Afford LASIK with Your FSA
May 1st, 2014
Having clear, reliable vision on a day-to-day basis is an invaluable asset. And yet, corrective lenses and procedures do indeed have a value, with costs that can seem prohibitive at times. Still, long-term correction to one’s vision is almost invariably worthwhile for patients, making it a rewarding investment.
LASIK is one method of surgical vision correction that is commonly performed at our Huntsville eye center. Although its expense may seem comparatively high to alternative options, our patients are consistently pleased with the benefits of having naturally great eyesight without the aid of lenses. If you are interested in LASIK surgery but are concerned about how to afford it, the use of a flexible spending account may be an excellent way to offset the cost.
What Is LASIK?
Laser-Assisted In Situ Keratomileusis (LASIK) is the most popular form of refractive eye surgery. Through the use of ultraviolet light, the surface of the eye’s cornea is reshaped to better transmit light to the lens behind it. The procedure is safe, quick, and in most cases, permanent. Many patients achieve 20/20 vision or better after surgery, and virtually all patients no longer need corrective lenses for farsightedness, nearsightedness, or astigmatism.
What Does LASIK Cost?
It is difficult to put a single price-tag on LASIK surgery, as the cost varies under different circumstances. Some patients may require a slightly different technique for a different problem. It is also worth considering whether a touch-up may be required after the initial surgery, which is often not known until the need arises. To gain an accurate idea of what your LASIK surgery is projected to cost, meet with Dr. Danny Lee for a personal consultation, wherein you can discuss your individual needs and how we can meet them.
Is LASIK Covered by Insurance?
Unfortunately, most insurance companies view LASIK as an elective or cosmetic procedure. LASIK surgery is therefore rarely covered by insurance. As a result, patients must usually figure out how they will pay for the procedure. When the sum of the cost is not readily available, patients generally turn to a financing option offered by our eye care center. However, with a little foresight, patients can also save a significant amount of money by utilizing a flexible spending account through their employment.
What Is a Flex Spending Account?
A flexible spending account (FSA) is a financial option that is often offered to full-time workers through their place of employment. This option allows workers to set aside a predefined amount of money from their paycheck per year, which is to be used for medical expenses. As long as this money is used, it will not be subject to taxation, allowing patients to potentially save hundreds of dollars on non-taxable pay.
As of 2013, workers can set aside up to $2,500 annually in their FSAs. Depending on one’s individual income bracket, this can amount to anywhere between $500 and $800 in savings. Of course, the size of your own FSA is entirely up to you, depending on your expected medical expenditures.
Lasik Surgery and FSAs
Because patients receive little help from insurance companies when it comes to LASIK, we want to help you save as much money as possible. If you anticipate undergoing any corrective eye surgery in the following year, meet with Dr. Lee far enough in advance that you can set up your FSA appropriately. Once you can gauge the approximate cost of treatment, you can set aside the perfect amount of money, free of taxation. By using your FSA to cover all or a significant portion of treatment, you can continue to use your regular income for the rest of your wants and needs. Furthermore, the money for your FSA is distributed equally among your paychecks, automatically financing your LASIK treatment with little impact on your weekly or monthly earnings.
Come In for a Consultation
Before making any financial arrangements or worrying about the cost of a procedure, visit our office for a more in-depth look at what you can expect. Schedule a consultation to learn whether LASIK surgery is truly right for you.
