Can I Use My HSA for Laser Eye Procedures?

If you’ve ever considered having a laser eye procedure like LASIK, you’re likely aware that it’s not covered by health insurance. These elective procedures are not considered medically necessary, and health insurance and most vision insurance don’t cover them. 

But laser eye procedures are well worth the expense, as they can give you incredible unassisted vision and total visual freedom. While health insurance doesn’t cover them, there are other ways to pay for these procedures. Keep reading to find out if you can use your HSA for laser eye procedures like LASIK

What is an HSA?

An HSA, or Health Savings Account, is an account you may have through your employer as part of your insurance plan. Your employer can put a portion of your pre-tax earnings into the HSA throughout the calendar year. 

You can then use this money to pay for certain out-of-pocket medical expenses, including elective procedures like LASIK. However, yearly contributions to HSAs are limited.

The limit tends to go up every year. In 2024, it was $4,150 for individual plans and $8,300 for family plans, a record high for HSA contributions. 

The money put in your HSA also rolls over every year. That means you can accumulate a great deal of money in your HSA to pay for laser eye procedures like LASIK.

Is an HSA Different From an FSA?

An HSA is different from an FSA or Flexible Savings Account. The main difference between the two accounts is that the funds in an FSA don’t roll over every year. 

Contributions are also capped slightly lower. For the most part, when it comes to FSAs, you have to use the money by the end of the year, or you lose it. 

However, in some cases, you can roll over a small amount of money in your FSA annually, which is about $500. There may also be a grace period of a few months into the new year for FSAs. 

It may not be too late to use your FSA funds right now for a laser eye procedure. Double-check what kind of account you have before using it to pay for LASIK.

HSAs usually come with insurance plans that have a higher deductible. This allows employees to have a larger fund to cover out-of-pocket expenses. 

FSAs tend to come with plans that have a lower deductible. But if you have an HSA and haven’t needed to take any money out to cover medical expenses, you likely have a lot of money saved up that you can use for a laser eye procedure.

Laser Eye Procedures at New England Eye Center

At New England Eye Center, we offer several laser eye procedures, the most popular of which is LASIK. 

LASIK is an excellent choice for many patients. Over 95% of patients achieve 20/20 vision or better. It’s a low-risk, highly effective procedure.

We also offer alternative procedures, like PRK, for patients who may not qualify for LASIK. PRK is very similar to LASIK and has similar outcomes. 

Other procedures like the EVO ICL are not laser vision correction procedures but implant an additive lens in the eye to correct nearsightedness and astigmatism. The EVO ICL is the only reversible vision correction procedure, although it also has long-lasting results like laser eye procedures. 

We also offer a refractive lens exchange for patients over 40 who may have presbyopia. You can pay for all these procedures using HSA or FSA funds. 

You can find out which is right for you by scheduling a consultation at New England Eye Center. Our consultations are commitment-free, so don’t hesitate to schedule an appointment to determine which vision correction procedure is best for you. 

The Cost of Vision Correction

Correcting your vision can seem costly, but it doesn’t have to be. Procedures like LASIK are priced depending on the severity and complexity of your prescription. 

If you’re only mildly nearsighted, your LASIK procedure will be priced accordingly. However, if you’re very nearsighted, farsighted, or have a high degree of astigmatism, the procedure will be more expensive because of the degree of your prescription. 

No matter what your procedure will cost, you can use your HSA or FSA funds to help pay for a significant amount of the procedure. If you have a lot saved up in your HSA, which many people do if they don’t have many medical expenses, it could cover a lot of the cost of a laser vision correction procedure. 

If you have an FSA and want to use it before the grace period is over, using it for laser eye procedures is a great way to significantly lower the price by paying for a significant amount. 

Other Ways to Pay

If you don’t have HSA or FSA funds, or they won’t fully cover the cost of the procedure, there are other ways to pay. One popular option is using financing to pay for LASIK.

Financing is a great way to make LASIK more affordable and fit your budget. Most patients pay off their LASIK procedure after only two years.

Once you’ve paid off the procedure, you’ll own your improved vision for years to come. LASIK permanently improves your vision and corrects it beyond your original prescription. 

When you know you can improve your vision and change your life for the better, why not find out if you’re a good LASIK candidate? Take the next step by requesting your LASIK consultation at New England Eye Center in Boston, MA, now! Isn’t it time for better vision to give you the life you’ve always wanted?

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