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Kremer Eye Center Blog

How to Pay for LASIK Using Your FSA and HSA

November 15, 2018

LASIK SurgeryWhile LASIK is a more cost-effective vision correction solution compared to contact lenses and glasses, cost and how to pay for the procedure can be a concern for many patients. Fortunately, there are many ways to save and pay for your LASIK procedure, including using your Flexible Spending Account (FSA) or Health Savings Account (HSA).

Learn more about both accounts below and find out how to pay for LASIK with your FSA or HSA.

How Does an FSA Work?

To help offset the cost of select medical expenses, many employers offer Flexible Spending Accounts. An FSA allows you to contribute pre-tax dollars from your pay for healthcare costs that your insurance may not cover. Once you decide how much you’d like to contribute, that amount will be deducted evenly from your paychecks throughout the year.

Patients can make LASIK more affordable with an FSA—patients can only contribute around $2,500 a year, and what is set aside for the account will not carry over. That means you will need to have your LASIK procedure performed within the same calendar year if you want to use funds in your FSA.

How Does an HSA Work?

Budgeting for LASIKHealth Savings Accounts are tax-exempt trusts that are available for those with a High Deductible Health Plan. With this type of account, you can put away money to help pay for LASIK and other elective medical expenses that are not covered by your insurance.

Like an FSA, an HSA does have a limit on how much you can save per year. With an HSA, individuals can contribute up to around $3,500 and up to about $7,000 for families. However, the biggest difference between both accounts is that the funds saved in an HSA do carry over into the following year. That means you can schedule your surgery for the future and use what you save now to pay for it.

Using an FSA or HSA for LASIK

Using your FSA or HSA to pay for LASIK is simple. Both accounts can come with cards that allow you to access your funds. We simply run it like a credit card for payment. If you do not have a card, you can pay for your surgery upfront, and send a reimbursement request to your FSA or HSA.

Many LASIK patients may also be eligible for financing, but you will not be able to use funds from your FSA or HSA accounts to pay for financing. However, you can use them to pay for a portion of your surgery and finance the remaining balance to reduce your monthly payments.

LASIK is a great solution for anyone who wants to get rid of their contact lenses and glasses. To learn more about financing and available payment options for LASIK, schedule a consultation at Kremer Eye Center.