Can I Use My 2022 HSA or FSA for LASIK Surgery?

In a word – yes! 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. With 2022 just around the corner, now is the time to book your complimentary LASIK consultation at Providence Eye so you can move forward with better vision in the new year! 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 $3,600 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. If you are interested in utilizing an FSA for LASIK eye surgery, there are two points of interest to check on:

1. In most cases, your annual allotment can be used in its entirety, if desired on the first day of the plan year even though all contributions have not been made. Read your plan details and/or check with your administrator.
2. Determine if your FSA plan allows for a short “grace period” after the end of your company’s enrollment year where funds can “roll over” into the following enrollment year.

HSA accounts are a little different in that those dollars do not expire, but you cannot spend them ahead of contribution to the account.

Reduce the Cost of LASIK Surgery with Your HSA or FSA

Common Questions about Flexible Spending Accounts (FSA)

Flexible Spending Accounts (FSAs) can be confusing, but leveraging an 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 in 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.

How Does an FSA Work?

In order to enroll in an FSA, it must be an option provided by your employer. An FSA 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. While it’s important to understand your access to FSA dollars, we encourage you to think ahead and book your consultation with Dr. Mozayeni sooner than later if you will have a freshly funded FSA account on January 1, 2022!

Is There a Cap on FSA Contributions?

The federal limit set for FSA contributions is $2,750 per enrollment year.

Leveraging an FSA may be a good option for qualified candidates looking for a way to cover LASIK costs.

Tips for Using HSA or FSA on LASIK Surgery

• Be sure to check with your HR department for enrollment deadlines in your company’s HSA or FSA benefits, as well as to gain clarification on the approved uses for your FSA to ensure LASIK surgery is included.
• Do some research on the FSA plans available to you. Do they have a grace period? Can you use the full amount before you have contributed the full amount?
• Schedule a complimentary consultation with Dr. Mozayeni or Dr. Nunnery to find out if you are a candidate for LASIK surgery before you transfer money into a medical savings account.
• Ask questions! At Providence Eye & Laser Specialists, our staff and doctors are ready to help find answers to your questions, so you can take full advantage of your HSA or FSA.

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.