Can You Use FSA/HSA Funds to Pay for LASIK?
- Posted on: Dec 14 2018
Are you considering LASIK laser eye surgery, but wondering how you will pay for it? You might want to consider allocating money from a Flexible Spending Account (FSA) or Health Savings Account (HSA) for surgery. Many candidates with these types of accounts do not realize that LASIK is an approved expense.
Understanding FSAs and HSAs
Flexible Spending Accounts and Health Savings Accounts are employer-sponsored accounts designed to pay for healthcare-related expenses not covered by health insurance. Unlike a traditional savings account, the money that you put into an FSA or HSA is not taxed.
How Does an FSA or HSA Work?
You decide how much money you want to set aside in your FSA or HSA for the calendar year. Your employer divides the total amount equally between your paychecks, and the money is then deducted from your pay before it becomes subject to payroll taxes.
There is a cap on annual contributions. In 2018, the maximum an individual could contribute to an FSA was $2,750; the maximum an individual could contribute to an HSA was $3,450.
Luckily, you do not have to wait until the end of the year to accumulate the funds in your account — the full amount is available to you to spend on the first day of the plan year.
One of the criteria of an FSA or HSA is that you risk forfeiting any money left over in the account at the end of the year. Depending on your specific plan and your employer’s discretion, some or all of the unused funds (up until a certain amount) may “roll over” to the next plan year. Or, your employer may allow you a “grace period” in the next plan year to use up leftover money.
Book a LASIK Consultation Today
Leveraging an FSA or HSA to pay for LASIK is a great way to lower your out-of-pocket expenses and reduce your taxable income. However, before you start earmarking money from your FSA or HSA to pay for LASIK, it is critical to determine that you are a qualified candidate for surgery.
The best way to confirm your eligibility is to meet with an experienced, knowledgeable LASIK surgeon like Dr. Gregory Pamel. If Dr. Pamel deems you a suitable candidate for surgery, be sure to check with your employer’s benefits coordinator for more details about your company’s plan(s) and double-check the requirements for using FSA or HSA dollars.
To book a LASIK consultation with Dr. Pamel, or ask our team any questions about LASIK costs or financing, please call (212) 355-2215 or email us today.
Posted in: LASIK
