How to Finance LASIK Surgery

The decision to have LASIK (Laser-Assisted In Situ Keratomileusis) surgery involves close analysis of the financial implications, as well as the medical risks. The surgery is not cheap, but it can be made affordable through a variety of financing options. Financing a surgical procedure is much like arranging a payment plan for a new car or home with similar terms such as upfront costs and interest rates. However, your eyes are much more valuable than a new car and should be treated as such when considering costs and choosing a surgeon. Choose top care over price, then find a payment plan that helps you finance the procedure.

Instructions

Difficulty: Moderate

1. Utilize a flexible spending account if offered by your health plan provider. This allows employees to have money deducted from their paychecks before taxes for use in medical-related costs. This is a great way to finance a medical procedure not covered by your insurance.
2. Work with the surgeon's office to set up a payment plan. Most clinics will offer this as a way to secure your business. This type of payment plan may not require any money down and usually offers no interest.
3. Ask your surgeon for a list of approved third-party finance companies if you need help covering surgery costs. These companies typically offer no interest for a limited time and once interest is added, it is usually much lower than interest rates offered by credit card companies.
4. Contact a finance company to determine whether the required payment plan and terms are feasible. Interest rates and deposits will depend on your personal credit rating. Most companies, such as CareCredit, offer an online application form (see Resources below). You should receive approval within 24 hours.
5. Make your payments on time or you may be subject to penalties such as higher interest rates, late fees or a blemish on your credit report.

Tips & Warnings

• LASIK is considered an elective procedure, meaning that it is typically not covered by health insurance. However, it is always important to check with your insurance carrier to make sure financial assistance is not available.
• The cost of LASIK varies depending on your location, the surgeon's experience, procedure type and age of the equipment. Visit All About Vision to determine costs associated with LASIK (see Resources below).
• Always ask for the total cost of the procedure including consultations, exams and follow-up appointments. Some facilities advertise a low-cost procedure, but the actual cost ends up being significantly more. These centers should also be avoided because the surgeons tend to be less experienced and the surgeries are performed more casually, with less individual assessment.
• Avoid using a credit card if at all possible. Credit cards tend to have higher interest rates than third-party finance companies and most patients have a harder time managing the balances.