As the year draws to a close, you want to make sure you are using all of your flexible spending account money. You may know this account by a different name as many employers will refer to this as your healthcare cafeteria plan. This money is ‘use or lose’ money, and you want to use all of this money by the end of the year.
Many people frequently ask if cosmetic or plastic surgery can be paid with a FSA. Many procedures are, in fact, covered by the FSA rules. Types of procedures commonly performed at a cosmetic or plastic surgeon’s office that are covered under the FSA rules include any procedure that is used to help treat a current medical disease. Your local plastic surgeon’s office can answer specifically whether or not the procedure you are interested in will cover as an FSA expense. Some common examples of FSA eligible medical expenses include breast reconstruction after breast surgery, corrections after accidents or injuries, scar revision or minimization, and correction of congenital abnormalities.
Flexible spending accounts were designed as a way to help lower the tax burden for Americans. Unfortunately, they also require that you estimate your health care expenditures each fall, and have that money removed from your paycheck each pay period. It is sometimes hard to estimate accurately all expenses, and many of us are left at the end of the year with additional money in the flexible spending account.
This year, instead of using your FSA money up on mega bottles of over the counter pain relievers, consider consulting with your professional cosmetic surgeon to see what is best for you. In all likelihood, this just may a covered expense.