Finance
Frequently Asked Questions
How can an FSA benefit me?
An FSA offers tax savings by allowing you to pay for out-of pocket expenses with pre-tax money. Without an FSA, you would still pay for these expenses, but you would do so using money remaining in your paycheck after federal (and often state and locality) taxes are deducted.What are Flexible Spending Accounts (FSA)?
A Flexible Spending Account (FSA) is a tax-favored program offered by employers that allows their employees to pay for eligible out-of pocket health care and dependent care expenses with pre-tax dollars. By using pre-tax dollars to pay for eligible health care and dependent care expenses, an FSA gives you an immediate discount on these expenses that equals the taxes you would otherwise pay on that money. In other words, with an FSA, you can both reduce your taxes and get more for your money by saving from 20% to more that 40% you would normally pay for out-of-pocket health care and dependent care expenses with after-tax (as opposed to taxed) dollars.How does an FSA work?
- First, you calculate your annual elections(s).
- Second, you actually enroll in the program.
- Next, your annual election(s) is deducted from your pay in allotments.
- You then submit claims for reimbursement of your eligible expenses.
- Finally, you receive reimbursement.
At Hale Vision Laser & Implant Center, Dr. Lanny Hale offers an extensive array of vision correction procedures for patients from throughout the greater Milwaukee, including Brookfield. Over the course of his career, Dr. Hale has established a reputation as one of the most highly skilled Milwaukee LASIK, PRK and IOLs specialists. For patients seeking IOLs in Milwaukee, he most often recommends either ReStor or Crystalens IOLs.
