Using Your Flex Spending Account to Pay for LASIK

Using Your Flex Spending Account to Pay for LASIK

Created on: Tuesday, December 12, 2017
Author: New England Eye Center

flex spending account LASIK | Boston, MA

Plenty of people know about and love the benefits of LASIK. It allows you to see clearly with your own eyes, and enjoy life with less stress and more fun. However, one of the biggest concerns most folks have is with the intimidating price tag it can come with. With up to a few grand per eye, it’s no wonder many people believe it is completely unaffordable. However, what if you were told that there is a way to save hundreds of dollars on your LASIK? What if this miracle procedure is actually more affordable than you thought?

Flexible Spending Dollars


Flexible spending accounts (FSAs) make medical bills that aren’t covered by your health insurance a bit more manageable by allowing you to set aside pre-tax money from your paycheck in order to spend on certain medical expenses. This means you save whatever percentage your income is normally taxed at! So if you have 10% taken out of your paycheck normally, you will now save $10 per $100 spent on certain medical expenses.

Some examples of things that are commonly available through flexible spending accounts are certain types of dental care, some types of prescription drugs, some portion of the out of pocket expense for doctor’s visits, deductibles, and, of course, certain vision treatments like LASIK. So it shouldn’t be difficult to find ways to use the money for things that are helpful besides LASIK!

Take Advantage of Employee Benefits


Due to the fact that money is taken directly out of your paycheck, FSAs are only available as an employee benefit, so you’ll have to check with your employer to see if they offer FSAs and if you are eligible to receive LASIK through it. Depending on what tax bracket you are in, you may save more than others. However, the Affordable Care Act limits the amount allowed in the account to $2,500 per year. Most employers allow you to spend accumulated money before you reach the maximum, just make sure to check.

Use It Before You Lose It!


Another very important rule to make note of is that there is a time limit in which you can use the money you have set aside in your FSA. The time between the enrollment and the end date is what is known as “the plan year”. After the plan year is over, whatever you have not spent is forfeit. This is why it’s extremely important to plan carefully for what you expect your expenses to be exactly. If you still have some money left over in your FSA, time is running out to use it in 2017! Why not put that money towards LASIK surgery?

The best way to do that is to schedule an appointment with us and find out more about LASIK. Time is running out, so use your FSA money before you lose it! Schedule your LASIK consultation with one of our LASIK experts here at New England Vision Center in Boston.

 



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