Maximize Your Eye Care Benefits: Using Your FSA or HSA for LASIK or EVO ICL

When it comes to investing in your health, your vision plays a key role in your overall quality of life. Whether you’re tired of wearing glasses or contacts, or you’re simply looking for a long-term solution to improve your eyesight, procedures like LASIK or the EVO ICL can be life-changing. But while these vision correction options offer tremendous benefits, they are an investment. Fortunately, if you have a Flexible Spending Account (FSA) or a Healthcare Savings Account (HSA) through your employer, you can use those pre-tax dollars to make your vision improvement journey more affordable.

What Are FSAs and HSAs?

Before diving into how these accounts can benefit you when it comes to eye care, it’s important to understand how FSAs and HSAs work.

• FSA (Flexible Spending Account): This is a savings account offered by your employer where you can set aside pre-tax dollars for eligible medical expenses. Typically, the money must be used within the year, or you risk losing it (though some plans offer grace periods or a small carryover). The best part about a FSA is that typically the whole amount you enroll in can be used as soon as the period begins and you do not have to wait for it to ecru.
• HSA (Health Savings Account): An HSA is similar to an FSA but is available only to those with high-deductible health plans. The money in your HSA does need to ecru with each paycheck and rolls over year after year, and it can even be invested to grow over time, making it a flexible and long-term tool for larger healthcare costs.

How FSAs and HSAs Can Help You Afford LASIK or EVO ICL

Both LASIK and EVO ICL are considered elective procedures, meaning they’re not typically covered by most insurance plans. However, these vision correction procedures qualify as eligible expenses for both FSAs and HSAs. This allows you to use pre-tax money to cover all or part of the cost, potentially saving you hundreds, if not thousands, of dollars, depending on your tax bracket.

Here’s a breakdown of how it works:

• Pre-tax Savings: By using an FSA or HSA, you’re paying for your procedure with money that hasn’t been taxed. This can make a significant difference in your out-of-pocket costs. For example, if you’re in a 25% tax bracket, you could save $2,500 on a $10,000 medical expenditure, just by using pre-tax dollars.
• Planning for a procedure: FSAs typically require you to plan your expenses annually. If you know you want to undergo LASIK or EVO ICL in the next year, you can contribute the maximum allowed amount into your FSA and use it when you’re ready for the procedure. For 2024, the contribution limit for an FSA is expected to be around $3,200. For HSAs, the contribution limits are higher, with individuals able to contribute up to $4,150 and families up to $8,300 in 2024.

This is why we always recommend you coming in for a consultation to ensure you a candidate prior to enrolling in your FSA for the procedure!

• Spreading Out Payments: If your HSA doesn’t have enough to cover the full procedure upfront, you can use HSA funds to pay off the balance over time, as long as the expense occurred in the same year or later. Plus, with HSAs, the money can be saved and grow over the years for future vision care needs.

Why Choose LASIK or EVO ICL?

• Freedom from Glasses and Contacts: LASIK and EVO ICL can eliminate or significantly reduce your dependence on glasses or contact lenses, offering clearer, more convenient vision. No more worrying about broken glasses or uncomfortable contacts—just clearer, natural sight.
• Long-Term Investment: While these procedures involve an upfront cost, the long-term savings are significant. You’ll no longer need to budget for contact lenses, solution, or new glasses every year, making it a sound financial decision in the long run.
• Boost in Quality of Life: From driving, to playing sports, or even just waking up and seeing clearly without reaching for glasses, the benefits extend beyond cost savings. Patients often describe the freedom from corrective lenses as life changing.

Take Advantage of Your FSA or HSA for Better Vision

Whether you’re considering LASIK or EVO ICL, using your FSA or HSA can make these transformative procedures more affordable and accessible. Since FSAs are “use it or lose it,” now is a great time to check your balance or plan next year’s contributions. And if you have an HSA, you can rest easy knowing you’re putting your pre-tax dollars to good use for a life-changing investment in your vision.

If you’ve been thinking about improving your vision, don’t wait—schedule a consultation today to explore how these procedures can benefit you, both financially and in your daily life! For more information or to schedule a free consultation contact Key-Whitman Eye Center: (214) 935-5618.