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Is LASIK covered by Vision Insurance?

Posted by fasttrack on May 6, 2015

LASIK_Vision_InsuranceMany clients of Donelson Eye Associates in Greenville, SC inquire about financing LASIK procedures or covering the procedures with vision insurance.  Financing companies exist that specialize in elective procedures and offer plans with fixed rates and long-term payments.  Our staff can help you with questions about financing your LASIK procedure.  Of course, all major credit cards can be used for LASIK as well.

Vision insurance doesn’t usually cover LASIK surgery, since it is considered medically unnecessary and to be a cosmetic procedure.  However, all hope is not lost.

Employees with Flexible Spending Accounts (FSA’s) or Health Savings Accounts (HAS’s) can use these accounts for medical expenses, including refractive surgery like LASIK.  This year, the maximum contribution allowed is $2550.  FSA’s can also help you save on taxes.

Health Savings Accounts are also ideal tools for paying for medical expenses.  Maximize your tax-savings by contributing to your HSA until you reach a certain limit set by the IRS every year. The money you contribute rolls over, meaning you can grow your HSA account to use in retirement and later in life.

In order to set up an HSA, you must find a qualified HSA trustee to work with (these can include banks, insurance companies, or anyone already approved by the IRS to be a trustee of individual retirement arrangements.)

The Benefits of an HSA

  • You can use an HSA to help cover the cost of LASIK
  • You can claim tax deductions for contributions you, or someone other than your employer, makes to your HAS.
  • Contributions from your employer may be excluded from your gross income
  • Contributions roll over from year to year until you use them 
  • Interest or other earnings on the HSA account are tax free

Your employer or your spouse’s employer may offer these types of benefits.  We encourage you to reach out to your employer to learn more.  Your accountant may also be able to provide information on the tax benefits of FSA’s and HSA’s.