Yes, you can! With a tax-free Health Savings Account (HSA) or Flexible Spending Account (FSA), you can pay for your LASIK surgery with pre-tax dollars, which could mean a 20-30% discount for those who are eligible. Read on to learn more about HSA and FSA accounts, and how they can play a major role in funding your LASIK surgery.
Employer HSAs or FSAs are a popular way to reduce the cost of LASIK surgery. Participating employees can set aside pre-tax dollars for LASIK surgery and other approved medical expenses. Depending on income level, you can save up to $1,200 a year with certain HSAs or FSAs. A key piece of information to remember is that FSA dollars are usually time-sensitive. Any contributions you put toward your FSA account usually must be spent by the close of your employer’s next benefits period. When a patient is interested in utilizing an FSA for LASIK eye surgery, there are two points of interest to check on:
HSA accounts are a little different in that those dollars do not expire, but you cannot spend them ahead of contribution to the account.
We know, FSAs can be confusing, but leveraging a Flexible Spending Account (FSA) is a great way to pay for LASIK surgery. Whether you have unused FSA dollars you need to use before they expire, or you want to enroll for an FSA account for the new year, now is the time to start planning if you want to use your FSA to cover your LASIK surgery costs.
In order to enroll in an FSA, it must be an option provided by your employer. If you enroll in an FSA, it allows you to use pre-tax dollars to pay for medical procedures like LASIK surgery. Predetermined FSA contributions are deducted from employee paychecks throughout the year before they become subject to payroll taxes. Not only can this save you from paying more at the doctor’s office (anywhere between 20-30% on the total LASIK surgery costs), but it also reduces your annual tax liabilities.Typically, the full amount of your FSA is available to you on the first day of your plan year, so you don’t have to wait until the end to use it for your LASIK costs. While the terms of your FSA are set by your employer, most FSA dollars “expire” at the end of the year, however, some FSA plans allow for a short grace period after the end of your company’s enrollment year where funds can roll over into the following enrollment year. So, if you haven’t used your 2019 FSA yet, you might be able to consider that as an option.
You should also keep in mind that the federal limit set for FSA contributions was just raised for 2020, capping contributions at $2,750 per enrollment year.
Still, leveraging an FSA is often the best option for qualified candidates looking for a way to cover LASIK costs. If you are not sure if you are a good candidate for LASIK surgery, schedule a free consultation with LASIK surgeon Dr. Mozayeni at Providence Eye & Laser Specialists before you make your plans for enrollment. Approximately 20% of those who come to Providence Eye are deemed not a good candidate for laser vision correction surgery, so having that information beforehand is vital to your FSA planning.
Don’t have an HSA or FSA account? LASIK is still considered a tax-deductible expense. Read our blog about LASIK Surgery as a tax deduction.
Schedule your free LASIK consultation with Dr. Mozayeni and put those FSA dollars to good use in 2020!