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Friday, May 13, 2005

Lasik Eye Surgery and Medical Spending Accounts

I want Lasik eye surgery- I think. I'll have to wait and see if I'm a good candidate. Later this year I'll have an eye exam to see if I'm eligible, and if so I'll increase my Medflex withdrawals by a lot for next year. I know the cost varys widely so I'll have to do some research. Here are a few tips if you are considering LASIK surgery:

Many people still need glasses after surgery. If I find there is a good chance I'll need reading glasses post surgery, I'll probably forgo it because I read all the time, and currently only need to have my classes to drive (which I rarely do), or watch t.v.

Great tax break "When you participate in a [flexible spending] account, you elect to have a specified amount of pretax dollars deducted from your paycheck each pay period during the calendar year (plan year). These dollars are subtracted from your gross earnings before federal, state, and FICA (Social Security) taxes are deducted and then contributed to a reimbursement account established in your name. After you submit a reimbursement request and proper documentation of the qualified expense, you will be reimbursed from your account. See IRS publication 502 for a list of reimbursable expenses.

In both Med-Flex and Dependent Care, when you contribute pretax dollars to a reimbursement account, your taxable income is lowered; therefore, you pay less taxes and increase your spendable income. This concept is authorized and regulated by Sections 125 and 129 of the Internal Revenue Code."

Have you had Lasik? Any problems? Was it worth it? How much did it cost?

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