Medically Reviewed by: Edward C. Wade, M.D., F.A.C.S.
Can You Use Your FSA or HSA for LASIK?
Having poor vision can be a major obstacle in everyday life, making it difficult to perform everyday tasks like driving and reading. For many people, corrective eye surgery such as LASIK is the best solution for restoring their vision. But with the cost of LASIK ranging from $1,000 to $4,000 per eye, it can be a prohibitively expensive procedure.
Fortunately, there are ways to make this treatment more affordable by using pre-tax money from your Flexible Spending Account (FSA) or Health Savings Account (HSA) for LASIK.
How much does LASIK cost?
LASIK eye surgery costs in Houston can vary significantly depending on the type of procedure you choose and the experience of your eye surgeon. Generally, traditional LASIK (using a blade to cut a flap in the cornea) costs between $1,000 and $2,500 per eye. Custom LASIK (using lasers to reshape the cornea) and alternative vision correction procedures such as EVO ICL vision correction may cost up to $4,000 per eye.
When compared to PRK surgery cost, LASIK is generally more expensive. However, the cost may be offset by the shorter recovery time associated with LASIK (most patients can see clearly within 24 hours), and the overall lack of hassle.
What is the difference between an HSA and FSA?
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both pre-tax accounts that you can use to pay for eligible medical expenses, including LASIK. HSAs are available only to those who have a high deductible health plan, whereas FSAs are available to anyone whose employer offers an FSA.
HSAs are more flexible than FSAs, as they allow you to contribute more money and can be used to pay for medical expenses in the future. Additionally, funds that remain in an HSA at the end of the year roll over and accumulate, which can help cover larger expenses like LASIK surgery down the line. However, HSAs are not available to everyone.
FSAs, on the other hand, allow you to set aside a certain amount of pre-tax money from each paycheck for medical expenses. The funds do not carry over at the end of the year, so it’s important to use all your FSA dollars before they expire.
Using your FSA or HSA for LASIK surgery
Before using your FSA or HSA for LASIK, it is important to check your specific plan. Some plans may not cover the procedure, and others may have certain restrictions or limits on what type of procedure they cover.
Here’s what you need to know about using your FSA or HSA for LASIK.
Can I pay for LASIK with my FSA?
Yes, you can use your FSA to pay for your LASIK procedure in Houston as it is currently recognized by the IRS as a qualified medical expense. However, it’s important to note that FSAs usually have a limited amount of money available and they expire at the end of the year. So if you plan on having LASIK soon, make sure to use your FSA funds before they expire or you may lose them.
Can you use HSA for LASIK?
Similarly, you can use your HSA to pay for your LASIK surgery. Since HSAs have a higher contribution limit and can accumulate over time, they may be a better option for those who need LASIK but can’t afford the full cost upfront.
You may also be able to use your FSA or HSA funds to cover additional costs associated with LASIK such as preoperative exams, corneal mapping, and post-operative follow-up visits. This means that you may be able to reduce the cost of your LASIK surgery even further since these services are often not covered by insurance.
Other options for paying for LASIK
While not all employers offer FSA or HSA plans, many do offer health insurance. But is LASIK covered by insurance? Not always. Medicare and other insurance plans rarely cover the cost of LASIK, while some employers offer vision plans which may help pay for part or all of the procedure.
If you don’t qualify for an FSA or HSA and don’t have health insurance but still want the clear vision that LASIK offers, there are still options available to help make LASIK more affordable. Many surgeons offer financing plans with low-interest rates, which can spread the cost of the procedure out over time. Some doctors may also be able to make special arrangements for patients who are unable to pay for the procedure upfront. Be sure to ask your doctor about any special payment options they may have available.
Eye Center of Texas makes LASIK accessible for all
Taking advantage of an FSA or HSA for LASIK is a great way to make laser vision correction more affordable, and by doing so you can save hundreds of dollars on the cost of your LASIK treatment.
At Eye Center of Texas, we are dedicated to making the LASIK procedure accessible to everyone, regardless of their financial situation. Whether you want to use your health insurance, FSA, or HSA to pay for your LASIK procedure, or you want to discuss utilizing our payment plan, our counselors can help you choose the right option for you.
To learn more about paying for your LASIK procedure, schedule an appointment with us today by calling 713-797-1010 or request an appointment online.
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