If you’ve been considering a vision correction procedure such as LASIK, cost is most likely a factor in your decision-making process. Did you know you can save hundreds of dollars by using a Flex Spending Account (FSA) or Health Savings Account (HSA) on LASIK, Refractive Lens Exchange, or other procedure at Durrie Vision? Through an FSA or HSA, you are able to set aside pre-tax dollars to pay for approved medical expenses, including LASIK. Those tax savings really add up. If you’re thinking about using an FSA or HSA on laser vision correction, read on for important factors to consider.
What is an FSA?
- FSA’s must be sponsored by your employer; self-employed individuals are not eligible for an FSA
- 2018 contribution limit: $2,600
- An employee’s yearly FSA allocation is available on the first day of the plan year, regardless of contributions made to date
- Use it or lose it! Any money left in an FSA will be forfeited at the end of that plan year, though some plans do provide a short grace period that may allow you to carry some funds into the next year. Check with your employer to see if your plan allows for a grace period.
What is an HSA?
- An HSA is only available to participants with a high-deductible health care plan
- 2018 contribution limit: $3,450 for individuals; $6,950 for families
- Funds allocated to an HSA become available as they are deposited into the account
- Any money left in your HSA can be carried over from year to year, allowing you to build and save for higher cost expenses over time
How do I start or change my elections for an FSA or HSA?
Enrollment in or changes made to an existing FSA or HSA are limited to a specific time period that varies from plan to plan. This window of time is often referred to as open enrollment. Talk with your employer or benefits manager for deadlines specific to your plan.
Sounds great, what next?
Your first step is to schedule a complimentary consultation to determine candidacy for laser vision correction. During this appointment you’ll meet with a counselor who will go over costs and payment options for the procedure. If you don’t have enough money allocated in your FSA or HSA, know that these funds can be combined with any of our financing plans, including our popular $0 down, 0% interest for 24 months option. If you have any questions on costs, financing plans, or FSA/HSAs, please call 913-491-3330 to talk with a patient services representative.