General FYI:
Flexible Spending Accounts (FSA)
Health Savings Accounts(HSA)
More and more vision plans are becoming
more and more restrictive
regarding the products and services they will cover.
In some cases, most notably EYEMED and VSP,
there is a direct corporate relationship
between the vision plan and specific frame companies,
lens companies and optical retailers.
Also, VSP requires that the dispensary (frame/lens section)
be owned at least 51% by the doctor.
If you want more flexibility/control in
your health/vision care decisions,
AND
the bonus of a tax benefit,
you may want to look into
whether your employer offers access to either
Flexible Spending Accounts
OR
Health Savings Accounts
(which are attached to some high-deductible general health care plans).
Flexible Spending Account (FSA) funds are for one year only -
"Use it or Lose it".
Health Savings Account (HSA) dollars
can generally be rolled over from year to year.
Both plans have the added benefit of having your
self-determined plan funds deducted from your paycheck
BEFORE withholding taxes are calculated
(i.e., a tax savings).
NOTE:
Open enrollment for these plans is generally
in the third month before the end of the fiscal/financial year.
In the commercial business world, that means OCTOBER
For teachers and Gov't. workers
it may be in April or May.
See your Human Resources / Personel Dept.
for availability / details.
***
