Open Enrollment season is upon us once again. For those of you ready to start living the LASIK life, this is a great time to plan financially for a procedure. While laser vision correction is not covered by insurance, two popular employer-sponsored benefit programs can help make the procedure more affordable. Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) allow you to set aside pre-tax dollars to help pay for eligible medical expenses throughout the year. The good news? This includes LASIK and any of the other 5 procedures performed at Durrie Vision. We’ve put together a quick checklist to see if one of these programs can help you can save.
Step 1: Ask your employer if an FSA or HAS plan is included in your benefits package.
The first and most important step is to know what options are available to you. An FSA, also known as a flexible spending account, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit.
Step 2: Determine the contribution limits of your FSA or HSA.
FSAs are usually set to an annual limit of $2,500 regardless of single or family enrollment and are funded by the employee. HSA accounts vary depending on your employer; for accurate information regarding limits to your HSA account, contact your HR director.
Step 3: Confirm your Open Enrollment period.
Open enrollment periods are brief and vary by employer; it’s important to check with your HR director or benefits manager so you don’t miss out on key plan dates. Open Enrollment is the time when employees can elect to place more income into FSAs or HSAs or make changes to their existing accounts. Be aware of plan ending dates for your FSAs which are within the same calendar year; if you don’t use it, you lose it. For HSAs, it’s good to be aware of when your funds roll-over for the next year as well.
Step 4: Set up a Consultation.
If you’re planning to use an FSA or HSA to help pay for a procedure, now is the perfect time to come in for an evaluation to find out if you’re a candidate. During your consultation, a surgical counselor will outline pricing and financing options. Then you will know how much to set aside for laser vision correction procedure. Click here to schedule a consultation or give us a call at 913-491-3330 to discuss your options.