“Can I use my HSA for LASIK?” This is a question we receive pretty regularly. With the end of the year looming, it’s one we’ve been getting more frequently, as well. Today, we’re going to explain whether or not your health savings account can be used for LASIK.
The History Of The HSA
In 2003, health savings accounts (or HSA’s) were created as part of the Medicare Prescription Drug, Improvement, and Modernization Act. As a high-deductible form of insurance, HSA’s have no-copays and the deductible must be met “before insurance kicks in”. This means is that initial cost is higher, as in the patient must pay the entire deductible upfront.
Where’s The Incentive?
We’re glad you asked. Unlike other insurance plans, health savings account plans are tax-deductible. Additionally, the plan allows you to open a medical-use-only savings account, to which both you and your employer can contribute. Whether you use your insurance or not, you’re able to create a savings account. This option is great for a rainy day or elective procedures, like LASIK.
Woohoo! So I Can Use My HSA For LASIK?
You bet! Current HSA guidelines allow you to use the money you’ve saved up on certain elective procedures, including LASIK. Isn’t that exciting? Considering how much you can save on contact lenses and glasses over a lifetime, this is an excellent chance to save money when you get LASIK.
If you have questions, be sure to ask your insurance carrier and a member of the EyeLASIK staff. However, we recommend that you set up a complimentary consultation first. If you’re interested in saving up for LASIK using your employee insurance plan, a health savings account might be for you!