A flexible spending account (FSA) or health spending account (HSA) can be a lifesaver when health expenses crop up that aren’t covered by medical insurance. Office copays and prescription copays are notoriously hard to predict, prompting us, at times, to overestimate what we need in our accounts for acute illness or injury.
The flipside of this is that we often underestimate the many ways we can put these flex plans to good use that don’t involve these copays—such as vision correction. Yes, you can use your flexible spending account to pay down the cost of SoftTouch LASIK or one of several alternatives, like the SMILE procedure.
Even though better eyesight offers improved quality of life for millions of people globally every year, insurance companies consider LASIK a “cosmetic” procedure and will not cover the cost. However, you can use your FSA/HSA funds for that purpose. As you know, the money you contribute to your flex spending account is deposited pre-tax, meaning you also potentially save hundreds of dollars in taxes in the process.
To make your flex spending account work for you—and for your eyesight—follow these steps:
- Start with a call to your FSA provider to determine how much money is left in your account. Even a few hundred dollars can go a long way toward permanent vision correction, no matter which procedure you qualify for.
If your FSA/HSA doesn’t cover the full cost of your procedure, Lake Lazer Eye Center can work with you on one of the flexible payment options they offer. That way, you can get vision correction now and use the money you would have spent on glasses and contacts to pay off the balance with monthly payments.
- Schedule as soon as possible. ‘Tis the season for health appointments for a variety of reasons:
- Your plan may or may not include a grace period at the beginning of the next year when you can still spend this year’s funds. If you’re up against a hard, use-it-or-lose-it deadline, there’s no time to waste. You’ll want to schedule an immediate eye exam and your surgery—if you’re a candidate for LASIK—so you don’t miss an important cutoff date.
- There could be a rush of 11th-hour vision appointments as people take advantage of “leftover” flex spending and time off from work. Schedule now before appointment times are all taken.
- If you have already spent your funds for the year, consider planning ahead for next year. You can get the most bang for your buck by contributing the maximum allowable amount into your flex account in 2021. The cap in 2021 is $2,750. And if you don’t want to wait until next December to get vision correction, you don’t have to.
- If you’re not a candidate for LASIK, consider the alternatives. The SMILE procedure is another popular vision correction treatment available at Lake Lazer Eye Center, and it has helped many patients achieve the crisp, clear vision they desire.
Whether you’re considering SoftTouch LASIK, the SMILE procedure or just need some other eye care, your flexible spending account was intended for this very purpose. Don’t let those funds expire!
Lake Lazer Eye Center is here to help you fix your bad vision. Start your journey with a thorough eye exam to find out if you’re a candidate for permanent vision correction. Call (586) 792-3891 or request an appointment online at USeeMore.com.