At InVision Eye Care, we believe everyone deserves to enjoy clear vision and freedom from glasses and contact lenses. However, we understand that finances might prevent you from having laser vision correction. LASIK, PRK and similar procedures are usually not covered by insurance, since they are considered elective procedures. With competing financial priorities, it can take a long time to save up the money for these surgeries.
Luckily, there is a way to pay for your laser vision correction costs up-front and lower your tax bill at the same time. An employer-sponsored Flexible Spending Account (FSA) enables you to pay for laser vision correction using pre-tax dollars. This means you can have the surgery sooner, and save money in the long run, too!
Employer-sponsored FSA plans are designed to help you save money on medical and other expenses not covered by insurance. The plan involves setting aside pre-tax money into a special savings account to be used for eligible medical expenses (including LASIK and similar procedures) for you and your dependents.
You do not have to pay income or social security taxes on the money you set aside. Putting money into an FSA lowers your taxable income, saving you money at tax time. For example, someone that makes $50,000 annually but puts away $2,500 into an FSA will generally pay less in taxes than someone that makes the same salary but doesn’t put any money into an FSA.
Not only can you experience the great benefits of laser vision correction, but you can also pay less in taxes! Depending on your tax bracket, you could save up to 30 percent in taxes.
What expenses can the money in my FSA be used for?
FSA money can be used for many eligible health care expenses, including prescription drug co-pays, eyeglasses, laser vision correction and other elective surgeries.
Is there a limit on how much I can put into an FSA?
Yes, the contribution limit for 2015 was $2,550. For some people, this amount covers the entire cost of their vision correction treatment.
How can I get started with an FSA?
Typically there is only one opportunity per year to enroll in an FSA plan through your employer. The exception is if you have a qualified “family status change,” such as marriage, birth, divorce or loss of a spouse’s insurance plan. Check with your employer’s HR department for enrollment deadlines.
When you enroll, you will select the amount of money you would like to contribute for the year. Each pay period, your employer will take out equal installments from your paycheck and put the money into a special account to be used for your healthcare costs.
Whenever you incur a medical expense not covered by your insurance, you will be reimbursed by your FSA plan administrator. Certain FSA plans even provide a special debit card for you to use on-the-spot for your healthcare expenses. Note that you must provide documentation to the FSA plan administrator for these expenses.
When should I have my vision correction surgery?
If you already have money set aside in an FSA for 2015, use it or lose it. The money won’t roll over to next year, and any money you don’t spend before the end of the year is forfeited to your employer.
If you are planning to enroll in an FSA next year for the sole purpose of paying for vision correction, it’s a good idea to determine whether you are a candidate ahead of time. We can also answer additional questions you may have about using an FSA to pay for your treatment.
To schedule a consultation and discuss your laser vision correction options with the InVision EyeCare team, please contact us today. Call (732) 210-0140 or send us an email.
