Payment Options
Insurance:
Silverstein Eye Centers participates in most major medical and vision insurance plans.
Treatment of many eye conditions is covered by insurance, including Medicare; though few insurance companies pay for vision correction procedures. Your out-of-pocket expenses for Medicare or private insurance will depend on the type of insurance, type of procedure, whether you have supplemental insurance and whether you have a deductible.
If you have questions about what or how much is covered by your private healthcare insurance, contact your plan provider, or provide us with your insurance information and we will check for you. Call our billing department at 816-595-3920.
For your convenience we process all insurance claims for you. Please be prepared to provide up-to-date insurance information at each visit.
Financing:
Here at the Silverstein Eye Centers, financial considerations should not be an obstacle in obtaining the eye care you deserve. Our goal is to make refractive surgery affordable for any budget. It is for this reason that we make our LASIK procedures affordable, by offering a combination of expertise, experience and advanced technology at a price everyone can afford.
You may choose any of the following payment options:
- Cash or Check
- Credit Card
- Monthly Payment Plan, CareCredit and Chase Health Care
Our Monthly Payment Plans Offer:
- 0% Down Payment & Zero Interest for 3,6,12,18 or 24 months
- 0% Down Payment & Low Monthly Payments with Fixed Interest Rate
- 0% Prepayment Penalty
| Silverstein Eye Centers offers two options for financing. |
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What Is FLEX?
Flexible Spending Arrangements, also known as FSAs, FBAs (Flexible Benefit Accounts), or simply FLEX, are one of the most dramatic developments in recent years in employee benefit plan design. They are also referred to as Cafeteria Compensation Plans. It is a plan whereby an employer may provide employees the opportunity to elect benefits on a Pre-Tax basis.
Employees decide on the amount of money to be budgeted for each benefit option pre-selected by the employer. Employees then utilize this account throughout the year as needed, to cover a variety of eligible expenses not covered by health plans, such as:
- Cosmetic/LASIK procedures
- Group life and health premiums
- Medical expenses
- Dependent care assistance
With FLEX, most of these expenses can be paid with pre-tax dollars, yielding substantial income and F.I.C.A. tax savings for many employees. That means increased spendable income…a nice compliment to the increased freedom of benefit choice they have also gained.
What are the advantages for an employer?
Without the investment of new funds, an employer is able to serve a number of objectives, including:
- Reduce F.I.C.A. tax contributions
- Improve employee morale by offering greater benefit choices by allowing pre-tax financing of expenses.
- Increase employee health care cost awareness
- Enhance recruiting by offering progressive benefits
What are the employee tax advantages?
In the absence of FLEX, employees must pay out-of-pocket portions of employer-sponsored health, life, long-term disability, and accidental death and dismemberment plan premiums, as well as health expenses not covered by the employer's health benefit plan, with after-tax dollars. Dependent care expenses are paid on the same basis.
With FLEX, most of these expenses can be paid with pre-tax dollars, yielding substantial income and F.I.C.A. tax savings for many employees. That means increased spendable income…a nice compliment to the increased freedom of benefit choice they have also gained.
Who qualifies?
Every business and its non-owner employees qualify. Every governmental and most private, not-for-profit organizations can also have a FLEX plan. All employees, other than sole proprietors, and most partners in partnerships may participate.
FLEX: How Spending Accounts Work
Each year during an open enrollment period, employees are given the opportunity to participate in a variety of voluntary benefit programs including, when available, a Flexible Spending Account Program. As an employee, when you decide to participate in your employers FSA program there will be several things you will need to do:
- Complete an election form identifying the amount of pre-tax salary to have set aside each pay period
- Submit a signed/completed form to authorize your employer to make your requested pre-tax deduction. These payroll deductions are placed in your spending account each pay period during the plan year.
- When and expense is incurred, they employee must submit a claim form to your Spending Account Administrator requesting reimbursement of the expense from the spending account. The claim form must be accompanied by documentation (i.e., receipts or Explanation of Benefit notices) that identifies the provider name, the dates of the service, a description of the service and/or name of the medication and the total amount of the claim. Claims may be submitted any time during the plan year.
- Following receipt of a claim for reimbursement, the Spending Account Administrator will produce a check to the employee in the amount of the claim, using the tax free money in the spending account. Employer can stipulated a minimum reimbursement amount whereby the Spending Account Administrator will not issue you a check until the minimum has been reached.
FLEX: Frequently Asked Questions
What are the advantages of offering a Flexible Benefit plan?
Silverstein Eye Centers is a full service eye care practice, specializing in state-of-the-art LASIK–laser vision correction cataract and multi-focal intraocular lens implantation surgery, medical and surgical glaucoma, diseases of the cornea and retina, and oculoplastic services.
- Benefit budgeting capabilities
- No mandatory purchases or changes in insurance plans
- Immediate tax advantages
- Greater employee perception and appreciation of benefit package, etc.
What can we expect to save with this plan?
On average, the employer and employee savings will be approximately 30% of the employee portion of their benefits. Reimbursement of non- insured medical, dental, and day care expenses would be additional savings.
What items are available to employees on a Pre-Tax basis?
Items generally available (allowed by the Company) through the program fall into three categories: Premiums for items such as Medical and Dental insurance; Group Term Life insurance; Accident & Sickness insurance; Cancer & Intensive Care, Disability Income insurance and other insurance premiums. Uninsured or non-covered Medical and Dental Expenses. Dependent Care Expenses.
What are the advantages for employees?
The advantages are varied, but the most common are the employee savings on Federal Income Taxes, FICA and State Income Taxes on their contributions, thereby saving approximately 15% - 28% in FIT, 7.65% in FICA contributions plus any applicable State Income Taxes.
What is the advantage to the company?
Since employee contributions are shifted to non-taxable income, the employer savings is created because the Company computes FICA, FUTA and sometimes Workman's Compensation on a lower taxable payroll. Because of this reduction, the Company on each dollar directed through the plan will save approximately 8% to 10%. In addition, if an employer wishes to maintain future contributions for employees, availability of optional benefits can be offered to employees at no additional company expense.
How much can an employer contribute to their FSA?
The IRS will allow up to $5000 in pre-tax FSA deductions per year, however this amount will vary by employer group.
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