Using Your FSA to Pay For LASIK

Can I use my FSA account for LASIK?

A Flexible Spending Account, or an FSA is approved for LASIK as LASIK is considered a qualified medical procedure.

What are the FSA Limits?

FSA accounts are limited to $2,550 a year currently. 

What are the benefits of using my FSA?

FSA money is taken out of payroll on a pre-tax basis and can be used for qualified medical procedures, including LASIK.  Since the money is taken out pre-tax, the value goes further than it would if it were after-tax.  Most taxpayers are in a 25%-28% marginal tax bracket with marginal rates as high as 39.6% for some taxpayers, so the savings with using FSA money can be sizable.

How much would I save by using an FSA account?

If you put $2,550 into an FSA account, you are saving $638 – $714* in federal taxes (assuming a 25%-28% marginal tax rate), plus state and local taxes in some cases.

Can I carry-over FSA balances?

FSA balances are generally “use-it-or-lose-it” although some companies allow a grace period for filing claims.  Because of the “use-it-or-lose-it” nature of the account, it is helpful to plan ahead for larger medical expenditures so that you have a proper FSA balance to utilize. You can't use FSA dollars saved in a future year to pay off a procedure completed in a prior year, even if the procedure was financed and you are still making payments. 

*visit https://www.wageworks.com/employees/support-center/fsa-savings-calculator to calculate your savings based on your tax rate.

How does an FSA (Flexible Spending Account) differ from an HSA (Health Savings Account)?

FSA and HSA accounts are both pre-tax accounts that can be used for LASIK.  FSA accounts are generally linked to traditional health plans and HSA accounts are generally linked to high-deductible plans.  HSA accounts have a perpetual carry-over so that money left over from one year can carry forward to future years.

How much does LASIK cost?

LASIK costs vary depending upon your prescription, the laser and treatment package recommended to correct your unique vision correction needs.. In general, at LasikPlus, LASIK costs range from $250 per eye to $2,000 per eye, with most patients in the $1,600 – $1,800 per eye range.

How can I save money on LASIK?

Flexible Spending and Health Savings Accounts are great ways to save money on LASIK since they use pre-tax funds. LasikPlus also offers discounts for certain insurance plan members. At LasikPlus, we strive to make LASIK affordable to as many people as possible, so we also offer guaranteed financing and a number of financing options, including $0 down or 0% interest^‡, or extended payment plans for lower monthly payments. 

Where can I get advise on using my FSA for LASIK?

The professionals at LasikPlus can advise you about FSA utilization for LASIK, as well as determine your candidacy for the procedure before you commit to set-aside pre-tax funds in an FSA. You can reach the staff at 866-921-2334 or schedule your FREE LASIK consultation online and learn more during your appointment.