How to Reduce the Cost of LASIK with Your HSA or FSA
Unknown to many, employer HSAs and FSAs are a great way to reduce the cost of LASIK. For those who are eligible, paying for LASIK with pre-tax dollars can mean a 20 to 30 percent discount on the cost of surgery depending on their income level.
How Does an HSA or FSA Work?
An employer HSA (Health Savings Account) or FSA (Flexible Spending Account) is a tax-free health savings account that accumulates money through contributions that are deducted from an employee’s paycheck before taxes. Once this money has been deducted, it can then be used to pay for health-related procedures, such as LASIK.
We have provided you with a few tips on how to reduce the cost of LASIK with HSA or FSA dollars. Keep in mind, though, that these dollars are time sensitive and must be spent by the close of your employer’s next enrollment period.
Do Your Research
Make sure to research all your options regarding HSA and FSA accounts, and how they relate to your medical and financial goals for the next year. Before you move forward, make sure that the HSA or FSA option is the best fit for you.
Discuss HSA/FSA Details with HR
Make sure to discuss the details and possible limitations of your account with your Human Resources department, so there are no surprises after you have scheduled a procedure.
Schedule your consultation prior to making contributions to an HSA or FSA account. If you are eligible, make sure to schedule your procedure according to when the funds are available for use, since they are time sensitive.
Utilize an FSA Calculator
Once you’ve confirmed that an FSA account is the best way to move forward, use an FSA calculator to calculate how much of a contribution you want to make in order to match your goals.
Examine the Costs
Keep in mind that the IRS has capped the maximum FSA contribution at $2,500 per enrollment year. If you are planning to use FSA dollars, make sure to keep this in mind when considering doctors and procedure costs.
CorrectVision Laser Institute is one of Florida’s most advanced vision correction practices with extensive experience in LASIK eye surgery. Our goal is to open your eyes to the world of great vision by offering unparalleled expertise and the most advanced technology available. Contact us today for a consultation with one of our South Florida eye specialists, located in Hollywood, Weston and Pembroke Pines!