LASIK and the Raindrop Near Vision Inlay are qualified FSA expenses. Using your FSA towards a vision correction procedure can save you $$$ off the total cost (your actual savings depends upon your particular tax rate).
What is FSA
If you have a health plan through your employer, flexible spending accounts can be created which allow you to set aside pretax dollars to be used for qualified medical and dental expenses.
You are not taxed on this “pretax” amount of money. The amount you actually save is equal to the amount of money you would have paid in taxes had the money not been deducted.
You may use your FSA account to pay for certain qualified out-of-pocket healthcare costs such as LASIK, the Raindrop inlay, or other vision correction procedures.
FSA Limits and Savings
Flexible spending accounts are limited to $2600/year/employer. Your spouse may also set aside up to $2600 with their employer.
FSA funds may be used to pay for out-of-pocket expenses for you, your spouse and your dependent children.
Some employers may elect to contribute to your FSA, but they are not required to do so. If you have any questions about your FSA, ask your employer.
Your actual savings equals the amount of money you might have paid on the (maximum amount of) $2600 set aside. The higher your tax rate, the more your actual savings.
Use it Or Lose it
The end of year is near. Most FSA funds must be used by the end of the calendar year as the plans often extend from January to December. Funds not used by the end of the period are usually lost.
Some employers may allow a “grace period” of 2.5 months and others may allow you to “rollover” a portion of the funds.
Neither the grace period nor the rollover are required.
What Can You Do?
If you are interested in using your FSA money toward LASIK, the Raindrop Near Vision Inlay or other vision correction procedure, make sure you are a candidate.
Call or email us to make an appointment for a consultation.
During the consultation, Drs. Whitten and Rose will answer your questions, but will also confirm that you are a candidate for the procedure.
Once confirmed, schedule the procedure within the rules of your FSA.
The material contained on this site is for informational purposes only and is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified health care provider.
These are surgical procedures and results may vary. While infrequent, complications can occur. Before your procedure, you will read an Informed Consent document which discusses potential complications and risks. Dr. Whitten will thoroughly review this information with you and answer your questions.