Are you wondering if you can use your FSA (Flexible Spending Account) or HSA (Health Savings Account) to help with the cost of LASIK in Orange County? As the year 2022 wraps up, the IRS has made a statement about the contribution limits for FSA and HSA in the tax year 2023. In this article, we will focus on the ways that you can access these accounts to pay for a LASIK procedure.
HSA and FSA are popular ways to pay for LASIK near Placentia
Do you want to improve your vision but are worried about LASIK eye surgery cost? FSAs and HSAs can help you cover some or all of the cost of LASIK surgery. The 2023 limits for pre-tax contributions to the HSA and FSA accounts have increased to help people cope with inflation. To be more specific, you can put $3,050 in a healthcare FSA account, which is $200 more than the 2022 limit. Depending on where you work, your employer could also contribute to your FSA. As for HSA, individuals can set aside up to $3,850 and $7,750 for families starting in 2023.
How Does an FSA Work?
The primary benefit of FSA is that the full amount of your annual contribution election is available to you regardless of whether or not you have made all the pre-tax deductions for the year (ending December 31st). Keep in mind that if you do not use the full amount before the end of the year, you could potentially lose the balance.
Can You Use FSA for LASIK in Orange County?
While the IRS has restrictions on procedures that can or cannot be covered by FSA funds, you absolutely can use an FSA for laser vision correction in Orange County, such as LASIK, SMILE, PRK, and other procedures.
How Does an HSA Work?
With HSA, you can save pre-tax dollars through payroll deductions. You need to be enrolled in a high-deductible health care policy in order to qualify for an HSA.
HSA differs from FSA in that contributions need to be deposited in the HSA before you can spend money on eligible expenses. You also don’t risk losing your funds if you don’t use them by a certain time. You can allow your funds to grow until you feel ready to spend them.
Can You Use HSA for LASIK in Orange County?
Indeed, you can use HSA for LASIK or any other type of corrective eye surgery. As we mentioned before, the IRS does restrict what types of procedures can be covered by an HSA, but LASIK, SMILE, and PRK qualify.
It is important to note that if your place of work offers an FSA program, you can use it along with your HSA to fund your LASIK surgery.
Make a Concrete Plan
Make sure to financially plan ahead for LASIK in Orange County. Whether you use an FSA or HSA account, both can help pay a significant portion of your LASIK surgery pre-tax. Just be conscious of the contribution limits, and the restrictions of your own health care policy, and see if your employer can offer you an HSA.
Read the related article here: https://www.exceleye.com/2020/12/07/can-you-use-hsa-or-fsa-for-lasik-surgery/