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Everything these days is more expensive than it used to be. Common household items and every day necessities continue to rise in price. As you manage your finances, inevitably some sort of cost will arise that makes you question whether you will have to pay for the service out of pocket or if there are other options. While it may seem logical that LASIK should be covered under insurance, LASIK surgery is still considered by most to be an elective procedure. What are the payment options for LASIK? Can you use your FSA/HSA for LASIK?

Although many insurance providers do offer cost-saving benefits and discounts for LASIK and other vision correction surgeries, they typically do not cover them in full. An FSA, Flexible Spending Account, allows employees to set aside pre-tax dollars from their paycheck to pay for eligible out-of-pocket expenses. An HSA, Health Savings Plan, is a tax-advantaged bank account that allows employees to save pre-tax dollars through payroll deductions. Both an FSA and HSA can be used for laser vision correction procedures such as LASIK. The IRS, Internal Revenue Service, has deemed LASIK an eligible expense. FSAs and HSAs are popular options for financing LASIK, helping patients to save for their surgery while making a smart long-term investment in their vision using tax-free funds.   

The 2023 limits set by the IRS for pre-tax contributions for FSA and HSA accounts rose significantly to keep up with inflation. Contributions up to $3,050 can be made to a Flexible Spending Account. Contributions to a Health Savings Account can be made up to $3,850 for an individual and up to $7,750 for families. One of the main benefits of an FSA is that you can access the full amount of your annual contribution even if you have not made all your pre-tax deductions for the year. However, on the flip side, typically FSA funds must be used in full by the end of the year, December 31st, or you risk losing the balance. HSA does not have a use it or lose it policy, but you cannot access the funds before you have them, the money must be deposited into your pre-tax bank account before use. HSA allows you to save longer than one year so that you can access your account when you are fully funded for LASIK. If your employer offers both FSA and HSA you should be able to use both accounts together, if necessary, to cover the expenses of your LASIK procedure. If you have one or the other you can look at it this way: FSA offers grace in tapping into your funds even before you have procured them while HSA allows rollovers year over year that will be equally advantageous, it is simple a matter of your own financial needs and how quickly you want to schedule your LASIK procedure. 

Weighing the benefits of FSA and HSA will help you achieve your vision goals while saving money. For your LASIK evaluation, contact Pacific Eye Surgeons at 805-545-8100. For more information on finance options for LASIK, visit WEBSITE.