FSA HSA for LASIK
Max your Flex Plan
You can pay for LASIK or other eye surgeries with a tax-free Health Savings Account (HSA) or Flexible Spending Account (FSA), which could mean a 20-30% discount for those who are eligible. Laser eye surgery is a qualified medical expense, according to the IRS, but some rules apply. For it to be a qualifying medical expense, you must make an appointment with an eye doctor to establish you really need the procedure.
How do I save on LASIK with an FSA or HSA
Flexible spending accounts and health savings accounts are both healthcare plans that reduce an employee’s income tax liability and allow you to pay for medically-related expenses including elective procedures such as LASIK. The pre-tax savings may be significant.
Use it or lose it?
You generally must use the money in an FSA within the plan year. But your employer may offer one of 2 options:
- It can provide a “grace period” of up to 2 ½ extra months to use the money in your FSA.
- It can allow you to carry over up to $500 per year to use in the following year.
Your employer can offer either one of these options but not both. It’s not required to offer either one.
At the end of the year or grace period, you lose any money left over in your FSA. So it’s important to plan carefully and not put more money in your FSA than you think you’ll spend within a year on things like copayments, coinsurance, drugs, and other allowed health care costs.