Can Health Savings Accounts Be Used for LASIK Surgery?September 10, 2018 -
Most insurance companies consider LASIK surgery an elective procedure, which means that insurance doesn’t typically cover laser eye surgery. Fortunately, there are a number of financing or other payment options available that allow you to pay for medical procedures like LASIK eye surgery on a pre-tax basis. Establishing a Health Savings Account (HSA) is one popular option, in part because it can help save on the cost of LASIK. You can use HSA funds to pay for LASIK, and many laser eye surgery patients choose to do just that.
What Is a Health Savings Account?
According to the IRS, a Health Savings Account is “a tax-exempt trust or custodial account that you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur.” An HSA is not, however, set up through the IRS. Instead, you work with an HSA trustee like an insurance company, bank, or someone who’s been certified by the IRS to set up HSAs. You can use HSA funds tax-free to pay for certain medical expenses, and you may be able to claim tax deductions on the funds that you deposit into your HSA.
Can Health Savings Accounts Be Used for LASIK Eye Surgery?
The short answer: Yes! Funds from your HSA can be used to pay for LASIK surgery, and speaking with your employer is a great way to learn more about your HSA options. Since HSA funds are treated on a pre-tax basis, you may even be able to save on surgery compared to paying cash out-of-pocket. While HSAs are popular, it’s still a good idea to speak with your financial adviser or another trusted source to decide whether an HSA is the right solution for you.
Is There Anything Special I Should Know about Health Savings Accounts?
Since it takes time to set up an HSA and make contributions, it may be a good idea to get a head-start on your HSA if you’re planning on having laser eye surgery. An HSA can be used to pay for a variety of medical needs in addition to LASIK eye surgery, and unlike with some other tax-friendly savings options, HSA funds do rollover from one year to the next. Your HSA also follows you from one employer to the next, so you don’t have to worry about losing funds if you switch jobs.
Where Can I Learn More about Health Savings Accounts?
If you want to learn more about starting an HSA, you have a few key options. Your financial adviser should be a great source of advice, and can advise on the LASIK financing options that best match your needs. When it comes to setting up an account, either your employer or your employer’s HR department should be able to help you through each step of the process. You can also learn more about your financing options by scheduling your free LASIK consultation, and speaking directly with a TLC Laser Eye Center LASIK specialist.
Are you ready to learn more about LASIK eye surgery, and your payment options for the procedure? It all starts with your free consultation at your local TLC Laser Eye Center, which you can schedule with a phone call, or by filling out a quick contact form on our website. During your free LASIK consultation, you’ll have the opportunity to learn more about laser eye surgery, discuss payment options – such as using your HSA for LASIK – and get answers to your questions from an experienced team.