Remember as a kid having a piggy bank that you tucked loose pennies and dimes into? On a really good day, there may have been a whole dollar to press through the slot. Over time, those contributions added up — and so did the ways you imagined spending them.
The same happens with your health savings or flexible spending account. Little by little your monthly contributions can build toward a tangible goal, either covering the cost or putting it within easy reach.
Is LASIK among your goals? Many of our patients have used their HSA or FSAs to finally get the vision correction they’ve dreamed of, and with the whole year still ahead, there’s no better time to start planning than January.
In a few instances patients aren’t good candidates for laser eye correction so we strongly recommend that you contact our office to schedule an initial consultation to ensure that you’re eligible. That said, because LASIK isn’t our only tool — there are a myriad of options — it’s rare that we can’t improve your vision. It’s advantageous for us both when together we formulate a best case plan before you begin earmarking your hard-earned dollars.
Covering the Cost
If you’ve considered LASIK or another laser eye treatment, it’s likely you already know that, because it’s discretionary, you’ll need to pay for it out of pocket.
This is where the HSA or FSA offered by your employer’s health insurance plan can help take the sting out of the final bill. Contributions to both are taken pre-tax, which means the government can’t take its usual cut, and you can save up to 20% more.
Generally, an HSA:
- comes with health plans classified as high deductible.
- can accrue as long as you wish; there’s no pressure to spend by year end.
- could cover the entire cost of LASIK if you contribute long enough.
Generally, an FSA:
- must be spent within a month of year end or you lose those dollars.
- is spendable before all contributions have been made. In other words, if you budget to contribute $1,500 by December, but decide to have LASIK in June with only $750 of the $1,500 in your account, you can still spend the full $1,500.
- is capped per family member. It’s $2,750 for 2021.
Because there’s much more to know about utilizing the HSA or FSA benefits that come with your work’s health insurance plan, we encourage you to discuss your options with your employer’s insurance representative. It can be confusing; however, understanding the basics could mean the difference between clear vision now and slogging through another year with eye concerns.
Let’s Get Started
Schedule your nocost, no obligation consultation today. Our friendly staff will assess your needs, explain your best options, and create a plan that fits your specific lifestyle and schedule.