LASIK Financing

Deciding to have LASIK surgery is a significant lifestyle choice.  For many it is also a big financial decision.  Refractive surgery is an elective procedure and is not covered by insurance.  Unless you have between $4,000 and $7,000 sitting around you need to find a way to pay for it.  Financing your surgery is a great option, with many flexible payment options available.

The first thing to do is ask your surgery if they accept financing and if so what companies do they work with and approve of.  There's no point in applying and going through the loan process if your doctor doesn't even take financing.  Most of the bigger companies work not only with ophthalmologists, but with dentists and plastic surgeons as well.  The length of payment period and interest rates will vary depending on the company and your credit history.  With short term payment plans there may be 0% interest available. 

Some surgeons have the ability to offer you financing through their office without having to talk to a bank or other loan company.  Oftentimes they won't charge interest or a very low rate.  Because they are taking a risk of with their own money by loaning it to you, you are also taking a risk by entering into a financial agreement with them.  Make sure to ask how long they have been doing this and if there have been any disputes. 

Flexible Spending and Health Savings Accounts allow you to take a portion of your paycheck and put it pre-tax into an account that you can then use the money to pay for medical expenses.  Some plans allow this to be used for elective surgeries, like LASIK.  Check with your plan administrator to see if LASIK is an approved use of funds. 

Payments are made monthly just like any other loan.  They can range from $100 to $500 depending on length of repayment and interest rate.  Make sure to pay on time, as missing a payment can cost you in the form of penalties, which include:  losing your 0% financing, penalty fees, interest rate increases and damage to your credit rating.  The cost of LASIK is expensive and you don't want it to end up being more than it should be.