Can I Use My 2024 HSA for LASIK Surgery?
Yes, you can use your 2024 Health Savings Account (HSA) to help pay for LASIK surgery at Hoopes Vision! While health insurance typically doesn’t cover LASIK because it’s considered elective, HSAs are a great way to use pre-tax savings for this life-changing procedure. Here’s what you need to know.
How HSAs Work and Why They’re Perfect for LASIK
An HSA is a tax-advantaged savings account paired with high-deductible health plans (HDHPs). It allows you to set aside pre-tax dollars to cover qualified medical expenses, including elective procedures like LASIK. The best part? Unlike FSAs, your HSA funds roll over year to year, so you can save over time and build up a significant balance for larger expenses like vision correction surgery.
For 2024, the annual HSA contribution limit is $4,150 for individuals and $8,300 for families. This record-high limit makes it even easier to save for major medical expenses. Plus, any interest or investment gains in your HSA are tax-free, adding even more value to your savings.
Why HSAs Are Better for Long-Term Planning
One of the biggest advantages of an HSA is the ability to carry over funds from year to year. This flexibility makes it ideal for long-term planning, especially if you want to save gradually for a larger expense like LASIK. If you’ve had an HSA for several years and haven’t needed to tap into it for medical expenses, you may already have enough saved to cover a significant portion—or even all—of your LASIK procedure.
No HSA? Explore Other Payment Options
If you don’t have an HSA, there are other ways to make LASIK affordable. Hoopes Vision also accepts Flexible Spending Accounts (FSAs), which are another tax-advantaged option. Keep in mind that FSA funds typically expire at the end of the year, so check with your employer for details if you have both an HSA and an FSA.
Additionally, Hoopes Vision partners with CareCredit, a health-focused credit card offering flexible payment plans. This option allows you to pay for LASIK over time, making it accessible even if you don’t have pre-tax savings to use.
Start Your LASIK Journey with Hoopes Vision
If you’re ready to use your HSA for LASIK in 2024, schedule a consultation with Hoopes Vision in Draper, Utah. Our team of experienced professionals will help you determine if LASIK is the right choice for you and guide you through your payment options. Let’s work together to make glasses-free vision a reality!
