Posts

Showing posts with the label taxadvantagedplans

I see you! Using your HSA for eye care.

Image
                                                       I went to see my eye doctor recently. My husband and I have an Health Savings Account, so I used that to pay for my exam and new glasses. In the course of that visit, my doctor and I discussed all the things you could use an HSA for when at the eye doctor, so I thought I'd share a few here. 👀 Exam 👀 Glasses 👀 Contact lenses 👀 Vision therapy 👀 Prescription sunglasses 👀 Anti-fogging solution (especially useful when wearing a mask!) I'll be sharing a few more ideas on how to use your HSA card in the coming weeks, so please be on the lookout for that. In the comments below, I've included a link to a blog on HSAs if you'd like to read more about them. Have a question? Let me know! PS: Need a great eye doctor in NW Houston? Go see Dr. Erin Pitts  at Eyes on Cypress . #hsas   #employeeb...

Is a FSA right for your company?

Image
A Flexible Savings Account can be a tremendous help to an employee and a nice addition to a benefits package.  Offered by the employer, an FSA allows employees to set aside pretax dollars through a payroll deduction to pay for specific healthcare expenses, like medications, eyeglasses and copays, just to name a few.  How it works  Each year, the federal government sets a cap on the amount of money an employee can set aside for these eligible expenses for themselves and their eligible dependents. In 2021, that figure is $2,750.   The employer, however, may set a lower annual maximum allowable amount they would allow their employees to set aside. The employee then determines their own annual election; that amount will be broken down by the number of pay cycles the company has over the course of the year and then deducted from those paychecks.  Unlike other tax-advantaged benefits, such as a Health Savings Account, a Flexible Spending Account has no plan requi...