An HSA is a great option to consider when looking at LASIK, because the changes to the FSA program do not affect how an HSA will work in 2013. Like an FSA, an HSA is a tax-free account individuals can have set up through their employer and use to pay for qualified medical expenses, such as LASIK. The main advantage of an HSA is the money put into the account is the property of the policyholder. Even if the account becomes terminated due to loss of employment, the funds are not lost, and each year the account rolls over, meaning there is no fear in losing tax-free dollars set aside by an employee.
The biggest downfall to an HSA though, is most employees are not eligible, because they must be set up with a high-deductible health plan. This means if you have a traditional health care plan or no health care coverage, you are ineligible to use this type of account. If you are ineligible for an HSA, it is encouraged to look into an FSA or an HRA (health reimbursement account.)
Potential clients wishing to have LASIK surgery, but worried about how these new regulations affect their choices have several options to consider before the new rules on FSA spending take effect. Candidates are urged to calculate carefully when assessing their options, and only set aside what they need for the procedure, and talk to your employer about the programs they offer, and whether you and your healthcare are eligible to use an HSA account for LASIK.
If planning on using an FSA to self-finance LASIK, do so ahead of time. While you still have two and a half years before the limitations are set in place, it will take time to grow your account, as well as schedule pre-screenings, consultations and the actual procedure. To request a free LASIK information kit, schedule a free consultation or learn more about financing your procedure, visit www.tlcvision.com