Can I Use My HSA or FSA for LASIK?

Once you have confirmed that you are a good candidate for LASIK, you may be concerned about LASIK charges and fees. Because LASIK eye surgery is a complex elective procedure, most eye insurance and health insurance policies do not cover laser vision correction procedures. However, for the tax year 2022, you can use your Flexible Spending Account (FSA) or your Health Savings Account (HSA) for LASIK eye surgery. In fact, it isn’t just LASIK that is eligible for HSA or FSA funds, but also PRK, SMILE, ICL, and refractive lens exchange.

The Difference Between an FSA and HSA

The main difference between an FSA and HSA is that an HSA is controlled by the individual, while the FSA is controlled by the employer. With an HSA, contributions can roll over year after year, regardless of where you are working. An HSA requires you to have a high-deductible health care plan, and you can’t be eligible for Medicare or claimed as a dependent on someone else’s tax returns. You can change contributions at any time, and your savings can be taken out of the account tax-free after age 65. You can use funds for nonmedical expenses at any time while paying a 20% penalty and claiming the funds on your income tax form. An FSA must be set up by your employer and funds are lost if you change jobs. Your employer chooses if funds roll over or expire at the end of the year, and you can only enroll or change contributions at open enrollment or during a qualifying life event. You may have to submit expenses to your FSA to be reimbursed and may not have access to funds for nonmedical expenses.

How to Use Your FSA or HSA to Pay for LASIK

If you’re using an HSA, you can use the funds in your account to pay for you LASIK Procedure whenever you have enough money saved up in the account. Your insurance company may offer a discount on your LASIK charges, which you can utilize when paying for your LASIK eye surgery with your HSA funds. You can use your FSA debit card to pay for your LASIK eye surgery, and many patients choose to do so at the end of the year as those funds would otherwise expire and be lost.

Contact Us for LASIK Today!

If you’re ready to schedule a LASIK consultation or need more information about what the cost of LASIK will look like for you, call us today at Panorama LASIK. Our experienced ophthalmologists have performed thousands of LASIK surgeries and have extensive training, experience, and education in LASIK eye surgery and vision correction. We are happy to answer any questions you have about LASIK surgery and its risks and complications. To learn more, call us today or fill out our online appointment request form.

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