Yes, you can use your FSA to pay for LASIK by using your tax-free flexible spending account (FSA) or health savings account (HSA) to reduce the expense of LASIK surgery by 25%. While most insurance plans cover basic eye care, LASIK is considered elective surgery. While your insurance may cover emergencies, certain health care medical procedures deemed cosmetic such as braces or laser vision correction are able to be covered by your FSA.
What Is FSA?
A Flexible Spending Account (FSA) acts like an untaxed savings account. Using this account rather than paying out of pocket from one of your personal accounts will save you money due to the fact that this money is not taxed. One important thing to note about this savings account is that you are unable to access this money unless used for medical purposes once it is in your account. In addition, this money disappears after the year is up. Where does this money come from? It is up to you how much money you would like to contribute to your FSA funds monthly, but the yearly cap-off is $2,650. Keeping in mind that LASIK eye surgery can cost between $1,000 to $3,000 per eye, just one year of FSA contributions can cover the cost for a majority if not all of your procedure.
Difference Between FSA and HSA
Flexible Spending Accounts (FSA) and Health Saving Accounts (HSA) are very similar. Both options work the same in that the employee chooses the amount that goes into savings tax-free. One difference between the FSA and HSA is that with an FSA, you must use the money you have saved up by the end of the year, or it will be lost. It is for this reason that it is important to consult with your LASIK surgeon and understand just how much your procedure will cost you before putting a significant amount of money away in your Flexible Spending Account. You may end up needing to pay less than what you originally saved, and this is money that you will not be able to get back once it is in your savings. Another difference between an FSA and HSA is the amount you can put into your account. An individual can have up to $3,450 in their account or $6,900 for a family. Whether you have an FSA or HSA, you have the option of using these funds to cover the costs of LASIK.
Paying For LASIK
Now that you understand that your FSA covers LASIK and similar medical expenses, your next step is to start saving! It may not take as long as you think with FSA tax savings and low surgery costs at Mattioli Vision Professionals. If you are still on the fence about the cost and benefits of laser eye surgery, you can visit our cost of LASIK page for detailed information concerning the LASIK procedure and its benefits. You can also visit our LASIK affordability calculator to see for yourself the savings you will accrue by having the procedure done. Finally, now that you know the answer is ‘yes’ to the question, “Can I use my FSA for LASIK?”, your next step is to schedule your free LASIK consultation.