Tax Savings with LASIK at Toledo LASIK and Cataract
Health Savings Accounts are an effective way to pay for elective medical procedures (like LASIK) while maximizing tax savings.
Using an HSA allows you to claim tax deductions on your HSA’s funds, while paying for and undergoing important medical procedures.
Frequently Asked Questions on HSA for LASIK
What is a Health Savings Account?
A Health Savings Account is a tax-exempt trust set up to pay for certain elective medical procedures, like LASIK. It is for people who have a high deductible health plan (HDHP). The HSA is designed to reimburse patients for expenses that are not covered by the HDHP and to maximize patients’ tax savings.
What are the benefits to using an HSA for LASIK?
An HSA can help cover the cost of LASIK, while a typical insurance plan might not cover much, if any, of the cost. Your contributions to your HSA roll over each year, and you can claim tax deductions on contributions made by you or your employer. HSA contributions from your employer are excluded from your gross income as well, making your tax savings even better!
How does the HSA work?
If you opt into an HSA, you or your employer put pre-tax dollars in as an investment. You are then able to use that money to pay for qualified health care costs that are not reimbursed by your HDHP.
What expenses qualify?
Any deductible medical expense as specified by the IRS that is not reimbursed by your insurance can be reimbursed through your HSA. This includes most elective surgeries, including laser vision correction.
Do I qualify for LASIK?
Toledo LASIK and Cataract recommends that you schedule a free consultation with us to determine if you are eligible for LASIK. Our staff screens prospective patients thoroughly to ensure they are good candidates for any of our laser eye surgery procedures. This process begins with a thorough eye exam to determine the patient’s unique vision requirements. We recommend that you determine your candidacy before allocating to your HSA, as well as discuss with your benefits coordinator to learn what your employer contribution might be.