DFW Mustang Forums banner
1 - 10 of 10 Posts

·
WE ARE THE CHAMPIONS!
Joined
·
10,853 Posts
Discussion Starter · #1 ·
Last time I talked about this, I was asking how much does it REALLY cost. After the answers I got, I just about gave up on the idea of getting LASIK next year. Well, yesterday I told my boss about it and he told me to look into the companies flex spending plan. I'm damn glad he did too because that is going to help alot. Here are some details for those of you that don't know about this. If your company has a flex spending plan, you need to get enrolled before the year ends if your interested.

A flex spending plan essentially is an account of money you set aside for out of pocket medical expenses. The Feds let you put upto 2500 bucks into it. The money is supposed to be deducted directly from your paycheck spread out over the entire year. So someone like me with 26 paychecks a year has to pay 96 bucks every two weeks. Here is the kicker. That 2500 bucks is treated as untaxed income. So you simply don't declare it on your tax returns next year. In other words, LASIK for me will be a tax deduction :D

But that's not all. Oh no, it gets better. I want to have my LASIK in January but I haven't put a dime into my Flex Spending Plan yet. However, the people administering my FSP will go ahead and give me upto 2500 bucks to pay for my surgury. Even better, that money is INTEREST FREE! Essentially, I'm getting a free loan to have my eyes fixed!

Now here's the catch (yep, there is one). Let's say you put 2500 bucks in your FSP. When Dec 31, 2003 rolls around, you either have to spend it all on some medical expense or YOU LOSE IT ALL!

Thats right, you cannot roll the money over into the next year. You use it all or lose it all. So if my eye surgury only ends up costing me 1000 bucks, I've gotta use that extra 1500 bucks by the end of the year or lose it. So you've gotta plan ahead. I need my wisdom teeth taken out. So if the surgury doesn't cost me the full 2500 bucks, I'm going to have that taken care of.

It's important to note that if you want the FSP for 2003, you have to be signed up before the end of the year, so get on the ball if you're interested.
 

·
Boost is Life
Joined
·
4,339 Posts
Damn ... I don't need anything else deducted from my paycheck. :eek: Seriously ... while it's good for some people and is gonna work well for you, the thought of losing it at the end of the year scares the crap outa me. I think I'll just keep'on saving. :)

Later,
 

·
Premium Member
Joined
·
1,833 Posts
I'm new to the site, and didnt see your previous post. But Im sure you've done alot of research on this subject. You have obviously decided to have the procedure, and are now only concerned with the payment of your procedure. But I will still share my opinions with you.


I was previously employed by a major Lasik provider. (TLC Laser Eye Centers)

If there is anything that Id say to you, is be sure to make the right decision on choosing your provider. I spent more than a year as a laser technician, assisting the surgeons during the procedure. I cant tell you how many procedures we did "repairing" other surgeons mistakes. There are alot of companies opening up shop now, offering VERY low prices, while using inexperienced doctors and staff, so please be careful.


Good Luck.
One thing is for sure........It will change your life forever.
Where you choose to have your procedure done will determine whether it changes for the better or worse.
 

·
11-05-09
Joined
·
21,629 Posts
Sgt Beavis said:
Last time I talked about this, I was asking how much does it REALLY cost. After the answers I got, I just about gave up on the idea of getting LASIK next year. Well, yesterday I told my boss about it and he told me to look into the companies flex spending plan. I'm damn glad he did too because that is going to help alot. Here are some details for those of you that don't know about this. If your company has a flex spending plan, you need to get enrolled before the year ends if your interested.

A flex spending plan essentially is an account of money you set aside for out of pocket medical expenses. The Feds let you put upto 2500 bucks into it. The money is supposed to be deducted directly from your paycheck spread out over the entire year. So someone like me with 26 paychecks a year has to pay 96 bucks every two weeks. Here is the kicker. That 2500 bucks is treated as untaxed income. So you simply don't declare it on your tax returns next year. In other words, LASIK for me will be a tax deduction :D

But that's not all. Oh no, it gets better. I want to have my LASIK in January but I haven't put a dime into my Flex Spending Plan yet. However, the people administering my FSP will go ahead and give me upto 2500 bucks to pay for my surgury. Even better, that money is INTEREST FREE! Essentially, I'm getting a free loan to have my eyes fixed!

Now here's the catch (yep, there is one). Let's say you put 2500 bucks in your FSP. When Dec 31, 2003 rolls around, you either have to spend it all on some medical expense or YOU LOSE IT ALL!

Thats right, you cannot roll the money over into the next year. You use it all or lose it all. So if my eye surgury only ends up costing me 1000 bucks, I've gotta use that extra 1500 bucks by the end of the year or lose it. So you've gotta plan ahead. I need my wisdom teeth taken out. So if the surgury doesn't cost me the full 2500 bucks, I'm going to have that taken care of.

It's important to note that if you want the FSP for 2003, you have to be signed up before the end of the year, so get on the ball if you're interested.


[Announcer] And that's no all folks! for $19.99 you get this imcredible self propelled Back and but shaver!! INCREDIBLE!![/Announcer]
 

·
WE ARE THE CHAMPIONS!
Joined
·
10,853 Posts
Discussion Starter · #7 ·
Re: Re: Good way to pay for LASIK

Black5OHFox said:
[Announcer] And that's no all folks! for $19.99 you get this imcredible self propelled Back and but shaver!! INCREDIBLE!![/Announcer]
LMAO..

Ok, that was fucking funny.
 

·
WE ARE THE CHAMPIONS!
Joined
·
10,853 Posts
Discussion Starter · #8 ·
99BRINGIT said:
I'm new to the site, and didnt see your previous post. But Im sure you've done alot of research on this subject. You have obviously decided to have the procedure, and are now only concerned with the payment of your procedure. But I will still share my opinions with you.


I was previously employed by a major Lasik provider. (TLC Laser Eye Centers)

If there is anything that Id say to you, is be sure to make the right decision on choosing your provider. I spent more than a year as a laser technician, assisting the surgeons during the procedure. I cant tell you how many procedures we did "repairing" other surgeons mistakes. There are alot of companies opening up shop now, offering VERY low prices, while using inexperienced doctors and staff, so please be careful.


Good Luck.
One thing is for sure........It will change your life forever.
Where you choose to have your procedure done will determine whether it changes for the better or worse.
All good points and I appreciate your input. I've decided on Dr. Boothe's office. I've just heard too many good things coming from there. I've been doing my research and I've even found a few sights that aren't too high on LASIK to begin with. I know the risks and I'm still going through with it. It's just to big of a payoff IMO.
 

·
WE ARE THE CHAMPIONS!
Joined
·
10,853 Posts
Discussion Starter · #9 ·
GE said:
Don't you people go over your own benefits?! Be careful, some plans won't cover Lasik type stuff. And most open enrollments have already ended for the year.
This was the first open enrollment since I started working. It does cover LASIK. From what I heard from the company rep, more and more of these plans are covering LASIK. However, you are right, everyone should read and make sure they know what they are getting into.
 

·
WE ARE THE CHAMPIONS!
Joined
·
10,853 Posts
Discussion Starter · #10 ·
DamonH said:
Damn ... I don't need anything else deducted from my paycheck. :eek: Seriously ... while it's good for some people and is gonna work well for you, the thought of losing it at the end of the year scares the crap outa me. I think I'll just keep'on saving. :)

Later,
Its always a good idea to keep'on saving. This isn't for everyone but if you plan ahead (like I've done) then you can come out smelling like a rose. Just think if you know you're going to need braces (or one of your kids will), this can really help and you get another tax break.
 
1 - 10 of 10 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top