It turns out tax season isn’t all bad for everyone, particularly those who have been wanting LASIK here in Charleston but wondering how they might pay for it. With an average price tag of about $4,000 for the most advanced LASIK procedure, finding ways to make getting rid of glasses and contacts more budget-friendly is important. If you are thinking about LASIK, you might be surprised to learn there are several ways your tax situation can benefit your bottom line when it comes to paying for the procedure!
For example, are you among the 8 out of 10 U.S. tax filers getting a federal refund? With the average tax refund coming in around $2,800, it can go a long way toward helping you achieve the goal of having LASIK.
With the advances available in today’s LASIK — enabling those who are nearsighted, farsighted and have astigmatism to benefit — 2017 is a great time to have the procedure, and not only so you can start enjoying terrific vision! Why? LASIK qualifies as a medical expense for tax deduction purposes, which can improve your tax bill next year. You will want to discuss the specifics with your tax professional, but depending on a few factors, you may be able to deduct some or all of the cost of LASIK, which can lower your taxable income.
If you have access to a health Flexible Spending Account (FSA) or a Health Savings Account (HSA) through your employer, for example, you have yet another way to leverage tax benefits to help make LASIK an economic reality. These accounts allow you to put tax-free money aside for health expenses, including vision correction procedures.
How much can you save with an FSA or HSA? In 2017, the U.S. Internal Revenue Service allows an individual to set aside up to $2,600 in an FSA and up to $3,400 in an HSA. Married couples and families have a higher contribution limit ($6,750 for an HSA), which can cover the cost of even the most advanced LASIK procedure. If you want to look into an FSA or HSA, check with your company’s human resources or benefits manager. He or she should be able to provide you with the details.
It is good to know there are many options to consider to help make the cost of LASIK more viable in your overall budget. So, if the financial aspect of having your vision corrected has been holding you back, look into what tax benefits you can take advantage of to make your vision goal a reality!