The IRS announced that contribution limits for health savings accounts (HSA) and flexible spending accounts (FSA) will increase in 2023. If you’ve been thinking about LASIK surgery, that’s great news. Laser surgery is a qualified expense for these tax-free healthcare savings accounts. In fact, eligible vision correction surgeries include LASIK, SMILE, and PRK, and you can put aside pre-tax money to pay for them.
In 2023, the contribution limits increase, as follows:
- FSA participants can contribute up to $3,050.
- HSA participants can save up to $3,850 ($7,750 for families)
Find out more about LASIK surgery and how FSA and HSA spending works in our LASIK eye center.
What Is LASIK?
LASIK surgery is a refractive surgery, meaning it corrects the shape of the cornea. This allows light to focus properly on the retina. Vision correction surgery can alleviate or eliminate the need for contact lenses or prescription eyeglasses for nearsightedness, farsightedness, and astigmatism.
An Implantable Collamer® Lens or ICL also qualifies for FSA or HSA spending. In this procedure, your eye doctor works with natural tissues to improve your vision. It does not involve removing corneal tissue or replacing your lens.
What Is an HSA?
Health savings accounts allow you to save money on taxes by putting away funds for medical purposes. you can use them to pay for qualified medical expenses, including corrective vision surgery.
There are many benefits to using HSAs. They don't have expiration dates and you can roll them over to the following year. Additionally, employers can voluntarily contribute to HSA accounts. Tax benefits include pretax payroll deductions or tax-deductible individual contributions. You can also take your account with you if you change jobs, which you can't do with an FSA account.
Benefits of an FSA
There are also benefits to using an FSA account and these are more widely available through many employers. Employers can also contribute to FSA accounts but aren't required to do so. Tax benefits include pretax contributions and tax-free withdrawals. As with HSA spending, you can only use the money for qualifying medical expenses. You can use the expenses to reduce your taxable income. Additionally, you can overspend your account balance and repay the difference with future contributions.
Labor Shortages Facing the Vision Healthcare Community
The U.S. Bureau of Labor Statistics reports that there are about 60,000 ophthalmic medical technicians. Compare that to 18,000 ophthalmologists. At just over three technicians per ophthalmologist, this is a relatively low ratio.
While this labor shortage impacts the entire medical community, Silk Vision & Surgical Center is doing everything we can to find highly qualified technicians to meet the growing demand for LASIK surgery in Virginia.
Ophthalmologists Near Me
Silk Vision and Surgical Center has four locations in Virginia, so you can always find an eye care center near you. Contact us today to learn more about your FSA/HSA spending regarding LASIK and ICL procedures. We would love to set you up with a free consultation with one of your experienced eye doctors!