Paying for Your LASIK Surgery with Your Health Savings

July 29, 2019

There are some procedures that health insurance companies consider to be elective or cosmetic, which means they won’t provide coverage for them. LASIK eye surgery is one such procedure, but, even though your insurance provider won’t authorize payment, there are other ways to finance this type of procedure. One of the most common ways to use pre-tax money to pay for your surgery is by using the funds in your health savings account (or HAS). If you don’t already have this type of account, contact your employer to find out if they offer one with your benefits package.

Using Your HSA to Fund Your LASIK Procedure

Typically, an HSA is offered by an employer as an employee benefit, but the actual account is managed by a bank or insurance company. Under IRS codes, the health savings account is designated tax-exempt, but it can only be used to cover health care expenses. While this is a strict rule that dictates the use of the money in the account, there is leeway in terms of what counts as a healthcare expense. For instance, certain personal hygiene products can be purchased with HSA funds.

In terms of LASIK, you can use the money in your health savings account to cover the operation, but there may be certain conditions you must meet. To learn more about these terms and conditions, ask your employer for more information. You may be directed to a financial advisor, or to the HSA account manager, to learn more about how tax laws will affect your use of the account.

How Can You Get Your HSA Started?

If you haven’t already started a health savings account, you may want to consult your employer as soon as possible. Just like retirement accounts, contributions are dictated by the IRS, so it may take some time to save up enough money to cover your operation. Fortunately, the money you contribute to your HSA will rollover from year to year, so you don’t have to feel rushed to spend what you have saved. Additionally, you can take your HSA funds with you when you change jobs. Similar to a 401k, you would simply rollover your HSA savings to the provider used by your new employer.

As previously mentioned, health savings accounts are provided by employers. If your employer doesn’t provide an HSA, talk to your financial advisor. There may be similar options available in your area, which can help you save for your LASIK surgery, while also helping you benefit from tax incentives. Your advisor may even be able to suggest less restrictive options that can help you build up a nest egg, which you can use for your surgery and other big expenses.

While insurance companies may be reluctant to provide coverage for procedures they consider to be elective, or unnecessary, you will be able to find other ways to cover your expenses. When it’s available, a health savings account can be one of the best methods for paying for your healthcare needs. You may even save money, because the funds in the account are tax free. This in itself makes an HSA especially advantageous.

Schedule A Consultation

If you’re considering LASIK surgery to help restore your eyesight, contact Anh Nguyen Ophthalmology. The office staffs several board-certified ophthalmologists who can evaluate your condition and advise you on the best courses of treatment. Their staff may also be able to offer alternative methods for arranging payment. An initial consultation can be helpful in answering many of your questions, so you can move forward with the treatment plan that’s best suited for your life and situation.

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