Silicon Valley Workers Enjoy Savings, Flexibility With Flexible Spending Accounts

For Immediate Release: Sept. 1, 2006.

CAMPBELL, Calif. - For many eligible employees in Silicon Valley, Flexible Spending Accounts (FSA) are becoming more than just a perk. Furlong Vision Correction, a leading eye correction center in Campbell, treats several hundred FSA patients each year and has seen an estimated 10 percent increase over the past five years as more companies embrace the plan. Patients save 30-50 percent on eye surgery procedures, which can translate into more than $1,000 that can be used for other purposes.

"Many patients come to the office between September and November to see if they are FSA candidates and to find out how much they need to put away," said Dr. Michael Furlong, head refractive surgeon at Furlong Vision Correction. "We treat most of the patients in January, when most of the plans start or end. Furthermore, FSA plans now give employees a 'debit card,' which they can use to pay directly for their medical care instead of going through the process of writing a check, getting a receipt and being reimbursed. We predict a rapid increase in the use of FSA plans as they become more convenient to use."

A Flexible Spending Account is an employer-sponsored benefit that allows workers to contribute a specific amount from each paycheck to pay for eligible medical expenses on a pre-tax basis that may not be covered by regular medical plans. The end result is employees decrease their taxable income and increase their spendable income, saving them hundreds or thousands of dollars a year.

Employees are gradually catching on. A recent Mercer Human Resources Consulting survey shows that 18 percent of eligible workers sign up for FSAs. Recent IRS rulings have made them even more attractive by loosening the use-it-or-lose-it constraint and allowing employers to permit participants to make claims against their accounts for up to two months and 15 days after the end of their benefit year. That means employees on a calendar benefit year now can use their 2006 FSA contributions for expenses incurred as late as March 15, 2007. The IRS has also allowed its use for certain over-the-counter medication, as long as they are being used for the purposes of "medical care".

Dr. Furlong recommends all eligible workers look into these savings plans. "FSAs really do live up to their name. They're flexible and you really do have the option to spend them on a variety of medical needs that may not be covered otherwise."

About Furlong Vision Correction
Furlong Vision Correction is a leading vision correction center based in San Jose, Calif., with the latest state-of-the-art technology. The Clinic provides the highest quality personalized care in LASIK, Custom LASIK, PRK, Custom PRK, CK, ICLs, IOLs and Cataracts. Dr. Michael Furlong established Furlong Vision Correction in 1998, specializing in refractive (LASIK) surgery. Since then he has performed more than 17,000 procedures and is one of the first doctors in the nation to perform CK (conductive keratoplasty), a non-laser vision treatment designed to treat presbyopia, or "aging eyes." Furlong Vision is the only Bay Area TLC Vision laser associate center, North America's premier eye care services company. For more information on Furlong Vision, visit www.furlongvision.com.

Doctor Michael Furlong, Medical Director of Furlong Vision Correction
Bryan Furlong, Director
Address: 2107 N 1st street #101
Phone: 1-800-573-1010

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