Can I Use FSA/HSA Funds for LASIK?

For laser vision correction, you can use your Flexible Spending Account or Health Savings Account for the tax year 2022. You can use those funds for procedures like LASIK, ICL, PRK, and refractive lens exchange before they expand at the end of the year. 

Why FSA and HSA Funds Are Popular Options for Refractive Surgery

These funds are an excellent way to use your tax-free money to pay for LASIK and similar procedures. They could cover your treatment fully, depending on how much you set aside. Furthermore, you can use your FSA for a cash advance since you can immediately use the entire amount you set aside for the year.

What is a Flexible Spending Account?

An FSA allows you to set aside some of your pretax income to fund certain out-of-pocket medical expenses. You can set the amount of money you want to contribute with your payroll deductions throughout the year. The contribution limit for 2022 is $2,850. 

Does it Cover Laser Vision Correction?

The Internal Revenue Service limits the medical expenses you can pay using FSA funds. The IRS allows using FSA for LASIK, Bladeless LASIK, PRK, and other variants. Using FSA for refractive surgery is as easy as using the debit card you get to access your funds. 

How to Pay for LASIK

Are you a laser refractive surgery candidate? You can use your FSA to pay for the procedure. However, there is a catch. If you undergo the most advanced surgical procedure, your FSA dollars may not cover the entire surgery cost. 

If your plan has an extension, you can combine the residual funds from the previous year with those of the current year. Doing so can help cover the total cost of the procedure. That said, it would help to get a confirmation that your plan has a grace period. Otherwise, you risk losing your previous year’s contributions. 

What is a Health Savings Account?

An HSA is a tax-advantaged account into which you can deposit pretax payroll deductions. You can then use the funds to pay for healthcare expenses. However, it would help if you enrolled in a high-deductible healthcare plan to qualify for this account. The contribution limit for an individual is $3,600 and $7,200 for a family. 

Can You Use it for Laser Vision Correction?

HSA covers LASIK and other refractive procedures. It makes laser eye procedures more affordable, especially when your insurance provider gives you an additional discount. 

Using HSA to Pay for LASIK

With this account, you do not have a time limit to use your money. You can fund your account annually up to the limit and use it as you go.

You can pay for your refractive surgery using pretax dollars in these tax-free accounts. Consequently, you will save between 20 percent and 30 percent if you are eligible, which is fantastic.

If you are yet to use your FSA funds for 2021, you are in luck. Thanks to legislation passed recently, you can use those funds until the end of this year or combine them with your 2022 funds for your procedure. 

For more on FSA/HSA funds, visit Santa Barbara Eyecare at our Santa Barbara, California office. Call (805) 967-9990 or (805) 451-8180 to schedule an appointment today.