Despite being a medical procedure, most medical insurance policies don’t cover LASIK. As a result, many people use FSA and HSA accounts to help cover the cost of LASIK. But there is another option that may help you save money on laser eye surgery: tax deductions.
Can I write off LASIK surgery on my taxes?
According to the IRS, yes, you can deduct, “eye surgery to treat defective vision, such as laser eye surgery,” from your taxes. However, your total medical expenses for the year must meet a threshold to be eligible and you must itemize your deduction.
So, what are eligible medical expenses and how do you figure out if you’ve met the threshold?
The IRS says that LASIK is an eligible medical expense. The IRS states that, “medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body.” People can deduct payments for legal medical services, the cost of supplies needed, and even some transportation expenses related to the medical procedure. Sounds great, right?
But these medical expenses are subject to a threshold. For 2018, you can only deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI). What does that mean? For the sake of easy math, let’s say your AGI is $100,000. You’d have to have medical expenses that exceed $7,500 in order to deduct anything from your taxes. Let’s say you had $10,000 of medical expenses that year – then you could deduct $2,500 of that from your taxes.
Will I Have to Itemize my Taxes to Claim the Medical Expenses Deduction?
To claim medical expenses like LASIK as a tax deduction, you must itemize your deductions. For the 2018 tax year, the standard deduction is $12,000 for single filers, $24,000 for married filers, and $18,000 for heads of households. This is a big increase from 2017, so it’s possible that the standard deduction will still offer a bigger tax deduction than itemizing your medical expenses. Ultimately, you’ll want to talk to your tax preparer to decide if claiming your LASIK surgery as a medical expense makes sense for your situation.
How to Save Money on LASIK Eye Surgery
There are plenty of ways to save money on LASIK surgery in 2019:
LASIK surgery can be claimed as a medical tax deduction, though you must meet a medical spend threshold and itemize your deductions to qualify.
A common way to save money on laser eye surgery is to use a flexible spending account (FSA) or health savings account (HSA). By putting money into FSA and HSA accounts, you can avoid paying taxes on the cost of LASIK.
Many LASIK centers offer financing to help patients break their surgery into smaller payments. For example, Lipstock LASIK offers financing through Care Credit with 0% interest for up to 12 months.
Lipstock LASIK offers a $1,000 discounton the Lifetime Commitment Plan for patients who book a consultation through the online scheduler. Contact Lipstock LASIK today to set up a free consultation.
The IRS defines medical expenses as, "the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body." As LASIK is a treatment to correct defective vision, it is a medical expense which can be deducted from a patient's taxes.
Although most health insurance policies do not cover LASIK claiming it to be cosmetic surgery and an elective procedure, the IRS considers this refractive procedure a tax-deductible medical expense, allowing it to be written-off as health expenses in taxes.
The downside is that Lasik discounts through your health insurance are not included in the plan's coverage. That means any costs for Lasik will fall outside of your health insurance plan's deductibles and copayments.
LASIK surgery is usually considered elective surgery, so most insurance companies won't cover the cost of the surgery. Be prepared to pay out-of-pocket for your expenses.
If any part of the glasses or sunglasses has been prescribed by an ophthalmologist then it can be deducted as a medical expense. Additionally, any surgery performed by an ophthalmologist such as LASIK eye surgery may also be deducted as a medical expense depending on what type of insurance plan was used to pay for it.
The eye usually takes 2–3 months to heal afterward, and a person's vision is often fully stable and clear around 6 months later. However, they may experience some effects in the first few weeks and months after the surgery, such as blurred vision, changes to vision, and visual glares.
The IRS allows you to deduct unreimbursed expenses for preventative care, treatment, surgeries, and dental and vision care as qualifying medical expenses. You can also deduct unreimbursed expenses for visits to psychologists and psychiatrists.
Because LASIK is an elective surgery, more often than not it is not covered by insurance. However, some non-standard vision insurance plans, such as VSP or EyeMed, may offer benefits or discounts. Some of these benefits might include additional services and savings for people who are interested in LASIK.
You have a disease or are on medications that may affect wound healing. Certain conditions, such as autoimmune diseases (e.g., lupus, rheumatoid arthritis), immunodeficiency states (e.g., HIV) and diabetes, and some medications (e.g., retinoic acid and steroids) may prevent proper healing after a refractive procedure.
It is important to know that if you have dry eyes, LASIK surgery may make the condition worse. Large pupils. If your pupils are large, especially in dim light, LASIK may not be appropriate. Surgery may result in debilitating symptoms such as glare, halos, starbursts and ghost images.
While you will see better the day after surgery, your vision may be a bit blurry or hazy immediately afterward. These temporary vision difficulties usually clear up after the first few weeks. However, it can take about 2 – 3 months before your vision fully stabilizes and your eyes completely heal.
Car insurance can only be claimed as a tax deduction in specific circ*mstances. It can't be deducted for personal vehicles, but if your vehicle is used for business, you might be able to include your car insurance as part of your deduction.
In order for your plastic surgery to be covered by health insurance and tax deductible, you will need thorough documentation stating that your procedure was medically needed. There are many plastic surgery procedures that can be considered medically necessary, while also improving your appearance.
The results of LASIK can last for over a decade, with some patients experiencing improved vision for a lifetime. Younger patients will enjoy their improved vision for longer, and it can also help them avoid the cost of corrective lenses for years to come.
Expenses related to cosmetic surgery are tax deductible, but only if required by a doctor. If the cosmetic procedure is elective, then the medical expense is not tax deductible. Botox is generally considered elective unless your doctor says that it will improve your physical health or clear up respiratory issues.
When preparing to pay for orthodontic treatment, many new patients have questions concerning the tax status of their treatment costs. Since treating oral health issues is an expensive process, you may be happy to learn that orthodontic treatments are tax deductible just like any medical expense.
Introduction: My name is Fr. Dewey Fisher, I am a powerful, open, faithful, combative, spotless, faithful, fair person who loves writing and wants to share my knowledge and understanding with you.
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