Flex Plans are a great way to pay for your vision correction procedure.
We know that quality vision correction can feel like a big expense.
Flex Plans are an option that many folks can use but few even know about. Thousands of companies in Oklahoma offer their employees this versatile but underutilized benefit.
Your Flex Plan or Cafeteria Plan is essentially a Zero Down, Zero Percent financing plan provided by your employer. You have guaranteed approval with NO credit check, and you pay for it using pre-tax dollars, for savings of up to $1000*!
Here’s how it works:
If you or your spouse have a Flexible Spending Account (FSA), a Health Savings Account (HSA) or Cafeteria Plan through your employer, you are allowed to set aside up to $2700 in your account. If you’re in the 15% Federal Tax bracket, here’s an example of your savings:
- 15% Federal = $405
- 5% State = $135
- 7.65% FICA (Social Security/Medicare) = $206.55
Total Savings = $746.55 = a 27.7%* savings!
If you’re in the 25% Federal Tax bracket (income of at least 35k single or 70k married), that means an additional $260 in savings for a total savings of over $1000!
Bottom line: using $2700 in Flex money towards Vision Correction should save you anywhere from $700 up to $1000 on your taxes.
Additional benefits of using your Flex Plan:
Have your procedure much sooner – Most flex plans allow you to spend the money at any time during the plan year — without the full amount having accumulated in the account. You decide now (during the enrollment period) how much to set aside for LASIK, LASIK SMILE, PRK, ICL or Custom Lens Replacement, and then you can use it all at the beginning of the plan year (usually in January).
The most important point to know about using your FSA is that the money is “Use it or Lose it” – so you MUST make sure you are a good candidate BEFORE you set aside any money in your plan.