Can I Use My HSA or
FSA for LASIK?
LASIK eye surgery is a life-changing procedure, one that the team at Brooks Eye Associates has used to help countless patients improve their vision and their lives. Many patients are aware of the benefits LASIK provides, but are unsure of how to finance their laser eye surgery.
While many insurances don’t cover LASIK because it’s considered an elective procedure, there are other affordable payment options available. Both Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are approved to be used to pay for LASIK eye surgery. Because HSA and FSA accounts are tax-free, you can save money by using them to pay for your procedure.
Does Insurance Cover LASIK Eye Surgery?
Although LASIK can permanently correct refractive errors like myopia (nearsightedness), hyperopia (farsightedness), and astigmatism, it’s generally considered an elective procedure, except in rare cases where a doctor deems it medically necessary. Unfortunately, most health insurance plans don’t cover elective procedures.
However, those with an HSA or FSA can use their accounts to pay for LASIK because it’s approved by the IRS as an eligible expense.
How Much Does LASIK Eye Surgery Cost?
LASIK is a complex procedure. Its cost will vary depending on your specific procedure and the severity of your prescription, among other factors. For example, those who require less vision correction will have a lower LASIK cost than those who need higher levels of correction.
When you schedule a LASIK consultation, our experienced refractive surgeon, Dain B. Brooks, M.D., will tell you if you’re a candidate for LASIK, and his surgery counselors will determine how much your procedure will cost.
How Does an HSA Work?
Those who have high-deductible health plans may qualify for a Health Savings Account, or HSA.
Each year, you can decide how much money you want to deposit into your HSA. Because you don’t have to pay taxes on eligible medical expenses paid for with your HSA, having an account allows you to save up for medical expenses while reducing your taxable income. However, the IRS sets limits on what procedures you can use your HSA to cover.
You can contribute to your HSA account by setting up pre-tax deductions on your paycheck or through online transfers. Any of your unused HSA funds will rollover at the end of the year.
How Does an FSA Work?
You can qualify for a Flexible Spending Account, or FSA, through your workplace’s health insurance plan.
FSAs are used to pay for out-of-pocket healthcare costs with pre-tax dollars. Your FSA contributions are deducted from your paycheck throughout the year, but often, you can still access your account’s balance before you’ve made all your pre-tax deductions. Again, the IRS will determine which procedures you can use your FSA funds on.
Because FSAs will not roll over, it’s best to use up your account’s balance before the end of the year. It’s estimated that more than $400 million in FSA funds are forfeited every year because they were not spent within 12 months.
How Do I Use My HSA to Pay for LASIK?
With your HSA account, you’ll receive either checks or a debit card to use on medical expenses that qualify for coverage. If you pay for qualified medical costs out of pocket, you’re able to reimburse yourself using your HSA debit card, an online transfer, or your HSA checks.
The IRS currently considers LASIK to be an eligible expense for HSA. At Brooks Eye Associates, we’re dedicated to helping you receive exceptional care that fits your budget. If you’d like to use your HSA to pay for your LASIK, we’ll help you figure out your finances before your procedure.
How Do I Use My HSA to Pay for LASIK?
With your HSA account, you’ll receive either checks or a debit card to use on medical expenses that qualify for coverage. If you pay for qualified medical costs out of pocket, you’re able to reimburse yourself using your HSA debit card, an online transfer, or your HSA checks.
The IRS currently considers LASIK to be an eligible expense for HSA. At Brooks Eye Associates, we’re dedicated to helping you receive exceptional care that fits your budget. If you’d like to use your HSA to pay for your LASIK, we’ll help you figure out your finances before your procedure.
How Do I Use My FSA to Pay for LASIK?
You can pay for qualified medical expenses using a debit card, credit card, or your own money. It’s important to submit claims and receipts to your FSA administrator for reimbursement.
Because the IRS considers LASIK an eligible FSA expense, you can use your funds to pay for your procedure. At Brooks Eye Associates, we know how important it is for you to use your FSA before it is lost, and LASIK is a great way to spend your remaining balance. Our staff can help you determine how to use your FSA to pay for this life-changing procedure.
Should I Use My HSA or FSA for Laser Eye Surgery?
Because HSA and FSA funds are tax-free, paying for LASIK with these accounts can save you money. If you’re using an FSA, it’s possible to offset your LASIK costs by hundreds, and maybe even thousands, of dollars. And if your FSA account allows you to spend your balance before all your deductibles are made, you won’t have to wait to have your procedure.
Using the tax-free funds of your HSA account on LASIK will also help you save money. You can continue to add to your HSA each year and pay for your entire procedure at a time convenient to you.
However, before you begin transferring money into your HSA or FSA, it’s important to know whether or not you’re eligible for LASIK; not everyone is suited for the procedure. That said, we do offer alternative treatments, such as PRK, that can correct vision. Once we determine which procedure is right for you, it’s time to begin looking into financing your surgery.
Using My HSA and FSA for Eye Care
We want to make sure that every patient who wants to experience the benefits of LASIK is not held back by financing. Our Brooks Eye Associates staff is ready to help you determine the best way to achieve optimal vision using your HSA and FSA. To start your journey to achieving clear vision, please contact Brooks Eye Associates today or call (972) 736-9347 to schedule an appointment. We serve patients in North Texas, including Plano, Frisco, and Dallas.
