Covering the Cost of LASIK with FSAs

Are you interested in bidding farewell to your glasses or contact lenses, but are also hesitant to undergo LASIK because it isn’t covered by your health insurance plan? Would you be more likely to pursue high-quality, custom LASIK if you could pay for it without having to owe money to your credit card company or other third-party lender? If so, the seasoned eye care professionals of North County Laser Eye Associates has a potentially ideal solution to recommend to you: a Flexible Spending Account, or FSA.

At our practice in Carlsbad, LASIK and FSAs have gone hand in hand for many of our patients. Although we offer competitive pricing and work with our patients to make LASIK affordable without compromising the quality of their care, many patients prefer to fund their procedures, in whole or in part, by establishing FSAs. LASIK FSAs offer a wealth of benefits, ultimately including the possibility of clear, crisp vision without the need for glasses or contact lenses.

First of all, why isn’t LASIK covered by most insurance plans?

By now, it may seem self-evident that LASIK is the most effective form of surgery available for the treatment of myopia, hyperopia, and astigmatism, as well as higher order aberrations. It has allowed tens of millions of people around the globe to achieve unaided vision of 20/40 or better. Yet, most insurance companies refuse to cover LASIK because they view it as a medical luxury rather than a medical necessity. Therefore, even though LASIK could dramatically improve your quality of life, it is still considered an elective surgery.

This could change in the future, and hopefully will. Until then, patients who undergo LASIK are responsible for paying for the procedure out of their own pockets

What is a Flexible Spending Account (FSA)?

A Flexible Spending Account (FSA) is an excellent way to take some of the sting out of having to pay for LASIK out of pocket. Simply stated, it is a benefit program that many employers offer to qualifying employees. If your employer offers an FSA program, you can elect to have a certain amount of your income placed into a special account on a pre-tax basis. This account can be used at any time to fund eligible healthcare expenses not covered by your health insurance plan. It is important to note that an FSA is not intended to replace your conventional health insurance, but rather to complement it by covering the costs of elective healthcare procedures such as LASIK.

What are the benefits of establishing an FSA?

When you set up an FSA to cover the cost of your LASIK, you will:

• Not have to pay back any of that money
• Not be charged any interest
• Not have to pay taxes on the income placed in the FSA
• Be able to place up to $2,500 in the account per benefit period
• Be able to combine your FSA with other methods of payment, such as patient financing, if you wish
• Be able to use any remaining money in the account to cover the costs of medication and follow-up visits

Learn More about LASIK and FSAs

To learn more about LASIK FSAs, please contact North County Laser Eye Associates today.