How to Use a Flex Spending Account (FSA) to Pay for LASIK

August 16, 2014 — by Dr. Gregory Stainer
Tags: Lasik

A woman lying on the grass looks up in the skyLASIK is one of the most popular and effective options for addressing refractive errors. This might explain why so many patients have visited the Bakersfield eye care centers of Dr. Gregory A. Stainer. State-of-the-art LASIK surgery eliminates a patient's reliance on glasses and contacts, allowing them to see clearly on their own.

Thanks to various payment options, the cost of LASIK is no longer a massive hurdle for patients. One way that patients have been able to pay for the surgery is by signing up for a flex spending account (FSA) through their employer, a topic that we'd like to discuss right now.

What is a flex spending account (FSA)?

A flex spending account (FSA) is a tax-advantaged financial account that employees can set up with their employer in order to pay for approved medical and dental expenses. It's ideal for medical procedures that are otherwise not covered by medical insurance.

How do flex spending accounts (FSAs) work?

Funds for the FSA are taken out of the employee's wages every paycheck before taxes are deducted. This amount is set aside to be used as a reimbursement for the cost of the approved medical procedure.

Employees can sign up for an FSA for the beginning of the year. Sign-up deadlines vary, and if you miss a deadline, you'll be forced to wait until the next year to sign up.

Is LASIK surgery an approved medical expense?

Yes, LASIK is a qualified vision care expense that is covered by FSAs. The same is true for other select refractive procedures that are performed as an alternative to LASIK.

The Advantages of Using a Flex Spending Account (FSA)

If you use an FSA, it brings down your taxable income, meaning a potential savings when you file. There is a potential to save a fair amount of money if you had been planning to undergo a medical procedure for some time.

Plan Ahead: Maximize the Benefits of Your Flex Spending Account (FSA)

Keep in mind that there is a cap of $2,500 for health care FSAs in place, and that unused money in the FSA account may or may not rollover into the next year. This can vary from plan to plan, so this should be discussed with your employer and the FSA provider.

Also keep in mind that you should plan and run numbers yourself on an FSA to see if it's really going to benefit your household. By making sure you consider your eye care options for at least a year in advance, you can determine the best payment method that will save you money and be most convenient.

Helping You Make the Right Choice

During your consultation at our practice, we'll be more than happy to answer any questions that you may have, whether they be about LASIK itself or your many options for payment. We'll make sure that you have the facts you need to make the most out of an FSA, or that you know about monthly financing methods in depth. Whatever your needs, our goal is to make sure your vision is its very best and that you feel secure with any decisions that you make.

Schedule a Consultation for Laser Vision Correction

If you would like more information about flex spending accounts, monthly financing, and all of your options to pay for LASIK, we'd be more than happy to talk. Contact our laser eye surgery centers today to schedule a consultation with our team.

Contact Us