Yes, you can use your 2024 Flexible Spending Account (FSA) to help pay for LASIK surgery at Hoopes Vision! While health insurance typically doesn’t cover LASIK since it’s considered elective, FSAs offer a great way to make LASIK more affordable by using pre-tax savings. Here’s how using your FSA can help you cover the costs of this life-changing procedure.
How FSAs Work and How They Can Cover LASIK
An FSA is a benefit account offered through employers that lets you set aside pre-tax income for medical expenses. For 2024, you can contribute up to $3,050 to your FSA, which means your LASIK costs could be covered in part or full if you’ve saved throughout the year. Not only does this make the procedure more affordable, but it also helps you save on taxes. You can see more details on how FSAs work on the official Healthcare.gov page.
Important FSA Rules to Keep in Mind
FSAs follow a “use-it-or-lose-it” rule, which generally means that you need to spend the funds within the calendar year. However, some employers offer a grace period up to March 15 of the following year, or allow you to carry over a small amount, up to $610, if you don’t use all the funds. Because rules can vary by employer, it’s a good idea to check with your HR department to confirm your specific deadlines.
FSAs vs. HSAs
While both FSAs and Health Savings Accounts (HSAs) let you save pre-tax money for medical expenses, HSAs allow you to roll over all unused funds from year to year without any expiration. HSAs are usually linked to high-deductible health plans, so if you have one, this could be another option for covering LASIK costs in addition to your FSA.
No FSA? CareCredit is Another Flexible Payment Option
If an FSA isn’t available to you or won’t fully cover your LASIK costs, Hoopes Vision also offers CareCredit as a flexible payment option. CareCredit is a health-focused credit card that lets you spread out your payments with promotional interest rates if paid within a set period. Applying for CareCredit is quick and easy, and our team can assist you with the application process during your consultation.
Ready to Get Started? Schedule a Consultation at Hoopes Vision
If you’re ready to invest in better vision for 2024, schedule a consultation with Hoopes Vision in Draper, Utah. Our experienced team will help you understand your best vision correction options and discuss all available payment methods, including FSAs, HSAs, and CareCredit. Let’s make clear, glasses-free vision your reality this year!
