“There’s nothing like starting off the new year with great vision and a new lease on life, and LASIK surgery can make that happen,” says Dr. David Reynolds of Wills Laser Vision at Princeton. ‘Laser-assisted in situ keratomileusis,’ or LASIK, is a procedure that uses a laser to change the shape of the cornea (the clear covering of the front of the eye), permanently re-focusing the eye with no damage to the tissue. LASIK effectively treats myopia (near-sightedness), hyperopia (far-sightedness), and astigmatism (blurred vision) — the most common conditions requiring vision correction — and has often been described as ‘a modern-day miracle.’
“LASIK is a corrective surgery that offers freedom from prescription eyewear and all of the inconveniences associated with it,” shared Dr. Samuel Liu of Wills Laser Vision at Princeton, a renowned, state-of-the-art LASIK practice in Princeton. “LASIK offers people a customized, safe, and long-lasting vision solution that promotes greater convenience and enhances quality of life.”
The even better news? The IRS recently announced that in 2023, those who have access to either a Flexible Spending Account (FSA) and/or a Health Savings Account (HSA) can use them for laser vision correction such as LASIK, as these procedures are now considered eligible expenses according to the IRS. And there are many benefits that can accrue to you if you seize this opportunity.
Putting Pre-Tax Dollars to Productive Use
According to the American Refractive Surgery Council, the 2023 limits for pre-tax contributions to HSA and FSA accounts were increased to keep up with inflation. As such, an individual can now set aside up to $3,050 in an FSA (which represents a $200, or 5%, increase over the 2022 limit) and up to $3,850 for individuals or $7,750 for families in an HSA – both of which can be used to cover some or all of the cost of LASIK surgery using pre-tax money.
According to Wills Laser Vision at Princeton’s Dr. Michele Solarte, “FSAs allow individuals to set aside pre-tax dollars from their paycheck to pay for eligible out-of-pocket health care expenses.” Many FSA plans require individuals to use the full contribution amount within the calendar year (ending Dec. 31), though some plans have a grace period that allows the use of the funds for up to 2.5 months into the new plan year or allows a small carryover into the new year (which increased to $610 in 2023). While the IRS places restrictions on what’s covered by FSA funds, FSAs currently cover laser vision correction procedures including LASIK.
An HSA is a ‘tax-advantaged bank account’ that allows individuals to save pre-tax dollars through payroll deductions and use those funds to pay for out-of-pocket healthcare costs not covered by health insurance. As these funds don’t have “use it or lose it” deadlines, they can accumulate until you’re ready to use them. Like an FSA, individuals can use an HSA for LASIK and other laser vision correction procedures. “This is welcome news because, while many insurance plans offer benefits/discounts for LASIK and other laser vision corrective procedures, they’re unlikely to cover the entire expense,” says Wills Laser Vision at Princeton’s Dr. Michael Wong.
The bottom line?
“FSA and HSA accounts can be used to cover a significant portion of your LASIK surgery on a pre-tax basis and can even be used in combination to fund your procedure if your employer offers both of these plans,” shared Dr.Anita Miedziak.
A Wise Move
A quick and painless procedure that takes about 20 minutes to complete, LASIK is one of the most common refractive surgeries performed today, with hundreds of thousands of people in the U.S. undergoing the procedure every year. Dr. Suzanne Jadico explains “Today more than ever patients are experiencing the benefits of clear vision immediately after surgery with few to no side effects.”
Wills Laser Vision at Princeton has been designated as a “Center of Excellence” by the world-renowned Wills Eye Hospital of Philadelphia based on its superior surgical skills. The doctors are all well-known experienced surgeons from Princeton Eye Group including Dr. Michael Wong, Dr. David Reynolds, Dr. Samuel Liu, Dr. John Epstein, Dr. Anita Miedziak, Dr. Suzanne Jadico and Dr. Michele Solarte. All of the surgeons at Wills Laser Vision at Princeton are Board-certified and renowned for their extensive experience, credentials, and expertise in the LASIK arena and each offers personalized, individual consultations at no charge to determine whether patients are optimal candidates for LASIK or other refractive procedures.
“Better vision without the hassle of corrective lenses is just a simple procedure away,” concluded Dr. John Epstein. “And by capitalizing on your FSA and HSA plan benefits for LASIK surgery, you can now save money on a proven procedure that will enhance your vision for the long-term.”
A state-of-the-art refractive center and leading expert in LASIK surgery, Wills Laser Vision at Princeton in Princeton, can be reached by calling 609-924-9200 or visiting www.willslaservision.com.