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 in light of the COVID-19 pandemic.
HSAs and FSAs are popular options for financing LASIK
The 2022 limits for pre-tax contributions to HSA and FSA accounts rose slightly. An individual can set aside up to $2,850 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. For those who like to plan ahead, the HSA contribution limits for 2023 will increase significantly to $3,850 for individuals and $7,750 for families.
Because FSAs or HSAs can be used to cover some or all of 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.
Leading LASIK surgeon, Neil B. Griffin, M.D., uses the latest and most advanced lasers. We are the only center who has an on-site LASIK Suite in the local region. Dr. Griffin has been named one of America’s Best Physicians by the National Consumer Advisory Board.
Griffin Eye Center is the first in South Carolina to offer the latest advancements of both the Wavelight® EX500 excimer laser and the VisuMax® laser. The laser speed and accuracy allow Dr. Griffin the ability to expand treatment capabilities, enhancements of current treatments, broaden range of correction and provide the best outcomes for our patients seeking LASIK surgery in Myrtle Beach, South Carolina area.
To learn more about LASIK: griffineyecenter.com/lasik-surgery-in-myrtle-beach/