FSA (Flexible Spending Account)

This time of year we receive many inquiries about patients using their FSA (Flexible Spending Account) to help pay for their LASIK or PRK laser eye surgery.

FSA Allows You to Use Pre-Tax Dollars to Pay for LASIK or PRK Laser Vision Correction!

A Flexible Spending Account, or FSA, allows you to use pre-tax dollars to pay for your laser vision correction surgery, including both LASIK and PRK. An FSA is also sometimes referred to as a Flex Plan, a Reimbursement Account, Flex 125 Plan, Tax Saving Plan, Medical Spending Account, or a Section 125 account. It is a type of “Cafeteria Plan” that is set up with your employer and conforms to Section 125 of the Internal Revenue Code, hence the name “Flex 125 Plan”.

An FSA account is different from an HSA, or Health Savings, Account, which also can be used for helping to pay for laser vision correction.

Why Patients Think About Their FSA So Much This Time of Year

The FSA account is set up by your employer. Money put in an FSA can be used only for “qualified expenses,” which include LASIK and PRK laser eye surgery. Funds put into an FSA account need to be used by the end of the year they are set aside (the “use it or lose it” rule), although some employers add language to add flexibility to this deadline. This time of year, we see many patients who want to schedule their LASIK or PRK laser eye surgery before the end of the year so they don’t lose the money they previously set aside in their 2020 FSA accounts. Other patients contact us this time of year to see if they are candidates for laser eye surgery before deciding to commit to put funds in for fiscal year 2021 with the idea of having surgery next year using pre-tax dollars. At the Shapiro Laser Eye Center, we have extensive experience helping patients use their FSA accounts to help pay for their LASIK or PRK laser eye surgery using pre-tax dollars. If you have any questions at all regarding using FSA accounts, please do not hesitate to contact our office, either by using the “contact us” form on this website or calling us at 805-339-0566!