Written by Rhonda Greer and Angie McShann, MBS Financial Specialists
Many companies now regularly offer their employees the ability to participate in a health flexible spending account (FSA). This type of account is one of the newer health benefits that are being offered along with health insurance. One excellent benefit is that they give people tax advantages to offset health care costs.
An FSA works by allowing you to set aside a percentage of your income before taxes. Other names for these accounts include reimbursement accounts and flex plans. An employer can also contribute to this account, but usually the account is your own money. You can then use money from your FSA to pay for qualified medical expenses. This sounds like you are using your own money whether you have an FSA or not, but because your contribution is deducted before taxes, you save money.
Be sure to check with your FSA provider to learn about the exact requirements and necessary documents. FSAs do vary, and there are limits on how much can be set aside and special considerations when it comes to unused money. Some FSA’s are a use it or lose it within that benefit year. By providing all of the necessary information upfront, your procedure is more likely to be deemed eligible.
Undergoing surgery for weight loss is a major decision, and it requires a major lifestyle change. Keep in mind that proper use of an FSA also requires planning ahead. While some may benefit from the use of an FSA, some may find that monthly financing or other payment arrangements are better for their needs.
During your consultation with our team, we will be more than happy to discuss all of your options in greater detail so that you can make the choice that fits you best. Call us at 940-503-1302 or email us at firstname.lastname@example.org