By Cary M. Silverman, M.D.
Most HR professionals don't realize that flexible spending accounts are one of the most versatile yet under-utilized benefit offered to employees. FSAs and their value continue to be the best kept secret at so many companies.
But the new regs are coming and in 2013 everything will change – don’t wait any longer – it’s time for every HR pro to shout about it from the rooftops before this year ends. Here’s why. Right now, some companies allow employees to put aside as much as $5,000 in pre-tax earnings for special health care expenses and elective procedures.
This is a huge savings in any economy but especially now. In the case of LASIK <http://www.eyecare2020.com/> , which has become one of the most popular using FSA monies, this savings can be upward of $2,400. And, although most everyone would love an “eyeglasses/contact lens-free” lifestyle – not everyone is physically eligible – so the time to get tested for eligibility is now so you can reserve the money later.
As an eye surgeon specializing in both LASIK and cataract surgeries – I know firsthand about the franticness of "use or lose it" activity. But it doesn’t have to happen that way. HR Professionals need to begin now to share the benefits of FSAs through easy to understand correspondence, webinars or live conference room presentations. Employees need to fully understand how FSAs work and their true value. By using tax-free flex spending money to reimburse patients for eligible medical expenses like LASIK, an FSA can reduce out of pocket costs by hundreds, even thousands of dollars.
Having a medical practice with a strong community outreach program – we invite HR professionals to call, tweet or e-mail us with their questions and we provide information on what procedures are FSA approved expenditures and early eligibility process for LASIK which has become so appealing because of its ability to improve lifestyles on so many.
Communicating to employees that just as important as year-end choices — this is the time of year that most individuals are required to make their elections for the following year, so Dr. Silverman also sees a big increase in the amount of patients coming in to find out if they are a candidate for LASIK. That way, patients know right away whether or not they qualify for the procedure and can elect to put the funds aside for the new year.
"If your employees are lucky enough to have FSA funds by year end, don't let them disappear," Dr. Silverman exclaimed. "Help them understand how it can be used so they won't lose"
About Cary M. Silverman, M.D. and EyeCare 20/20 www.eyecare2020.com <http://www.eyecare2020.com/>
About EyeCare 20/20:
Located in East Hanover, NJ, EyeCare 20/20 provides ophthalmic care for the entire family whether it's routine vision correction or surgical intervention. Under the direction of Cary Silverman, M.D., Medical Director, they serve patients from surrounding communities as well as those from other states nationwide. A patriot and avid sports fan, in 2008 Dr. Silverman developed LASIK For The Gold <http://www.lasikforthegold.com/> , a program that provides LASIK vision correction surgery to any athlete preparing for the Olympic Games. He extended the offer to athletes competing in every sport and soon thereafter began treating some of America's foremost champions. The success of this initiative led to another called LASIK The Refs <http://www.lasiktherefs.com/> , which offers free LASIK to professional referees and umpires as a way to eliminate "bad calls" which cause chaos for players and fans alike.
Most HR professionals don't realize that flexible spending accounts are one of the most versatile yet under-utilized benefit offered to employees. FSAs and their value continue to be the best kept secret at so many companies.
But the new regs are coming and in 2013 everything will change – don’t wait any longer – it’s time for every HR pro to shout about it from the rooftops before this year ends. Here’s why. Right now, some companies allow employees to put aside as much as $5,000 in pre-tax earnings for special health care expenses and elective procedures.
This is a huge savings in any economy but especially now. In the case of LASIK <http://www.eyecare2020.com/> , which has become one of the most popular using FSA monies, this savings can be upward of $2,400. And, although most everyone would love an “eyeglasses/contact lens-free” lifestyle – not everyone is physically eligible – so the time to get tested for eligibility is now so you can reserve the money later.
As an eye surgeon specializing in both LASIK and cataract surgeries – I know firsthand about the franticness of "use or lose it" activity. But it doesn’t have to happen that way. HR Professionals need to begin now to share the benefits of FSAs through easy to understand correspondence, webinars or live conference room presentations. Employees need to fully understand how FSAs work and their true value. By using tax-free flex spending money to reimburse patients for eligible medical expenses like LASIK, an FSA can reduce out of pocket costs by hundreds, even thousands of dollars.
Having a medical practice with a strong community outreach program – we invite HR professionals to call, tweet or e-mail us with their questions and we provide information on what procedures are FSA approved expenditures and early eligibility process for LASIK which has become so appealing because of its ability to improve lifestyles on so many.
Communicating to employees that just as important as year-end choices — this is the time of year that most individuals are required to make their elections for the following year, so Dr. Silverman also sees a big increase in the amount of patients coming in to find out if they are a candidate for LASIK. That way, patients know right away whether or not they qualify for the procedure and can elect to put the funds aside for the new year.
"If your employees are lucky enough to have FSA funds by year end, don't let them disappear," Dr. Silverman exclaimed. "Help them understand how it can be used so they won't lose"
About Cary M. Silverman, M.D. and EyeCare 20/20 www.eyecare2020.com <http://www.eyecare2020.com/> About EyeCare 20/20:
Located in East Hanover, NJ, EyeCare 20/20 provides ophthalmic care for the entire family whether it's routine vision correction or surgical intervention. Under the direction of Cary Silverman, M.D., Medical Director, they serve patients from surrounding communities as well as those from other states nationwide. A patriot and avid sports fan, in 2008 Dr. Silverman developed LASIK For The Gold <http://www.lasikforthegold.com/> , a program that provides LASIK vision correction surgery to any athlete preparing for the Olympic Games. He extended the offer to athletes competing in every sport and soon thereafter began treating some of America's foremost champions. The success of this initiative led to another called LASIK The Refs <http://www.lasiktherefs.com/> , which offers free LASIK to professional referees and umpires as a way to eliminate "bad calls" which cause chaos for players and fans alike.
