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Maximizing Your Health Savings Account (HSA)

Healthcare insurance is great and now is that time of the year where most companies begin the renewal process! It covers a variety of issues, from annual check-ups to major medical expenses. One type of plan, a health savings account (or HSA), is essentially a pre-tax savings account with the sole purpose of providing an additional cushion for medical expenses.

HSA’s were created in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. An HSA is considered a high deductible plan. The cost is higher up-front, as in the patient is required to meet the deductible in full before benefits begin and there is no-copay. However, these plans are great for tax deductions and you get the benefit of saving money for medical expenses, whether they be routine or unexpected.

Current guidelines allow employees and, in some cases, employers to make contributions to employee savings accounts, with a maximum annual 2015 contribution of $3,350 for individuals and $6,650 for families.

From www.HSABank.com

2015/2016 HSA IRS Contribution Limits

So how does this apply to you and Eye LASIK? We have great news for you! HSA guidelines allow for medical expenses which include some elective procedures, including the LASIK procedure. This is really exciting, considering how much you can save on contact lenses and glasses over a lifetime.

Eye LASIK encourages you to discuss plan options with your employer representative whenever you renew your insurance, especially if you’ve been considering a procedure that isn’t normally covered under “normal” insurance guidelines. Our staff is trained to help you navigate utilizing your HSA “nest egg” to maximize your benefits. HSA plans are a great way to start saving for your LASIK procedure. We are here to help answer any questions…call us today!