If you’ve ever considered laser vision correction, such as LASIK or PRK, you may be wondering how to afford this life-changing procedure. The good news is that your Flexible Spending Account (FSA) or Health Savings Account (HSA) can be powerful tools to make laser eye surgery more budget-friendly. This blog will explain how FSAs and HSAs work, how they can be applied to laser vision correction, and tips for maximizing these accounts to achieve clear vision.
What Are FSAs and HSAs?
Flexible Spending Account (FSA):
- An FSA is a tax-advantaged account offered through employers.
- You can contribute pre-tax dollars from your paycheck to cover eligible medical expenses.
- Funds must typically be used within the plan year, though some employers allow a small rollover or a grace period.
Health Savings Account (HSA):
- An HSA is a tax-advantaged savings account for individuals with high-deductible health plans (HDHPs).
- Contributions, earnings, and withdrawals for qualified medical expenses are tax-free.
- Unlike FSAs, HSAs have no “use-it-or-lose-it” rule, allowing funds to accumulate over time.
Is Laser Vision Correction Eligible?
Yes! According to IRS guidelines, laser vision correction procedures like LASIK, PRK, and SMILE are considered qualified medical expenses. This means you can use your FSA or HSA funds to pay for the procedure. Even related costs such as pre-surgery consultations, follow-up visits, and prescription eye drops may be eligible.
Why Use an FSA or HSA for Laser Eye Surgery?
- Tax Savings:
Since contributions are made with pre-tax dollars, you reduce your taxable income, which can save you money on taxes. - Affordability:
Spreading out FSA or HSA contributions throughout the year can help budget for the procedure without taking a large financial hit all at once. - Immediate Access to Funds:
With an FSA, you have access to your full annual contribution amount from the beginning of the plan year, even if you haven’t made all the contributions yet. This feature can be advantageous for scheduling your procedure early in the year. - Roll-Over Benefits (HSA):
If you’re using an HSA, you can save for several years to cover the entire cost of laser vision correction, making it easier to manage large medical expenses.
How to Use Your FSA or HSA for Laser Vision Correction
- Check Eligibility:
Confirm with your FSA or HSA provider that laser vision correction is covered and ask about any documentation requirements. - Schedule a Consultation:
Book a consultation with a trusted laser vision correction provider to determine your eligibility and get a cost estimate for the procedure. - Plan Contributions:
If your FSA or HSA balance is low, consider increasing your contributions during your employer’s open enrollment period. - Use Before Deadlines:
If you have an FSA, schedule your procedure before the plan year ends to avoid forfeiting unused funds. - Save Documentation:
Keep all invoices, receipts, and doctor’s notes as proof of the expense in case your provider requests it or for tax-filing purposes.
Tips for Maximizing Savings
- Stack Savings: If your employer offers both an FSA and HSA, explore whether you can use both (though this is rare).
- Consider Financing Options: If your FSA or HSA balance doesn’t cover the full cost, ask your provider about financing options to spread out payments.
- Start Planning Early: Begin saving as soon as you consider laser vision correction to avoid financial stress when you’re ready for the procedure.
Experience Life Without Glasses or Contacts
Using your FSA or HSA for laser vision correction is a smart financial move that can make achieving clear, glasses-free vision more affordable. At Millennium Laser Eye Centers, we specialize in personalized laser vision correction procedures tailored to your unique needs. Our experienced team, led by Dr. Cory M. Lessner, has helped thousands of patients see clearly without lenses.
Ready to take the next step? Schedule your consultation today and discover how easy it is to use your FSA or HSA to invest in your vision and your future.
