside pre-tax dollars to save on various medical expenses, and they can be particularly advantageous for elective procedures like laser vision correction. One exciting and life-changing way to utilize your FSA funds is by investing in your vision through LASIK at nJoy Vision in Oklahoma City.
In this blog post, we’ll explore the benefits of using your FSA for LASIK in OKC at nJoy Vision, the updated “use it or lose it” rules, and the range of vision correction options available.
The “Use It or Lose It” Rule Changes
Until 2021, the IRS strictly adhered to the “use it or lose it” rule, meaning employees forfeited any unused FSA funds at the end of the plan year. However, some employee-friendly policy changes have occurred in recent years to help ensure unused funds are not immediately lost at the end of the plan year. Employers can now offer their employees a grace period or a rollover option, but not both.
It’s crucial to check with your employer to understand which option your FSA plan includes.
FSA Grace Period
The FSA grace period is an extended coverage period following the end of the previous plan year that gives you extra time to pay for medical expenses with your remaining FSA balance.
The maximum grace period allowed by the IRS is two months and 15 days, but employers can determine if their plan’s grace period is shorter. Any funds not used before the end of the grace period will be forfeited.
If your employer offers a grace period option and follows the IRS’s extension deadline, you have until March 15, 2024, to use your 2023 funds. Since many people find it inconvenient to schedule medical procedures during the holidays, this grace period provides a welcome extension for individuals to plan and schedule elective procedures like LASIK when it’s more convenient after the first of the year.
FSA Rollover
An FSA rollover or carryover allows participants to roll over up to $610 of unused 2023 funds into the next plan year. While this option allows funds to carry over, any remaining balance exceeding $610 is forfeited. However, there is no time limit on when you have to use the rollover funds.
LASIK and Other Vision Correction Procedures at nJoy Vision
nJoy Vision is a state-of-the-art laser vision correction center in OKC, leading the way with advanced treatment options, world-class surgeons, and a patient-first mindset. We offer patients several revolutionary vision correction options that are FSA-eligible medical expenses, including all-laser LASIK, Lens Replacement, EVO ICL, and Laser Cataract Surgery.
LASIK (Laser-Assisted In Situ Keratomileusis)
LASIK is a popular and effective procedure that reshapes the cornea using a laser to correct nearsightedness, farsightedness, and astigmatism. This outpatient procedure has a quick recovery time, and many patients experience improved vision almost immediately.
Lens Replacement
Also known as refractive lens exchange or RLE, lens replacement involves replacing the eye’s natural lens with an artificial lens called an intraocular lens or IOL. This procedure treats nearsightedness, farsightedness, and astigmatism. It is an excellent option for patients over the age of 40 who want to reduce or eliminate their reliance on reading glasses or bifocals due to presbyopia.
EVO ICL
EVO is an increasingly popular vision correction option for individuals with moderate to severe myopia (nearsightedness) and astigmatism who may not be suitable candidates for LASIK or other refractive surgeries. During the EVO procedure, a soft-material lens composed of 100% biocompatible collagen copolymer called an Implantable Collamer® Lens is implanted in the eye between the iris and the eye’s natural lens to provide permanent vision correction, UV protection, and clear vision day or night.
Laser Cataract Surgery
Cataracts are a natural part of aging. According to the American Academy of Ophthalmology, more than 20.5 million Americans over the age of 40 have cataracts, and 90% of Americans will develop cataracts by age 65. At nJoy Vision, our surgeons perform laser-assisted cataract surgery using the revolutionary CATATLYS® Precision Laser System and femtosecond laser technology. These advanced platforms bring new levels of safety, accuracy, and predictability to cataract surgery.
PRK (Photorefractive Keratectomy)
PRK is a laser vision correction procedure similar to LASIK, but instead of making a flap like in LASIK, the thin top layer of the cornea is gently removed and allowed to grow back. PRK uses the same excimer laser and Custom Wavefront technology as LASIK to reshape the cornea and is an excellent option for individuals with thin corneas who are not suitable candidates for LASIK.
Using FSA Funds for LASIK and Vision Correction
FSA funds can be applied to cover various vision correction expenses, making it an excellent financial resource for those considering LASIK or other procedures at nJoy Vision. Eligible expenses typically include the surgical procedure costs, pre-operative evaluations, post-operative care, and prescription medications related to the procedure.
To maximize your FSA benefits for LASIK at nJoy Vision before the March 15, 2024, deadline, follow these steps:
Verify Your FSA Balance
Check your FSA balance and understand the rules set by your employer regarding the grace period or rollover option.
Schedule a Consultation
Schedule a free consultation with the experienced and knowledgeable nJoy Vision team. During your consultation, our specialists will assess your eligibility for LASIK or other vision correction procedures.
Pay for Your Procedure
Even if your FSA funds don’t completely cover the cost of your procedure, we’ll work with you to identify available financing options and discounts to make laser vision correction more affordable.
Plan Your Procedure
Once we have determined you’re a candidate for LASIK or another vision correction option, we will work to plan the timing of your procedure to align with your FSA’s grace period deadline.
Submit FSA Reimbursement
Keep detailed records of your expenses and submit the necessary documentation to your FSA administrator for reimbursement, including invoices, receipts, and required forms.
Funds, Flings & LA$1K Savings
Investing in your vision through LASIK or other vision correction procedures at nJoy Vision in OKC is a life-changing and financially savvy decision. With the recent changes in FSA regulations, you have more flexibility in when you can use your pre-tax dollars for these procedures.
If you’ve been flirting with the idea of LASIK and you’re within the grace period to use your previous plan year’s remaining FSA balance, now is the time to combine those funds with our biggest LASIK discount of the year!
Schedule your FREE OKC LASIK consultation at nJoy Vision
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