Using flex spending to pay for LASIK:
1. Schedule your free consultation
2. Decide amount to allocate to your FSA
Since your FSA is “use it or lose it,” we want you to make sure refractive surgery will work for you first, so you do not have to scramble at the end of the year to spend your tax-free dollars.
Save on Your LASIK Procedure
Flexible Spending Accounts (FSAs) are employer-sponsored programs that allow you to put aside pre-tax dollars for out-of-pocket medical expenses. The money is withdrawn from your paycheck and placed in a special account, and you do not have to pay any taxes on it. With the right planning, you can use your FSA to contribute to the cost of your refractive surgery procedure.
How FSAs Work
FSAs are voluntary programs, and not all employers offer them. If your employer offers an FSA, you will have the option to enroll at the beginning of the plan year, which is typically January 1. At that time, you must commit to an amount of money to be taken out of each paycheck and placed in your FSA. You will not pay taxes on this money. The only downside is that if you do not use this money by the end of the plan year, you forfeit it.
During the year, when you incur medical expenses that are not covered by your insurance, you will submit your explanation of benefit forms to the plan administrator. You will then be reimbursed for your out-of-pocket expenses, including your LASIK procedure, with the funds taken from your FSA.
Companies have different restrictions on their FSAs. Some may limit the amount you can put into the account, which will lower your overall tax savings and thus the amount that you can contribute to your LASIK procedure. The federal government also limits the total amount you can put into an FSA, the maximum allocation is $2,500 per year.
Put Your FSA to Work
If your company offers an FSA, it is a great opportunity to finally get the laser eye surgery you have been considering. Since flex spending is “use it or lose it,” we recommend coming into our office now for your free consultation then deciding how much to set aside in your FSA. This will help insure that the money you planned for laser vision correction is not wasted at the end of the year if you are not a candidate. Talk to your human resources department or contact Restore Vision Centers for more information. Please call us at (877) 508-2020 to speak with our knowledgeable staff.