Posted by: Manhattan LASIK Center
Are you tired of wearing eyeglasses or contact lenses? If you have been planning to get LASIK, you may be interested to know how you can use your HSA or FSA to pay for it. The IRS indicates that LASIK is an eligible expense under the Health Savings Account (HSA) and Flexible Spending Account (FSA). This means that if you have been putting off the surgery due to the cost, now is your chance to get it!
A Health Savings Account is a plan under health insurance that offers tax benefits into which pre-tax dollars can be placed. The tax-free funds can cover out-of-pocket medical expenses.
To be eligible for HSA, you must enroll under a high-deductible health policy. The amount of money that an individual can set aside is $3,600, while for a family, the amount is $7,200. The HSA does not have a “use it or lose it” condition. This means that you can accumulate the funds until you need to use them.
You can pay for your LASIK procedure using your HSA funds. There is no time limit to use the funds, and you can decide to get the surgery at any time. You can accumulate or add to the fund each year until you have enough to cover the surgery.
If your employer has you on an FSA program, you can use the combined funds to pay for LASIK. Individuals who are over 55 can add an additional $1,000 to their HSA fund.
An FSA is an account that allows you to pay for some out-of-pocket medical care expenses. The pre-tax income is set each year, with the maximum contribution per individual pegged at $2,600. You can access the fund any time within the year, even if you have not made the contributions in full.
You do not have to wait for the fund to reach a certain limit. On the downside, the FSA has a “use it or lose it” provision. It requires that you use up all the funds within the year or risk losing the unused balance. Some plans offer a grace period of up to two-and-a-half months.
Currently, the IRS allows the use of FSA funds to pay for LASIK surgery. This means that for now, you can use the money to cover medical expenses. When planning your surgery, you need to know that the FSA fund may not cover the full cost of the procedure. = If your FSA plan offers a grace period, you can combine funds from the previous and current year to cover the cost.
Using your HSA and FSA to cover all or part of the cost of LASIK surgery can be considered a long-term investment. Getting the surgery can eliminate or reduce the need to wear glasses or contacts. This means you can avoid the long-term cost of new prescription lenses.
Both HSA and FSA are LASIK eligible for the time being. However, it is not known whether this will continue indefinitely. Take advantage of the benefit now while the offer lasts!