To the pleasant surprise of many, making LASIK affordable isn’t that challenging. As long as you learn the various financing options available, LASIK eye surgery can be a budget-friendly investment for your eye health.
These financing options have allowed many people access to LASIK surgery. They are a standard solution most patients turn to, and the results show that LASIK is worth the investment.
To make this life-changing procedure more accessible, we break down the most common financing options in this article.
Exploring Common Financing Options for LASIK
The cost of LASIK is one of the biggest hurdles deterring people from having it. Eliminating this barrier demands that emphasis be put on developing and educating patients on the financial support options that can help ease the burden. Below are a few of these options.
Interest-Free Financing Plans
Interest-free financing plans are a popular choice for making LASIK affordable. These plans typically span 12 to 18 months, allowing you to break the cost into manageable monthly payments without incurring additional interest charges.
For example, if LASIK costs $5,500, an 18-month interest-free plan means payments of approximately $305 per month. This option provides flexibility, allowing you to enjoy improved vision without upfront financial strain.
Extended Payment Plans
If longer repayment terms suit your budget better, many providers offer extended payment plans of 3, 4, or even 5 years. These low-interest options spread the cost further, making monthly payments smaller and more manageable.
For instance, with a five-year plan, your LASIK cost could be as low as $91 per month, comparable to a streaming subscription or a phone bill. This approach allows patients to prioritize their vision while maintaining financial flexibility.
Flexible Spending Accounts (FSAs)
Flexible Spending Accounts let you use pre-tax dollars to pay for eligible medical expenses, including LASIK. By setting aside funds through your employer, you can reduce your taxable income while saving up to 30% on the cost of the procedure.
Check with your HR department to see if your employer offers an FSA program, and plan your contributions accordingly. Remember, FSA funds typically have a “use-it-or-lose-it” policy, so it’s essential to time your LASIK procedure within the plan year.
Health Savings Accounts (HSAs)
Health Savings Accounts offer another tax-advantaged way to cover LASIK costs. Unlike FSAs, HSA funds roll over annually, so you can save over time if needed. Additionally, contributions to an HSA reduce your taxable income, making this option financially efficient.
To use HSA funds for LASIK:
- Check your HSA balance to ensure sufficient funds.
- Confirm with your LASIK provider that the procedure qualifies.
- Use your HSA debit card or submit reimbursement paperwork as needed.
Tax Benefits and Deductions
LASIK may qualify as a tax-deductible medical expense if your out-of-pocket medical costs exceed a certain percentage of your income. Keep receipts and documentation to discuss with your tax advisor during filing season.
Even if you don’t meet the deduction threshold, pre-tax dollars through FSAs or HSAs can provide significant savings.
Insurance Discounts and Employer Partnerships
Although most insurance plans don’t cover LASIK as a medical necessity, many offer discounts through preferred providers. Some employers partner with LASIK centers to provide employees with subsidized rates or exclusive financing perks.
Affording Better Vision Today
With so many financing options available, cost doesn’t have to stand in the way of improving your vision. Interest-free plans, extended payment terms, and pre-tax savings accounts make LASIK accessible for many budgets.
When exploring LASIK, focus on finding a provider with the right balance of affordability, advanced technology, and surgeon expertise. At Saddleback Eye Center, we’re dedicated to helping patients achieve life-changing results with flexible financing tailored to their needs.
Don’t delay your vision goals. Contact Saddleback Eye Center to discuss financing options and take the first step toward clearer vision today.
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