| Thousands of people have laser vision correction | | | | dollars to pay for medical expenses. You can use the |
| every year. You probably have co-workers, | | | | dollars for medical insurance premiums or for qualified |
| neighbors, friends and family who've had some type | | | | medical expenditures. Laser vision correction is a |
| of vision correction procedure like LASIK. Thousands | | | | qualified expense for most plans but be sure to |
| more each year consider improving their vision with | | | | confirm this with your human resources department |
| eye surgery but say that fear, time or finances | | | | for deciding to set this aside for the year. The most |
| prohibit them from moving forward. With a little | | | | important thing to remember about flexible spending |
| creativity and resourcefulness, those who think that | | | | plans is that if you don't use the set-aside dollars for |
| laser vision correction is too expensive will see just | | | | the plan year, you lose them. However, there is also |
| how affordable it can be. | | | | a huge benefit to you. You get to use more of your |
| There are numerous ways to save money on laser | | | | money since it is saved at a pre-tax level and the |
| vision correction. (Choosing the cheapest surgeon in | | | | money is taken from you in equal payments from |
| town is not the recommended solution, by the way.) | | | | your paycheck throughout the plan year - just as if |
| From employer-sponsored flexible spending accounts | | | | you were making payments to a credit card |
| or health savings accounts to finance companies that | | | | company only there's no interest to pay. |
| cater to laser vision correction patients, solutions | | | | Health Savings Accounts (HSA) |
| abound. | | | | Another option to investigate with your employer is |
| 3rd Party Financing | | | | the use of a health savings account. Like flexible |
| You have many options when it comes to third party | | | | spending accounts, the money to fund the account is |
| finance companies. You can talk with your local bank | | | | taken from your paycheck on a pre-tax basis and |
| or credit union. If you don't have local banking | | | | can be used to pay qualified medical expenses. |
| resources, you can also apply to companies that | | | | However, unlike the flexible spending accounts, you |
| specialize in fee-for-service elective medical | | | | own the account and whatever money you don't |
| procedures. A couple of the most popular choices are | | | | spend on medical expenses is yours to keep and |
| Care Credit and CapitalOne Healthcare financing. | | | | rollover to the next plan year. There are rules and |
| Typically, these companies offer plans with six, nine, | | | | restrictions with these accounts so be sure to get all |
| twelve months or more of interest-free financing | | | | the details from your human resources department. |
| with lower interest rates than traditional credit cards. | | | | Medical Expenses Deduction |
| Interest rates are dependent on your credit rating. | | | | And last but not least, you can hit up Uncle Sam for |
| Credit Cards | | | | a deduction on your IRS income tax return if you |
| There are a plethora of companies out there today | | | | qualify. Generally, if you itemize deductions on your |
| with great incentives to use their credit card. | | | | tax return and your medical expenses equal or |
| Whether it is cash back rewards, airline miles or | | | | exceed 7.5% of your Adjusted Gross Income, you |
| points that you can redeem for vacations, tickets or | | | | can claim them as a deduction. For more detailed |
| cruises, a credit card with a low interest rate may be | | | | instructions, please talk to your tax adviser. |
| the right choice for you if you are building points or | | | | So you see (pardon the pun), if you really want to |
| miles toward a particular reward. | | | | correct your sight with a laser vision correction |
| Flexible Spending Accounts | | | | procedure, you can afford it. Explore all of the above |
| Check with your employer to see if this option is | | | | options and you're sure to find something that can |
| available to you. Some companies offer medical | | | | make laser vision correction fit into your budget this |
| spending accounts so that you can use pre-tax | | | | year. |