Using an Olympia Health & Dental Plan, you can have your business fully cover the costs of frames, lenses, contact lenses and even laser eye surgery. Having your business pay for these expenses can save you more than 30% on the overall costs of these expenses!
Glasses, Frames, Lenses & Laser Eye Surgery
While most insurance plans will offer “vision coverage” it is rare for a policy to cover more than $250 every two years for vision related expenses. For most people, $250 will not cover the full costs of a new pair of glasses and as a result a large expense can end up being paid out of their own pockets. With the Olympia Health & Dental Plan, your business can cover 100% of the cost of any of these expenses, and receive a tax deduction for every penny spent!
You can even have your business pay for 100% of your laser eye surgery – and receive the benefit completely tax-free!
Without an Olympia Health and Dental Plan, laser eye surgery could end up costing close to $5,400 when you include the income tax that has already been paid! (Assuming $3,500 cost for surgery and a 35% personal tax rate).
With an Olympia Health and Dental Plan in place, the total cost would be $3,850. This is a savings of more than $1,500 on a single expense!
How did we calculate these savings?
Personal income of $5,400 (at a 35% tax rate) would leave $3,500 “after-tax” to pay for this expense. Alternatively, you can have your business pay for the expense ($3,500) using an Olympia Health & Dental Plan, plus a 10% administration fee ($350) and deduct the entire cost as a business expense.
What if I already have an insurance plan in place?
Insurance companies will typically cover a small portion of vision related expenses - often up to $250 every two years. So even if you have a health and dental insurance plan in place, the majority of these costs will not likely be covered. This uncovered portion would be an eligible expense for the Olympia Health and Dental Plan.
|Total cost for glasses:
||$500 (eligible for the Olympia Health and Dental Plan)