What is possible using FSAs and HSAs?

Participating employees are able to set aside pre-tax dollars for the surgery and other approved medical expenses. Depending on income level, you can save more than $3000 (in 2023) a year with certain HSAs or FSAs. A key piece of information to remember is that FSA dollars are time sensitive. Any contributions you put toward your FSA account usually must be spent by the close of your employer’s next enrollment period. When a patient is interested in utilizing a FSA for LASIK/PRK, there are two points of interest to check on:

In most cases, your entire annual allotment can be used in its entirety if desire on the first day of the plan year even though all contributions have not been made. Read your plan details and/or check with your administrator. Determine if your FSA plan allows for a short “grace period” after the end of your company’s enrollment year where funds can “roll over” into the following enrollment year. HSA accounts are a little different in that those dollars do not expire.

Common Questions about Flexible Spending Accounts (FSA)

FSAs can be confusing, but leveraging a Flexible Spending Account (FSA) is a great way to pay for LASIK/PRK surgery. Whether you have unused FSA dollars you need to use before they expire, or you want to enroll for an FSA account for the coming year, now is the time to start planning if you want to cover your LASIK surgery costs.

How Does an FSA Work?

If you enroll in an FSA, it allows you to use pre-tax dollars to pay for medical procedures like LASIK/PRK surgery. Predetermined FSA contributions are deducted from employee paychecks throughout the year before they become subject to payroll taxes. This can reduce your annual tax liabilities. Typically, the full amount of your FSA is available to you in the first day of your plan year, so you don’t have to wait until the end to use it for your LASIK/PRK costs. Additionally, some FSA plans allow for a short “grace period” after the end of your company’s enrollment year where funds can “roll over” into the following enrollment year. So, if you haven’t used your FSA yet, you should consider that as an option.

Is There a Cap on FSA Contributions?

You should also keep in mind that there are caps and limitations on the federal limit for FSA contributions. In 2023, you can usually contribute over $3,000 per enrollment year. Leveraging a FSA is often the best option for qualified candidates looking for a way to cover LASIK/PRK costs. If you are not sure if you are a good candidate for LASIK/PRK surgery, schedule a FREE consultation with Laser Eye Surgery of Erie before you make your plans for enrollment. Approximately 20% of those who come to Laser Eye Surgery of Erie are deemed not a good candidate for laser vision correction surgery, so having that information beforehand is vital to your FSA planning.