Do you know that you can use your FSA, HSA or MSA to pay for LASIK?
The IRS has recognized LASIK as a valid medical expense under code 213. There are two major ways to take advantage of this: 1) Take the tax deduction, subject to IRS rules. 2) Use a FSA, MSA or HSA to pay for your LASIK tax-free!
Here’s how these accounts work:
- Flexible Spending Account (FSA): Benefit plans are established by the employer; medical expenses are reimbursed with pre-tax dollars. Leftover funds do not roll over. LASIK is a great way to use the remaining FSA dollars in your account before the end of the year!
- Health Savings Account (HSA): Tax-exempt trust that pays for the medical expenses of the beneficiary who is covered by a qualified health plan. Leftover funds roll over. Use the funds at any time for your LASIK.
- Medical Savings Account (MSA): Tax-exempt trust that pays for medical expenses alongside a qualified health plan. Leftover funds roll over. Use the funds at any time for your LASIK procedure.
So, how do you go about using these accounts to pay for LASIK?
- You can pay for the surgery upfront and submit the receipt to your employer for reimbursement; OR
- Your company provides you with a card that we charge like a credit card.
If you’re thinking about getting LASIK but worried about the cost, just remember that there are tons of options out there that will make it more affordable for you. Do you need 0% financing? That’s what we’ll get for you. Your pre-tax dollars can be put toward paying for your surgery and LASIK is considered tax-deductible by the IRS.
You should also come in for a free consultation now so you’ll know all your options when you fund your FSA account!
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