Save up to 45% on LASIK with your Flexible Spending Account Plan
Many employers provide a Flexible Spending Account Plan that allows employees to pay for eligible medical expenses on a pre-tax basis. LASIK is one of those eligible procedures. The end result is that you decrease your taxable income and increase your spendable income – the first step to having amazing vision with great savings!
How it works
- Enroll in your plan – You only have one opportunity a year to enroll. The amount you designate for the year is taken out of your paycheck in equal installments each pay period and placed in a special account by your employer.
- Use pre-tax dollars – You don’t pay taxes on the money you put into your FSA and that can mean great savings for great eyesight with LASIK!
- Save up to 45% Your savings will correlate to your tax bracket. The higher your tax bracket, the more you save. See examples below.
- Are you a good LASIK candidate? You have to use your FSA dollars during the plan year, so you’ll want to know whether you are a good LASIK candidate before you put aside money in your FSA plan.
- Schedule your free consultation today – The easiest way to determine whether you are a good candidate is to schedule your free, no obligation LASIK consultation today!
Call for a complimentary consultation or request a consultation appointment online.
How much can you save?
Saving on LASIK with an FSA can be significant. In 2017, the maximum allowed contribution to your FSA is $2,600. Below are two examples of potential savings. Your savings could be more if you are in a higher tax bracket.
The graphic below shows the savings you will receive if you are filing as Single status and contributing $2,600 to your FSA:
|Federal Tax Bracket||15%||25%|
|CA State Tax Bracket||8%||9.3%|
If you wish to double this savings, you can plan to have one eye corrected at the end of one year and the next eye corrected the beginning of the following year. This way, you get to take advantage of the maximum allowable contributions for both years and have both eyes corrected within a short time frame.
*The examples shown above are for illustrative purposes only. Please consult your tax advisor for specific information on your particular situation before setting aside your FSA dollars.
Health Savings Account (HSA) Alternative
If you have a “high deductible” Marketplace health insurance plan, you can set aside money on a pre-tax basis (similar to an FSA) to pay some health expenses such as LASIK and other laser eye surgeries.
Wondering if you qualify for an HSA?
Visit healthcare.gov to learn more.