How Much Money Can You Set Aside in 2024 for LASIK Surgery?
If you’re considering corrective vision surgery, you may have questions about the best approach to help you pay for your procedure. The good news is that if you have a Flexible Spending Account (FSA) or Health Savings Account (HSA), you can use funds from both of these to pay for your surgery.
However, FSA and HSA contribution amounts change each year, and there are regulations related to these accounts that, if you know them, can work to your advantage. To help you decide if your FSA or HSA is your best bet, read on to find out how these accounts can help you get clearer eyesight from a leading team for laser vision correction near you.
FSA Strategies for Vision Correction Procedures
As you may know, your Flexible Spending Account (FSA) is set up through your employer. You and your employer can contribute a certain amount of money to this account each year, tax free. The 2024 maximum amount you can contribute to your FSA is $3,050 – a significant percentage of the cost for most vision correction procedures.
- Remember the Rollover: If you’re thinking of scheduling laser vision surgery in 2024 or 2025, the IRS allows you to rollover a certain amount of money from your FSA into the following year. This means if you’re planning on using your FSA for other medical needs, there’s still a percentage you’ll already have saved tax-free from 2023 that you can consider putting toward LASIK surgery next year.
- Dependents and Household Members: Keep in mind, too, that your dependents and household members, such as your children or spouse, can use your FSA savings for medical procedures. If you have children who are eligible for vision correction surgery (over the age of 18), this could be a great way to help them with their vision while they’re still under your care.
- FSAs and Laser Vision Financing: Some providers of laser vision correction near you offer financing options to make their procedures even more affordable for all patients. If you elect a financing option, you won’t be able to use your FSA to make a direct monthly payment toward what you owe. However, you can reimburse yourself from your FSA in the same calendar year as the procedure. This allows you to hang on to the lump sum in your account and pay it incrementally in case you want to be prudent about unexpected medical expenses that may require the use of your FSA.
HSA Updates and Strategies for Vision Correction Procedures
Your HSA is also tax-advantaged and particularly benefits people enrolled in high-deductible health plans. Instead of paying for medical-related items (everything from prescriptions to pharmacy items like first aid cream) after your paycheck is taxed, you can contribute pre-tax money to your HSA.
The 2024 maximum contribution for an individual is $4,150 and $8,300 for family coverage. Additionally, people over 55 years old can contribute an additional $1,000. These amounts will allow you to pay for a significant percentage of your surgery.
- The Roll Over: You can roll over your entire HSA amount each year. This means that you can potentially save for your vision surgery you intend to schedule down the road. Again, because this money is tax free, you’ll ultimately save while experiencing the benefits of clearer vision.
- Dependents and Household Members: Much like your FSA, you can use your HSA to pay for LASIK surgery for your spouse or of-age dependents. Imagine being able to provide the gift of clearer sight to a family member.
- Financing Your LASIK Surgery: If you elect a financing option to pay for your corrective vision surgery, you can make payments using your HSA. Many patients see the value in this method as they’ll be able to save on clearer vision using pre-tax dollars, while breaking the cost up into manageable monthly payments.
Got Your Spending Strategy Down? Schedule a Consultation with Durrie Vision for a Vision Correction Procedure
Once you have an idea of how you’ll contribute to and use your FSA or HSA for you or a family member’s corrective vision surgery, you can schedule a consultation with a leading provider of laser vision correction near you to determine which procedure you are eligible for.
Keep in mind that consultations are typically only good for 90 days, as your vision can change. If you’re planning to put away money in your FSA or HSA for LASIK surgery, ensure that your consultation is timely in relation to when you plan to have surgery, so your provider can best meet your needs.
Learn more about corrective vision surgery financing and the savings you’ll experience by getting rid of your contacts and glasses.