An option for many when paying for Lasik or other corrective eye surgery is a Flexible Spending Account or a Health Savings Account.
A medical expense Flexible Spending Account, or FSA, is a tax advantaged spending account that can be set up through a cafeteria plan of an employer. The FSA allows an employee to set aside pre-tax dollars to pay for eligible expenses within the plan. An FSA may typically be used to pay for medical expenses not paid for by insurance, but may also cover areas not covered by health insurance, such as dental and vision. The account is usually accessed through a FSA debit card. As all plans vary somewhat, the administrator of your plan should be able to tell you if Lasik or other corrective eye surgery is eligible.
A HSA, or Health Savings Account is similar in a number of ways to a Flexible Spending Account. The HSA is also a tax advantaged account, in that contributed funds are not subject to federal tax when deposited. HSA's were established as part of the Medicare Prescription Drug, Improvement, and Modernization Act which was signed into law by President Bush in 2003.
If offered by your employer, either may be a good option to pay for your Lasik or corrective eye surgery as well as save a bit on your federal tax bill. Both plans are open to U.S citizens only and not all employers offer this benefit. Check with your employers benefits manager to determine if this is an option for you.
