Price of LASIK Surgery
LASIK, a popular surgical procedure that improves vision, offers various financial assistance options for those considering the treatment.
Paying Out of Pocket
One option is to pay for the procedure out of pocket if you have the funds readily available.
Health Savings Account (HSA) or Flexible Spending Account (FSA)
Employers may allow individuals to set aside tax-free money for LASIK eye surgery using Health Savings Accounts (HSAs) and Flexible Savings Accounts (FSAs). An HSA is a bank account that individuals enrolled in a high-deductible healthcare policy can use to set aside pretax funds through payroll deductions. The FSA allows people to access the funds of their annual contribution even if they have not made all the required pretax deductions for that particular year.
Healthcare-Specific Credit Cards
Healthcare-specific credit cards like CareCredit offer special financing plans with monthly payments designed for medical procedures not typically covered by insurance. CareCredit often provides promotional financing on purchases over $200 or $1,000 depending on the plan.
General-Purpose Credit Cards
General-purpose credit cards are also commonly accepted by LASIK providers.
Discounts and Coupons
Providers like LasikPlus offer discounts and coupons that can provide immediate savings and may be combined with HSA/FSA funds or financing for maximum affordability.
Vision Care Financing Companies
Some eye care financing companies, such as Advance Care, offer cards with interest-free financing, no money down, and no prepayment penalties specifically for vision care procedures.
Billing Plans Directly Through the LASIK Provider
Billing plans directly through the LASIK provider are less common and typically limited.
Other Options and Considerations
Programs like manufacturer co-pay assistance or federal programs generally do not cover LASIK, as it is an elective procedure. Medicare and Medicaid may cover the costs of LASIK in certain circumstances, such as if a person has a refractive eye error as a result of injury, previous surgery, severe eye refractive error, or cannot wear glasses or contact lenses. However, eligibility and coverage for Medicaid may differ depending on where a person lives, and they will have to use an ophthalmologist that accepts Medicaid.
The American Academy of Opthalmology (AAO) recommends LASIK eye surgery for individuals aged 18 years and over, but some healthcare professionals suggest waiting until age 21. LASIK may not be recommended for individuals with severe dry eye, advanced glaucoma, diabetes, pregnancy, very thin corneas, corneal abrasions, or certain other health conditions.
The average cost of LASIK eye surgery is around $4,200, according to the American Refractive Surgery Council (ARSC). It's essential to consider factors that may affect the cost, such as the eye procedure and diagnosis, prescription, consultation fee, follow-up visits, surgeon experience, and personal costs.
Managing HSA and FSA Funds
People can use their HSA funds when they need them and use any unspent money the following year without losing their balance. Individuals may wish to check whether any plans allow them to save their FSA funds for the following year. However, people need to use their FSA contributions within 12 months. If they do not, they may lose access to their balance after this period.
In summary, the most popular options are CareCredit financing, using HSA/FSA accounts, provider discounts, or paying out of pocket depending on your financial situation. Combining these can often reduce the overall cost or ease payment.
- Using Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs) can enable individuals to pay for their LASIK eye surgery using tax-free funds, as some employers may allow this option.
- General-purpose credit cards are another acceptable method for paying for LASIK, as many providers accept them.
- Healthcare-specific credit cards like CareCredit offer special financing plans with low, manageable monthly payments specifically designed for medical procedures, including LASIK.
- Providers such as LasikPlus offer discounts and coupons that can provide immediate savings on LASIK eye surgery, which can be combined with HSA/FSA funds or financing for enhanced affordability.
