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Using an FSA or HSA to pay for LASIK

Using money in your Flexible Spending Account (FSA) or Health Saving Account (HSA) are great ways to pay for LASIK and save money through pre-tax dollars. Below are the most frequently asked questions about using an FSA or HSA to pay for LASIK. You can also reach our professionals by phone   - we are happy to answer any questions you may have.

Frequently asked questions about FSA and HSA for LASIK

  • Can I use my FSA or HSA to pay for LASIK?

    Yes. Both Flexible Spending Accounts (FSA) and Health Spending Accounts (HSA) are approved for LASIK as LASIK is considered a qualified medical procedure.

  • What are contribution limits to FSA or HSA and will it cover the cost of LASIK?

    For Flexible Spending Accounts, the federal limits are currently set at $2,550 a year for an individual. LASIK costs vary depending upon your prescription, the laser and treatment package recommended to correct your unique vision correction needs. For Health Spending Accounts, the 2016 annual contribution limit for individuals with self-only high-deductible health plan coverage is $3,350 and the limit for individuals with family high-deductible health plan coverage is $6,750. 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. You can apply your entire FSA or HSA contribution, and should there be any remaining balance due, you can use a credit card or use an approved financing plan to cover than balance. 

  • What are the benefits of using my FSA or HSA for LASIK and how do I save money?

    FSA  and HSA contributions are typically 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.  Average household earnings fall 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. 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.‡ 

    visit https://www.wageworks.com/employees/support-center/fsa-savings-calculator to calculate your savings based on your tax rate.
  • Can I carry-over FSA or HSA balances or use future savings to pay off a balance?

    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. 

    HSA balances do have a carry-over feature, so patients can continually save on a pre-tax basis and use the funds when needed. This means funds put into your HSA account in past years can be used for procedures performed in future years. This is a great feature for smoothing out health care related costs. 

  • 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 and be used to cover future year expenses.

  • Where can I get advice on using my FSA or HSA for LASIK?

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

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