If you’re considering vision correction surgery, you may be intimidated by the cost, especially since most health insurance companies don’t cover vision correction surgery. Fortunately, you can use a health savings or flex spending plan to pay for LASIK, PRK, or other vision correction surgeries.
Using a Flex Spending Account (FSA) to Pay for Vision Corrective Surgery
Do you have a flex spending account (FSA)? If so, you can use your flex spending plan for LASIK surgery or other vision correction procedures. An FSA is an account that is part of your employee benefits package (self-employed individuals do not qualify for FSAs) and allows you to set aside money from your income for health care costs that aren’t covered by health insurance.
The benefit of an FSA is that income taxes aren’t deducted from the contributions that you put into the account.
Ask your employer if having an FSA is part of your benefits package. Once you have confirmed the participation of your employer, you can decide how much money you would like to contribute to the account (You can contribute a maximum of $2,600 per year).
Using a Health Savings Account (HSA) to Pay for Vision Corrective Surgery
Another way to cover the cost of your vision correction surgery is by opening a health savings account (HSA). An HSA is an account that allows you to pay for qualified medical expenses also on a pretax basis. While your employer may offer an HSA and contribute, you can also open an HSA on your own.
With a health savings account, you have the benefit of having your funds rollover year to year until they are used. You also have the ability to earn interest on those funds.
There are certain eligibility requirements that you have to meet to have an HSA. Once you’re sure that you qualify, you can set up a health savings account through an HSA provider and possibly your bank. Your employer may also offer an HSA.
It’s comforting to know that you have options to cover your healthcare costs. Whether you choose a health savings account or flex spending plan for LASIK, PRK, or other vision correction surgeries, both accounts are great ways to save for and cover the expenses.
At Williamson Eye Institute, we are dedicated to assisting our patients with their vision and eye-related needs throughout the years. To find out more about our services, visit our website or call our office to schedule a personal consultation. You can also find us on Facebook or LinkedIn.