Three Ways to Afford LASIK Surgery without Going Broke

Very few of us can make a major purchase using cash. LASIK surgery is a major purchase. That said, LASIK surgeons have plenty of clients so there must be a way that all of us are queuing up for surgery.

Here are three ways to minimize financial pain while maximizing optical gain:

• Finance the procedure. Many LASIK surgeons work with financing companies. If yours doesn‚Äôt, there are outside finance companies that may work with you in obtaining a loan. For more information on loan financing, see LASIK Financing
• Flexible Spending Accounts. Often corporate health insurance policies include Flexible Spending Accounts (FSA) where the employee can save for the procedure through automatic payroll withdrawal. This may be a painless way to save for the big day. For more information on loan financing, see Flexible Spending Accounts
• If the above two aren‚Äôt possible, a third way is to deal directly with the LASIK surgeon. Ask if you can set up a payment plan directly with them. Expect to pre-pay all or a large portion of the cost before having the surgery.

If you can pay cash¦ negotiate. There should be a discount for paying upfront.

LASIK Financing – Quick and Easy

If you’ve financed any major purchases, like a car for example, you’ll find financing LASIK surgery very similar. You have the financiers, the application, the deal and the payment plan.

The Financiers:

• Finance Company - One of the benefits of a finance company is that you may be able to get a lower interest rate with them directly as opposed to going through a middleman (surgeon). One of the drawbacks could be that your surgeon doesn‚Äôt or won‚Äôt deal with the finance company. Check with your surgeon before signing with a finance company!
• LASIK Surgeon - If easy is what you want, there‚Äôs nothing easier than getting it done directly with your surgeon. Again, because they are the middleman, there is the possibility that interest rates will be lower with a finance company. Check the interest rates!

The Process:

• Shop around for the best terms of the deal, including interest rates and payback period. Please read the agreement, especially the area regarding penalties for default.
• Fill out the application. This may be done in their office or it could be mailed or faxed.
• Expect a general credit check.
• Once you pass the credit check, there will be papers to sign and payments to make. The good news is this: after the procedure, you‚Äôll be able to see the checks better than ever!

Be Flexible – Flexible Spending Accounts

What’s the difference between a savings account and a Flexible Spending Account? It’s putting money away for a rainy day, right? Yes, but there are two major differences:

• The money you put in your FSA is pre-tax dollars. The money is taken from you before the IRS accounts for it. Is there anything sweeter than pre-tax dollars? Nope, nothing.
• FSA money must be spent. You can keep the dollars stuffed in your mattress forever, but FSA money must be spent within the calendar year or it‚Äôs lost. Talk about the sweet and the sour.

While FSAs are great places to salt away money for medical procedures (LASIK, braces, whatever) there are limitations.

Make sure to check with your Human Resources person or health insurance representative to make sure that the procedure is covered before starting the process.

The cost of LASIK Surgery is prohibitive. The surgery may seem routine but it isn't and paying for it isn't either. Think before you spend.

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