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Do you have a flex spending account built into your health insurance plan? Have you been tossing around the idea of having LASIK surgery? If the answers to both of those questions is a resounding, “Yes!” then it’s time to come on in and have a chat. As unfair as it may seem, many health savings accounts (HSAs) and Flex Spending Accounts (FSAs) have annual deadlines, which means you need to spend the money or kiss it goodbye. Yikes! LASIK surgery provides the perfect opportunity to put that money to a great cause: your restored vision.

Tips on Flexible Spending Accounts

5 Tips on Flexible Spending Accounts and Laser Eye Correction Costs

  1. Review your insurance policy. Some insurance policies have incredible LASIK coverage, others – not so much. The first thing you want to do is call your health insurance representative and find out exactly what is and isn’t covered by your policy. Speaking to a real live representative, rather than reviewing the documents on your own, ensures you have a clear understanding of your coverage. This will give you a good starting point for doing the math to figure out how you can make up the difference using your FSA and – potentially – some out-of-pocket money.
  2. How much do you have? If you haven’t tapped into your FSA yet this year, you may also want to take a moment to find out exactly how much is in there. Also, know that most HSAs and FSAs work on a reimbursement basis, which means you will need to pay the bill yourself, and submit the appropriate paper work to receive your refund. Some LASIK centers will work with you and wait for your reimbursement for their payment so make sure to ask.
  3. Start making appointments. Go head and set an appointment for a pre-operative consultation to find out if you are a candidate for LASIK surgery and to see what your total laser eye correction costs will be. Some surgeries are more affordable than others, depending on what needs to be done to each eye. You may be surprised at how affordable your LASIK procedure will cost when you add up your potential insurance contribution and your FSA funds. Our patients often find they have to pay little to nothing for 20/20 vision.
  4. Prepare for next year. If it turns out this year’s FSA isn’t going to cut it, start preparing for next year. In the meantime, you can use your reserved money to purchase a new pair of eyeglasses or two, get the prescription sunglasses you have always pined for, or stock up on contact lenses. You might as well have the best vision money can buy until you are able to move forward with your LASIK surgery.
  5. Talk to your accountant. You may want to speak with your accountant regarding your FSA or HSA plan. According to Aflac’s 2012 worker’s report, most American workers don’t set aside enough money to cover their medical, dental, and vision expenses. Combine that with a lack of understanding of how the programs work, and the fact that a good deal of the money goes unused, and you can see the importance of knowing how to best utilize your health account to meet your family’s needs.

Health Savings and Flex Spending Accounts are great in theory but they only work if they are used correctly. Get in the habit of accessing the funds throughout the year to provide optimal health for you and your family.

If you have questions about your HSA or FSA, and are interested in putting yours towards LASIK surgery, give us a call. Our staff can help you being planning for your future LASIK surgery.