2021- 2022 FSA Changes Makes LASIK More Affordable
Published by on March 29, 2022
2021- 2022 FSA Changes Makes LASIK More Affordable: Save on Vision Correction at Kugler Vision
Kugler Vision, the Midwest’s leader in advanced vision correction, is the only practice across Nebraska and Iowa to specialize in all seven vision correction procedures medically available.
If you’ve been considering vision correction like LASIK in Omaha, pay close attention. Many employers offer a Flexible Spending Account (FSA) which makes LASIK more affordable. It’s never been easier to reclaim your clear vision and gain freedom from glasses, contacts, reading glasses, and bifocals.
What is a Flexible Spending Account?
- It’s an account you set up through your employer
- You will determine an amount you wish to set aside for medical services, working within the limits of your employer’s plan
- A portion of each paycheck will go toward this predetermined FSA account, and the money is set aside before taxes are deducted
- Each pay period, an equal installment is taken from your gross salary
- This money can be used for many things, including medical procedures, copayments, some medications, and sometimes daycare
- Use it or lose it! Whatever money you do not spend within your insurance plan year, you will forfeit.
Does your employer offer a Flexible Spending Account (FSA) and did you know you can use those tax-exempt dollars to pay for laser vision correction procedures, including LASIK, SMILE, and PRK? If you have been weighing your vision correction options, these are important questions. Recent legislation has given employers the flexibility to extend the deadline for spending 2021 FSA accounts, allowing employees to carry over all of the available funds through the end of 2022. This extension can make it possible to pay for a laser vision correction procedure using tax-free money!
What Is the FSA Rule Change for 2021?
Because options for spending FSA funds were limited because of the pandemic, the federal government passed legislation giving employers the opportunity to extend the 2021 FSA deadlines. What that means is, for participating employers, 2021 FSA account balances – the entire amount – can be carried over into 2022 with an extension to December 31, 2022.
How Does the 2021-2022 FSA Rule Change Help Pay for LASIK?
The annual contribution limit for an FSA is $2,750, which is less than the average cost of a laser vision correction procedure. However, the 2021 rule allows employees to roll over 2021 FSA account funds into 2022. By combining 2021 accounts with 2022 FSA contributions, it is possible to have more than $6,000 in pretax dollars available for eligible medical expenses like LASIK and other vision correction treatments.
Three Steps to Take to Use your FSA Dollars on Vision Correction:
- Contact your employer’s human resources office to find out if your company has opted for the flexible FSA deadlines for 2021-2022.
- Check your current FSA balance and contribution schedule to help calculate how much money you will have available in 2022.
- Schedule a LASIK consultation – this is the best way to determine if you are a candidate for the procedure as there are several diagnostic exams that take place to carefully measure your eyes and vision.
The 2021 FSA rule changes may be the best opportunity account holders have for making the most of the tax-exempt dollars available for laser vision correction. If an FSA is among your benefits, and you’ve been thinking about moving beyond glasses and contacts, there is no better time than now to find out if LASIK is right for you.
Lance Kugler, MD, is a specialist in LASIK and vision correction surgery and CEO of Kugler Vision. A proud Omaha native, he is passionate about improving lives through clear vision. Dr. Kugler serves on several national boards, and his practice is recognized internationally as a center of excellence. Dr. Kugler is one of the original founders of the Refractive Surgery Alliance, an international organization comprised of over 350 of the world’s leading vision correction surgeons; he also served as its first president. In 2019, Dr. Kugler was selected as a TEDx speaker, and delivered a talk in Omaha about the worldwide epidemic of nearsightedness and refractive solutions. Dr. Kugler is an Associate Professor of Refractive Surgery at the University of Nebraska Medical Center’s Truhlsen Eye Institute, has been published in many medical journals, and participates in numerous clinical studies to advance the field of vision correction surgery. Dr. Kugler and his wife are proud parents to five active kids. When he has a spare moment, he enjoys skiing, tennis, travel, and fine coffee.
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