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Can I Use My HSA for LASIK?

We recently wrote about using Flexible Spending Accounts (FSA) to pay for laser eye surgery, and today we’re covering Health Savings Accounts (HSA). Using your HSA for LASIK can be a very attractive option for many people, and we want to make sure you understand how it works. Here are some answers to commonly asked questions about HSA as one of your LASIK financing options.


1. What is HSA? How is it different from FSA?

A Health Savings Account basically gives you a way to save money for health-related expenses, and not have to pay taxes on the money you save. Here are some of the key differences between HSAs and FSAs:

  • HSAs are only eligible for people with high deductible insurance plans, whereas FSAs are available to people with high or low deductible plans.
  • An individual can contribute up to $2,700 to an FSA per year but can contribute up to $3,500 each year into their own HSA plan (or as much as $7,000 for a family plan).
  • FSAs can be used kind of like a line of credit, even before the money is in the account. But you lose the money at the end of the year (or sometimes can roll it over in certain, limited ways). HSAs, on the flip side, are more like a traditional bank account. You can use the money only when it’s in the account. But, it’s yours to keep and will roll over to the next year if you don’t use it all in the current year.


2. Can you use HSA for LASIK? Does it cover anything else?

Yes! HSA for LASIK is a great use of the savings account funds. You may also use your HSA for other vision procedures or the cost of things like contact lenses, glasses, prescription sunglasses and more.


3. What's the cost of HSA for LASIK?

A recent average in the U.S. for LASIK costs is around $2,300 per eye. So if you contribute the maximum amount ($3,500) to your HSA in one year, you’ll have more than half of your procedure costs saved. Or if you have HSA funds from prior years already stored up, you might have more than enough saved to cover the entire procedure.


4. How can you pay for your procedure?

If you’d like to use HSA funds to pay for LASIK, first have your eye care center look into your policy. We advise patients all the time about how to best use their HSA funds, and what the actual process entails. Then, get your LASIK surgery scheduled!


Any more questions? Contact us for more information about HSA for LASIK or LASIK financing options, or schedule an appointment!