Use Your FSA & HSA Savings for LASIK
The IRS has announced new contribution limits for both the Flexible Spending Account (FSA) and the Health Savings Accounts (HSA) for the 2018 tax year. Laser vision correction procedures such as LASIK are an eligible expense covered by FSA and HSA accounts according to the IRS.
Because FSAs or HSAs can be used to cover some or all of the cost for LASIK, they are a popular financing option and a smart long-term investment. LASIK procedures can help patients eliminate the need for prescription eyeglasses and/or contact lenses. It also provides added freedom, comfort and convenience when performing everyday activities.
“A lot of our patients use FSA or HSA accounts to pay for LASIK,” said Dr. James Schumer, Founder of ReVision LASIK & Cataract Surgery. “Planning ahead and using tax-free money to enjoy the lifelong benefits of clear vision is a great investment.”
The 2018 limits for pre-tax contributions to FSA and HSA accounts rose slightly. An individual can set aside up to $2,650 in a healthcare Flexible Spending Account and up to $3,450 (individual) or $6,900 (family) in a Health Savings Account (HSA).
Using Your FSA to Pay for LASIK
If you are a candidate for LASIK or other laser vision correction procedure, you can use your FSA or HSA dollars to help pay for it. However, the entire cost of the procedure, particularly using the most advanced technologies, may not be covered by your FSA fund.
If provided by your plan, you can use a “grace period” to combine any remaining FSA funds from the previous year with the FSA funds from the current year. The grace period is 2.5 months. Essentially this allows more time to accumulate additional savings during the grace period and then use the full amount for the next year to further offset the costs of LASIK.
Using Your HSA to Pay for LASIK
Funds in HSAs are available without a time limit. You could fully fund your HSA each year, and then tap into the account when you have enough money to cover the procedure.
Additionally, an FSA program can be used in conjunction with your HSA to fund the procedure.
Plan Ahead and Plan Wisely
With FSA and HSA accounts, you can pay a significant amount of your LASIK procedure pre-tax. It is important to be aware of the contribution limits, the limits of your own health care policy and if your employer offers an FSA.
It’s wise to plan ahead for your LASIK procedure and coordinate the scheduling with your doctor. Remember to consider the FSA grace period to maximize the duration of time you have to save. Leveraging FSA and HSA benefits for LASIK vision correction can be a great way to save money, be free from glasses and contacts and experience the life-changing benefits of clear vision.
Ready to see if LASIK is right for you? Begin your journey to clear vision by calling 1.800.475.2113 to schedule a complimentary LASIK consultation.