Does your company offer a Flexible Spending Account (FSA)? If you’ve been thinking of having a Shreveport plastic surgery procedure done but can’t find a way to afford it, an FSA might help. If you’ve never used your FSA before, the time to start learning more about it is now.
How an FSA works
An FSA allows you to set aside a portion of your income before taxes. You can save money since your deposit is deducted before taxes. You can then use the savings for qualified medical expenses. Many companies now offer FSAs to their employees. Some FSAs even provide you with a card that you can use like a credit card to access your account.
Autumn is a great time to establish an FSA. If you already have one, Kimberly Palmer of U.S. News offers this useful tip:
Get on top of flexible-spending accounts. Open enrollment time also gives employees an opportunity to revisit their flexible-spending plans and other optional benefits, says Manisha Thakor, founder and CEO of MoneyZen Wealth Management in Santa Fe, New Mexico. If you underestimated your 2014 health care costs, you might want to consider putting more into the flex account for next year. Just be sure to spend down the money that’s set aside to avoid losing it.
Using your FSA for plastic surgery
FSAs can typically be used for reconstructive plastic surgery. However, you can’t use the money to cover cosmetic procedures such as Botox injections. That said, there are certain areas in cosmetic surgery where an FSA can be used, such as the fees, Botox for migraines, or copayments for a physical examination before the procedure.
How to enjoy FSA savings
First on the agenda is to find out if you are a good candidate for the plastic surgery procedure you want, so schedule a consultation with your preferred plastic surgeon. Second, find out the cost of the procedure so you’ll know how much money you need to set aside. Third, consult a tax professional or benefits manager to determine if the procedure is covered by your FSA. Fourth, sign up on your company’s FSA and start setting aside the amount necessary for your procedure.
How to save even more
Trusted plastic surgeons in Shreveport, LA like Knight and Sanders partner themselves with reliable lenders as a way to provide private financing options to their patients. You can get in touch with one of their representatives to learn even more ways to stretch your dollar.
(Source: The Best Money Moves for Autumn, US News, Sep. 30, 2014)