How to cover the Cost of LASIK Surgery with Flex Spending Account
Jan 21st, 2014 - Blog

What is a Flex Spending Account?

Have you ever heard of FSA to cover the cost of Lasik? Before we answer that question, a little background on FSA: Many people are allowed Flex Spending Accounts or FSA through their primary medical insurance plans. Flex spending is an excellent way to save money because it allows you to save and spend pre-taxed dollars on qualifying out of pocket Healthcare Expenses. One of those qualified healthcare expenses could be Laser Eye Surgery (some of which are Lasik, PRK, Custom Lasik, Custom PRK, Intralase Lasik or other types of vision correcting procedures).

Contributions to this type of account are not subject to payroll taxes, so the amount of saving could very well be substantial. Employers generally issued a flex spending account debit card. This card can be used to pay for qualifying medical services using funds from that account. Generally, it is also possible to pay these expenses out of your personal account. You can then submit a receipt to your employer to have those expenses reimbursed for from the flex spending account.

How much money can be put aside on FSA for Lasik?

Due to recent federal legislative changes, the vast majority of flex spending accounts may have a maximum annual contribution limit of $2,500. So, you should consult your human resources department for information on your individual plan.

Can I accrue the money put aside in my FSA in several Calendar years to pay for my Lasik eye surgery?

Most flex spending plans include a “use-it or lose-it” provision. That means savings accrued past the health plans calendar year must be forfeited. This provision is critical if you choose on using your flex spending for LASIK or any other types of Laser Eye Surgeries. If you somehow don’t qualify for that procedure because you are not a good candidate, or elect against taking the procedure for any reason, than all of the savings that you accumulated will be lost during the end of your insurance plans yearly cycle if you don’t find other creative ways to use it! So, we recommend that if you are planning to use a Flex spending account to pay for your Laser Eye Surgery, to make an appointment first for a free consultation to find out first if you qualify for any type of laser eye surgery procedure such as Lasik, and second what is the cost of Lasik or what is the cost of the Laser eye surgery you qualify to have. With that information at hand, you can then plan your Flexible Spending account.

Also, consider that you can only use contributions made on the previous year. So, money you allocated to the flex spending account in 2013 should now be available to use in 2014. Remember that each individual health plan is different. Your company’s health insurance administrator will know more about your personal plan. It is likely this person works in your human resources department.

For more information on Flex Spending Accounts and to find out the Price of Lasik and how much to place in your FSA account, contact our office for a complimentary examination.

San Diego Lasik Center Global Laser Vision established since 2000 and has been responsible for over 75,000 cases of Laser Eye Surgery in San Diego to date. Our affiliate clinic, San Diego Global Laser Cosmetics has been established since 2002 and specializes in minimally invasive and non-invasive skin care and cosmetic procedures in San Diego. Click on Laser Surgery San Diego, to read more about Lasik Reviews and on San Diego Latisse, to read about Global Laser Cosmetics.

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