Jul 18, 2024
Getting rid of your glasses might be tempting. For many people, LASIK eye surgery is one of their options.
You should discuss potential risks, side effects, and whether you are a good candidate for LASIK surgery with your doctor, of course. If you decide on LASIK surgery, you’ll want to consider your financial options, including LASIK financing, as carefully as your treatment plan.
LASIK surgery can cost thousands of dollars per eye.
Each insurance program is different, but LASIK is usually an elective surgery, meaning the procedure is not considered medically necessary. That means it may not be covered by insurance. You’ll want to call your insurance provider for your coverage details. Then, ask your doctor’s business office what experience they may have had getting some of the costs defrayed.
Some insurance companies, for example, may negotiate with providers for discounted costs for procedures such as LASIK. Consult with your insurance company to determine if you qualify for a discount. They may require that you go to a preferred (in-network) provider to benefit from their negotiated rates.
Do you have a health spending account, such as an FSA or HRA? If so, it may be a great way for you to pay for the procedure. These are pre-tax dollars, so you may save money by using these funds.
Check with your health spending account administrators to understand if LASIK is an eligible expense in your program. Be sure to inquire if there are any restrictions like what kind of physician prescribes or performs the procedure, or if it must be deemed medically necessary.
If it is an eligible expense, you’ll also want to think about what other out-of-pocket medical expenses you anticipate and whether you’ll want to rely on your health spending account to cover those. And mark your calendar so that you submit your documentation in time.
As with all insurance programs, it depends on your coverage level. You will need to check your Medicare program details to determine if LASIK is covered.
Your doctor’s office may have a financing plan available to you. Some doctors who offer financing may not charge interest. This allows you to spread the payments out over several months. You’ll need to budget wisely to ensure timely payments, but it can be a good option. Be thoughtful about whether you want to write a check, debit a bank account, or charge it to a credit card . Each option has its own benefits and drawbacks.
Even if you get some partial insurance reimbursement, you should be prepared to cover some of the costs of LASIK surgery. If you don’t want to use a higher-interest credit card, or tap your savings, consider the benefits of a personal loan. For example, if your doctor offers a discount for a partial or complete cash payment, then a personal loan can help you take advantage of that benefit.
Because a personal loan offers fixed terms and fixed interest rates, you can budget for one set regular monthly payment and circle the calendar for the day you’ll pay off your loan. With a Discover® personal loan, you can design your loan around you. Pick the amount you need and the repayment term from options offered to fit your budget. At Discover® Personal Loans, your APR will be between 7.99% and 24.99% based on creditworthiness at time of application for loan terms of 36–84 months. For example, if you get approved for a $15,000 loan at 12.99% APR for a term of 72 months, you’ll pay just $301 per month.
Want to find out if a personal loan is right for you? With the Discover personal loan calculator, you can estimate your monthly payments based on the amount you want to borrow and a repayment term that you choose.
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