For anyone considering LASIK that has thought about the price, we have some news.
In a post from earlier this year we discussed how 2021 FSA funds could be rolled over to 2022. And now, THIS is your friendly reminder to use your funds before 2022 is up.
Quick Recap: Flexible Health Spending Accounts (or “FSA’s”) give you a tax-free way to pay for a procedure like LASIK, PRK or SMILE.
We shared earlier that due to the recent pandemic, the federal government allowed employers to give the option to extend the usual deadlines for their employees to use up their FSA funds or allow their employees to roll over their FSA’s into 2022. The employees who maxed out their contributions to their accounts in 2021 can actually combine those funds with their 2022 contributions to pay for the entire price of a laser vision correction procedure using tax-free dollars! The Internal Revenue Service (IRS) announced in May that the 2022 F.S.A. contribution limit is $2,850 (when in 2021 it was $2,750). By leveraging the temporary carryover allowed under The Consolidated Appropriates Act, 2021, fully funded F.S.A. holders can access $5,600 which is more than enough to cover the national average for the price of a laser vision correction procedure, which is a qualified expense according to the IRS.
As released recently by the Refractive Surgery Council, ‘the people who were allowed to roll over their 2021 FSA funds into 2022 have until December 31, 2022, to use the 2021 funds, which can be combined (as stated above) with their 2022 contributions to pay the entire price of a laser vision correction procedure using tax-free dollars. This is a one-time exemption that allowed FSA account holders to carry over an unlimited balance from 2021 for an entire year.
Per the IRS, there have been significant increases in the contribution limits for flexible spending accounts (FSA) and health savings accounts (HSA) in order to address rising prices that have been due to inflation.
Since LASIK and other vision correction procedures are deemed as ‘qualified expenses’ patients considering LASIK, SMILE, or PRK should be reminded that these employee benefits are a really awesome way to save on laser eye surgeries by using pre-tax money to pay for the procedure.
Looking ahead, according to the press release from RSC the contribution limits for 2023 are:
- Flexible spending account holders can contribute up to $3,050.
- Individual Health Savings Account (HSA) holders can save up to $3,850
- Families can set aside up to $7,750 in an HSA
What does this all mean?
This is a really GREAT time for patients considering LASIK but holding back due to price because it is their chance to take advantage of this tax-free opportunity! Book your LASIK procedure ASAP to use pretax money towards your vision! Call us at 713-626-5544 to schedule a FREE LASIK Evaluation and schedule your actual procedure before December 31, 2022. Spots are filling up as this is the end of the year and people want to give the gift of vision to family members as well as use up their HSA dollars – so call us today!
