How to Use Your HSA for Vision Correction Surgery

November 9th, 2021

Have you been planning on getting LASIK surgery or other laser vision correction surgery? Payment may be one of your top concerns since procedures like LASIK surgery are typically not covered by insurance. What you may not know is that you can use your Health Savings Account (HSA) to help cover the cost of LASIK or other vision correction procedures.
Find out more about the benefits of using an HSA account for laser vision correction at Swagel Wootton Eye Institute, where we specialize in cataract and LASIK surgery in Mesa and Chandler.

What Is an HSA?

An HSA, or Health Savings Account, is a bank account containing pretax dollars that you’ve contributed according to IRS rules. It’s only available to individuals and families who have high deductible health insurance plans. HSA accounts can build up over time and they don’t expire annually like FSA accounts do. If you have already been contributing to an HSA, it can help you meet your vision correction goals, and if you haven’t, you can see how saving and even investing pretax dollars in an HSA can help you meet those goals.

How can I Spend My HSA on Vision Correction Surgery?

The first step in using your HSA funds to pay for your vision correction surgery is to find out if you’re a candidate and learn which vision correction procedure is right for you. Swagel Wootton offers LASIK, PRK, Visian ICL, and Clear Lens Exchange. During your free consultation, our team of eye doctors will talk with you about what’s best for your vision and discuss the costs of your chosen surgical treatment.
After you know which vision correction procedure is right for you, it’s time to start planning your HSA contributions. Since HSA funds can be contributed at any time and roll over annually, you can plan for vision correction surgery as soon as you’d like.

If you already have HSA funds that you’d like you use, you can book your surgery for as soon as you’d like. You can use your HSA funds immediately and then finance the rest of your vision correction procedure. Swagel Wootton Eye Institute offers 0% financing for 24 months! Another option is to wait until you have the proper amount of HSA funds to help offset the costs of your procedure and then book your surgery – the choice is yours!
On surgery day, you can use those HSA funds. The key to keeping the funds tax-free is to keep your receipts as documentation that the funds were used for covered expenses.

Other Benefits of an HSA

One of the main benefits of an HSA is tax savings, but there are many more.

1. One of the main benefits of an HSA is tax savings, but there are many more.

Your HSA contributions are taken from pre-tax dollars. Here are two examples of potential savings:

  • A young professional in the 15% tax bracket contributes $1,200 per year to an HSA account. This person would save $180 [0.15 x $1,200 = $180)
  • An older professional is in the 25% tax bracket. They contribute $3,600 per year to an HSA account. This results in $900 in tax savings [0.25 x $3,600 = $900)

2. Save on Your Medical Expenses

Use your HSA fund to pay for copays, your high deductible, and procedures not covered by insurance such as LASIK and other vision correction services.

3. Earn Interest

Talk to your HSA representative about investing some of your savings in stocks, mutual funds and bonds. Minimum account balances may apply.

4. Retirement Funds

Many people use their HSA funds to supplement retirement income. At age 65, you can use the money in your HSA without penalty for any reason.

Reach Out to Swagel Wootton Eye Institute Today

Don’t let the cost of LASIK stop you from a life without glasses or lenses. Make an appointment today with one of our eye doctors in Mesa and Chandler to find out if you’re eligible for LASIK or an alternative laser vision correction surgery. Our eye doctors can explain the vision correction surgery that would work best to meet your vision goals.

Even if you don’t have an HSA, we offer 0% financing options to keep your costs affordable.

Schedule your free consultation with our eye doctors in the greater Phoenix area for your individualized treatment and payment plan.