Kids are back in school, everyone in the family is taken care of, so now is the time to make your eyesight a priority and use your FSA for LASIK. If your employer offers a FSA or flexible spending account, you can decide to utilize this tax-free money for laser vision correction.
Why it makes sense to use your FSA for LASIK
You have the option to put $2500 in tax-free money aside for 2015. This money can be used for many non-covered medical expenses including LASIK. If you have always dreamed of having LASIK surgery, this is one way to make it a reality and save money at the same time.
- You set up this tax free account with your employer
- The government will allow a total of $2500 each year
- The money is taken from your salary in equal installments throughout the year
- You must use all the money you have designated, or you lose it
There are specific deadlines determined by your employer for making these decisions and spending the money. Check with your Human Resource manager for your specific details. If you want to have LASIK in 2015, you can schedule your surgery early in the New Year even though you have not deposited all the money into your account. It is available immediately.
You can save up to 30% on your federal taxes by using your FSA for LASIK. On the other hand, remember that you must use it all before the end of your plan year. If you still have money left in your account for 2014, you should consider having LASIK before the end of this year. Some employers offer grace periods so be sure to ask your HR manager about your options.
Another tax saver is a Health Savings Account
One other way to save some money on LASIK is to use a Health Savings Account. Most high deductible health plans give you the option to make pre-tax deposits into a Health Savings Account. It belongs to you and there are no time restrictions on its use. It grows as a tax deferred account over the years.
Just remember that you should make sure you are a candidate for laser surgery before you put money into your FSA. Contact The Eye Center of Southern Indiana and schedule your LASIK evaluation.
If you choose to use your FSA for LASIK, don’t delay! You will reduce your taxes and make your own eyesight a priority.