Callahan Eye Clinic Post

Flex Spending To The Rescue: Don’t Get Trapped In The Donut Hole
Posted on 11/14/2016

Flex Spending To The Rescue: Don’t Get Trapped In The Donut Hole

 

Flex Spending To The Rescue_ Don’t Get Trapped In The Donut Hole

Callahan Eye Clinic has proudly been a part of the Birmingham community for over 40 years and we’ve helped a lot of patients not only “see” their full potential, but also navigate the tricky waters of insurance, financing and more. Toward the end of the year, every year, we are asked a lot of questions concerning flex spending accounts (also known as FSAs) and the gap between maxed-out insurance benefits and the new year (also known as “the donut hole”). We’ve decided to create a blog to expand on this topic.   

 Maxed Out Insurance Benefits

If you have had eye procedures, or have ordered new glasses or contacts this year, then you’ve likely maxed out your vision insurance benefits. This means that you might not be able to receive more insured eye treatment this year and you might be putting off that needed eye exam or treatment. However, if you have a flex spending account, which allows you to save pre-taxed money for medical use (up to $2,500), then you can use this account to pay for eye treatments, eye exams, eye procedures, eye surgeries, and more medical-related expenses.  

Now Is The Time To Use Your Flex Spending Account

Flex spending accounts are great. As mentioned, you get to save pre-taxed money and use such on doctor visits, medical treatments and procedures, and even prescriptions. This allows you to save money on taxes and have the ease of mind knowing that you won’t be at risk during “the donut hole.” However, patients are always shocked to hear that if the money is unused by the end of the year then the money does not transfer over to the next year. This is known as the IRS’s “use or lose it” rule regarding flex spending accounts. This means you can lose out on the hundreds, if not thousands of dollars that you’ve saved in your flex spending account at the end of the year if the money goes unused! Nevertheless, at Callahan Eye Clinic, we will do everything we can to ensure your benefits are used efficiently and that you’re able to receive the best care possible prior to the end of the year.    

Contact Callahan Eye Clinic Today!

We help all of our patients navigate the tricky waters of insurance and financing. Beyond, we want to ensure that all patients have access to the premium care provided at Callahan Eye Clinic, which is why we offer financing options with CareCredit and accept a wide range of insurance benefits, including flex spending accounts. Please be aware that appointment slots fill up quickly at the end of the year. We encourage you to call us today at 205-933-6888, or complete an online appointment request form to ensure you’re able to see Dr. Callahan and our premier staff before the new year!