Can I Use FSA or HSA for LASIK?

Can you use your FSA or HSA for LASIK? When considering how to pay for the procedure, that’s a worthwhile question—and one whose answer might surprise you.

Clear vision is more than just a convenience; it’s a life-altering experience. For many, the dream of waking up with pristine sight is almost too good to be true—but it’s entirely attainable through LASIK, ICL, and other types of vision correction surgery. At 20/20 Institute, we are committed to using these treatments to give our patients the clearest vision possible.

Honest, attentive, and upfront, we stand behind each procedure we perform. To learn more, call us at 303-202-0669 and schedule your free LASIK consultation at our DTC, LoDo, or Westminster office right away.

Does Insurance Pay for LASIK?

Very Unlikely. In the vast majority of cases, health insurance plans categorize LASIK as an “elective” procedure. This means that it’s not deemed medically necessary and doesn’t typically fall under standard medical insurance coverage. The insurance company’s rationale behind this categorization is that vision problems can effectively be corrected with less costly alternatives, such as glasses or contact lenses. Of course, glasses and contact lenses can be obtrusive, uncomfortable, misplaced, broken, and otherwise inconvenient, making them less than ideal under many circumstances. What’s more, replacing glasses and maintaining contact lenses can cost thousands of dollars throughout a person’s lifetime. By contrast, LASIK is a one-time expense (and is likely more affordable than you might think).

While insurance is unlikely to pay for your vision correction surgery, 20/20 Institute offers up to a 15% discount on LASIK procedures for individuals with any medical or vision insurance, even if LASIK is not covered by your plan. During your free LASIK consultation, we can provide additional details about this option, along with others, including:

Health Savings Accounts (HSA)

An HSA is a financial tool designed to provide individuals with a tax-efficient way to save and pay for medical expenses, bridging the gap between out-of-pocket costs and insurance coverage. With an HSA, a selected percentage of your paycheck is placed into a special account that, when used for a qualifying health expense (like LASIK and ICL) can be withdrawn tax-free.

Flexible Spending Accounts (FSA)

An FSA is an employer-sponsored benefit that offers a unique way to save for and manage out-of-pocket healthcare expenses. By allowing participants to set aside a portion of their earnings on a pre-tax basis, FSAs can provide significant tax savings and help participants budget for medical costs. As with HSAs, you can choose your contribution amount and withdraw funds without penalties so long as they are used for a qualifying expense.

How Are HSAs and FSAs Different?

HSAs and FSAs are both designed to offer tax advantages when saving for medical expenses. However, despite these similarities, there are several distinctions between the two. These include:

• Eligibility. An individual must be enrolled in a High Deductible Health Plan (HDHP) to qualify for an HSA. FSAs are employer-sponsored programs. Eligibility is not tied to the type of health plan an employee has. 
• Rollover and Expiry of Funds. Unspent funds from an HSA can be rolled over from year to year. FSAs must be used within the plan year or the money is lost.
• Ownership. An HSA is owned by the individual, ensuring portability across jobs and into retirement. FSAs are owned by the employer. If an employee changes jobs, they cannot take their FSA with them.

At the 20/20 Institute, we are committed to working with each individual to ensure the best options—medically and financially—are explored. During your free LASIK consultation at one of our three Denver locations, we will be happy to discuss payment options in greater detail to ensure you are making the right decision for your specific needs.

Can I Use My HSA to Pay for LASIK?

Absolutely! LASIK is classified as a qualified medical expense under the stipulations governing HSAs. This means that you can tap into your HSA funds to cover the full cost of the procedure. Since contributions to an HSA are made with pre-tax dollars, utilizing these funds essentially means you’re paying for LASIK without the burden of taxes, which can result in substantial savings.

What About an FSA?

Indeed! An FSA can be used to cover the costs associated with LASIK surgery. However, it’s very important that potential LASIK patients be strategic when utilizing their FSAs. Unlike HSAs, FSAs often come with a “use it or lose it” stipulation. This means that if the funds aren’t used within the plan year, they could be forfeited. If you are considering LASIK and hoping to tap into your FSA, careful planning regarding the timing of the procedure is essential. Each company is different, so if your employer offers an FSA or HSA, you should check with your Benefits Manager for details.

What About Other Types of Vision Correction?

Certainly! Beyond LASIK, you can use an HSA or FSA to pay for LASIK alternatives, such as ICL (Implantable Contact Lens). Not everyone is a good candidate for LASIK—nor is LASIK the right solution for every vision need. Our experienced and honest eye doctors will carefully evaluate your candidacy for vision correction surgery and guide you toward the most effective solution.

Why Choose 20/20 Institute?

At 20/20 Institute, LASIK isn’t just a procedure; it’s a transformational journey that we walk together with our patients. Our track record speaks for itself with a stunning 99.67% of our LASIK procedures resulting in 20/20 vision or better*.

We are a local, independent LASIK provider, owned and operated by the eye doctors working in our practice. Unlike some of our competitors, where some decisions can be made two time zones away. Our philosophy is entirely transparent about candidacy, risks, and outcomes, ensuring that you know exactly what you can expect before, during, and after your procedure. Some describe LASIK chains as machines, churning out procedure after procedure in a much less personalized experience. We accept fewer patients, we adhere to our very conservative candidacy criteria enabling us to provide individual attention, customized procedures, and outstanding results that we are proud to stand behind.

Our patient-focused eye surgeons, backed by a dedicated team of healthcare professionals, place your comfort and satisfaction at the forefront of all we do. Personalized attention, straightforward communication, and round-the-clock availability of our on-call doctors are just some of the hallmarks of the 20/20 Institute experience. We look forward to the opportunity to meet with you, listen to your concerns, and help you choose the best vision correction option for your specific needs.

Contact Us for a Free LASIK Consultation

Ready to take the next step towards clear vision? Contact 20/20 Institute online or call us at 303-202-0669 to schedule your free LASIK consultation and discover how we can help you achieve the 20/20 vision—or better—you’ve always dreamed of. We serve Northern Colorado, the Front Range, and all surrounding communities from our three convenient Denver locations.