Can You Pay for LASIK Eye Surgery Costs with HSA or FSA Dollars?
Providence Eye & Laser Specialists recommends leveraging a FSA (Flexible Spending Account) or HSA (Health Savings Account) to use pre-tax account dollars to pay for medical procedures including LASIK vision correction. With the upcoming fall season, it is important to be proactive and utilize unused FSA or HSA dollars for LASIK eye surgery before the current enrollment year ends. You should read the details of your plan to see if you have an “grace period.”
Save Money: Use Your HSA or FSA for LASIK Eye Surgery
Using your HSA or FSA for LASIK eye surgery at Providence Eye can save patients anywhere from 20-30% on their total cost of LASIK, depending on their specific income level. This is possible because FSA/HSA contributions are deducted from employee checks throughout the year before becoming subject to payroll taxes. Not only can this save you from paying more at the doctor’s office, but it also reduces your annual tax liabilities.
A key piece of information to remember is that FSA/HSA dollars are time sensitive. Any contributions you put toward your FSA/HSA account usually must be spent by the close of your employer’s next enrollment period. When a patient is interested in utilizing an HSA or FSA for LASIK eye surgery, there are two points of interest to check on:
- In most cases, your entire annual allotment can be used in its entirety during the first month of the plan year even though all contributions have not been made. Read your plan details and/or check with your administrator.
- Determine if your HSA/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.
Cap Mandates on FSA for LASIK
Until 2013, no federal implication limited FSA contributions, although the majority of employers settled on a suitable limit for their employees based on IRS mandates. This contribution ceiling was usually set somewhere between $2,000 and $5,000. However, as of January 1, 2013, the maximum amount of contributed FSA dollars was capped at $2,500 per enrollment year. This is important to remember when planning to use an FSA for LASIK eye surgery costs.
Achieving clearer vision through LASIK eye surgery, should you be deemed an ideal candidate, is still a very reachable goal. However, it is important for every patient to remain proactive in planning ahead, due to the now mandated contribution cap.
Tips for proactive planning to use your HSA or FSA for LASIK eye surgery costs:
- Research flexible spending FAQs, the difference between eligible and ineligible expenses, your personal medical needs and any medical goals you have for the next enrollment year.
- Utilize an online FSA calculator to see how much of a contribution you may want to consider if you’re hoping to use your FSA for LASIK eye surgery.
- Discuss additional FSA/HSA details and possible limitations with your Human Resources Department.
- Keep in mind that spouses can contribute to a joint Flexible Spending Account or Healthcare Savings Account in order to increase available medical funds.
- Be proactive in scheduling a consultation with reputable LASIK eye surgeons prior to making your contributions. Approximately 20% of people who come to Providence Eye are deemed not a good candidate. If this is the case you may want to lower your contributions into your FSA/HAS account.
Achieving clearer vision by using your HSA or FSA for LASIK eye surgery can be very rewarding for your eyes and your quality of life. To find out if you’re an ideal LASIK eye surgery candidate, book a complimentary consultation with Providence Eye’s Dr. Mozayeni today.