How to Use Your FSA and HSA for Laser Vision Correction
For the tax year 2022, the IRS has announced contribution limits for both the Flexible Spending Account (FSA) and the Health Savings Accounts (HSA). Those who have access to these accounts may be interested to learn they can use their FSA or HSA for laser vision correction such as LASIK as these procedures are an eligible expense according to the IRS. Importantly, legislation enacted during the pandemic has extended the deadline for using FSA funds from 2021. Now, instead of expiring at the end of 2021 (or March 15, 2022, for the partial grace period), employers can modify benefit plans to allow workers to carry over unused FSA funds through 2022. The IRS recently extended the deadline for contributions considering the COVID-19 pandemic.
HSAs and FSAs are popular options for financing LASIK
The 2022 limits for pre-tax contributions to HSA accounts rose slightly; however, for the second year in a row, FSA contribution limits remained steady. An individual can set aside up to $2,750 in a healthcare Flexible Spending Account (also known as a Flexible Spending Arrangement). Some employers also contribute to employee FSA accounts. Another pre-tax health funding option is known as a Health Savings Account (HSA). For 2022, individuals can set aside up to $3,650 and families up to $7,300 in an HSA. The deadline for contributions to 2021 HSA accounts is April 15, 2022.
Because FSAs or HSAs can be used to cover some or all the cost for LASIK surgery, they are a popular financing option and a smart long-term investment. LASIK surgery can help patients reduce or, in some cases, eliminate their need for prescription eyeglasses and/or contact lenses.
For more information visit: https://americanrefractivesurgerycouncil.org/a-popular-financing-option-for-lasik-flexible-spending-accounts/
Dr. Neil B. Griffin is one of the leading ophthalmologists in the South Carolina area and specializes in cataract and LASIK surgery in Myrtle Beach. He is committed to providing world class surgical technology and the most advanced vision diagnostics. Griffin Eye Center offers the latest in cataract surgery with the most advanced Intra-Ocular Lenses available and offers one of the only state-of-the-art on-site LASIK suites in the region. The National Consumer Advisory Board named Dr. Neil B. Griffin one of America’s Best Physicians and has won numerous awards of distinction for Laser Vision Correction.