Can You Pay for LASIK with an FSA?

by: Advanced Laser | June 20, 2014

A couple on a sand dune, looking off into the distanceDo you suffer from blurry vision that is caused by nearsightedness, farsightedness, or astigmatism? These common vision conditions affect millions of patients in the United States. While most of these patients rely on eyeglasses and contact lenses for clear vision, an increasing number of people have turned to LASIK eye surgery to correct their vision. Patients have the option of undergoing traditional LASIK with a microkeratome or bladeless LASIK with a femtosecond laser. At Advanced Laser and Cataract Center Oklahoma, both of these options LASIK options are available. Many of our Oklahoma City patients choose to pay for the cost of these LASIK procedures with an FSA, or flexible spending account.

The Cost of LASIK Surgery

Patients have two LASIK surgery price points to choose from at Advanced Laser and Cataract Center Oklahoma. The basic plan is $999 per eye, which covers the cost of traditional LASIK surgery with the blade microkeratome, along with follow-up appointments.

The enhancement plan is $1,299 per eye, and covers the cost of traditional LASIK surgery with the IntralaseĀ® laser, follow-up appointments, and one free LASIK enhancement procedure if additional correction is needed in the future. Patients who require PRK surgery, an alternative to LASIK surgery, are also eligible for the enhancement plan.

Flexible Spending Account Guidelines

A flexible spending account, or FSA, is a savings account that is offered by employers. The perk of the FSA is that employees can allocate pre-taxed income into this account. This allows employees to save money at a much faster rate than if they put taxed income into a personal savings account.

However, there are some rules and guidelines that apply to FSAs. Patients should be aware of the limitations of these accounts to ensure that an FSA is right for them. FSA guidelines include:

  • The money can only be used on eligible medical expenses. LASIK is an approved FSA expense.
  • Patients can put up to $2,500 into an FSA every year, according to 2014 guidelines.
  • The money that is contributed to the FSA must be used by the end of the benefits year. There are two possible exceptions to this: if the employer offers a $500 rollover program or a 2 Ā½ month grace period (talk to your employer to find out if one of these two options is available.

If you are planning on undergoing LASIK surgery, you can use the funds in your FSA to pay for the total cost of the basic plan, or the majority of the enhancement plan. In addition, you will be saving the amount of money that is equal to your tax deduction rate. For example, if you put the maximum, $2,500, into your FSA, and you are taxed at a 30 percent rate, you will save $750 on the cost of the enhancement plan. If you put $1,998, the cost of the basic plan, into your FSA, you will save $599 at a 30 percent tax rate. This measures out to significant savings, making FSAs an ideal way to pay for the cost of LASIK surgery.

Contact Advanced Laser and Cataract Center Oklahoma to schedule a LASIK appointment.