Most insurance companies consider LASIK surgery an elective procedure, which means that insurance doesn’t typically cover laser eye surgery. Fortunately, various financing and payment options are available. Enabling you to cover the cost of medical procedures such as LASIK with pre-tax funds. Establishing a HSA for LASIK surgery one popular option, in part because it can help save on the cost. You can use health savings account funds to pay for LASIK, and many laser eye surgery patients choose 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 health savings accounts funds tax-free to pay for certain medical expenses. You may be able to claim tax deductions on the funds that you deposit into your HSA.
Can HSA Be Used for LASIK Eye Surgery?
The short answer: Yes! Funds from your health savings accounts can be used to pay for LASIK surgery. 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. In comparison to paying cash out-of-pocket. While HSAs are popular, it’s still a good idea to speak with your financial adviser.
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 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! 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. You can also learn more about financing options by scheduling your free LASIK consultation!
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 IQ 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. Plus discuss payment options – such as using your HSA for LASIK.
