A Flexible Spending Account (FSA), (also called flex plan, reimbursement account, Flex 125, Tax Saving Plan, Medical Spending Account, a Section 125, or a Cafeteria Plan), is an employer-sponsored benefit that allows you to pay for eligible medical expenses on a pre-tax basis. Each year your employer will have an open enrollment period when you can sign up for an FSA. Once your FSA is in place, you can use those pre-tax dollars to pay for qualifying medical expenses. All funds you set aside must be used within a specified amount of time.
Since your contribution is deducted pre-tax, it effectively lowers your taxable income and saves you money. Depending on your tax bracket, you may save up to several thousand dollars. Please take a look at the following chart.

A Flexible Spending Account is a great way to save, but there are some regulations. First of all, there are certain medical expenses that do not qualify under the FSA. Cosmetic and “general health” procedures and treatments and health insurance premiums are some examples. Second of all, there is a time limit on when you can use the funds you sent aside in your FSA. Once the time limit is passed, you will no longer have access to funds.
You will need to plan your contribution carefully to ensure that you maximize your savings without allotting an amount that you will not be able to use. LASIK is perfect for a Flexible Spending Account. Unlike other medical expenses, you can plan ahead for LASIK and you know relatively what the cost will be.
Now is a great time to be setting aside those tax-free “flex” dollars.

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