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How to Finance LASIK Surgery
Three main options
- Financing directly through your surgeon - Some surgeons allow you to finance your surgery directly through their practice. This will allow you to make payments over several months, or possibly even a year or more. Generally no interest and no extra fees are charged for this service.
- Using a finance company - Finance companies offer a variety of payment plans ranging from three months to five years. If your credit rating is low, a deposit may be required, and your interest rate may be as high as 23.99 percent.
- Flexible spending account (FSA) - This is a tax-free way to save for the surgery by putting aside a portion of your salary (pre-tax) each month. This type of plan is only available through employer-sponsored benefit programs, so you will need to find out from your employer if this is an option for you.
Applying for financing
Speak with your LASIK surgeon before you choose a financing plan. If financing is available directly through the practice, that may be the best deal for you, since generally these plans do not involve interest.
Even if the practice does not offer their own financing, you need to speak with them before choosing a finance company. Most practices will only work with certain finance companies, so ask for a list of approved companies before applying.
Ways to apply:
- in person at the financing office
- by mail or fax - you may be able to obtain forms from your surgeon, on the finance company's website, or by mail
- online - many companies have online applications. You may be able to get approval in as little as 24 hours. Make sure that the website processes form information through a secure, encrypted server before submitting any personal information.
Payments and penalties
You must make your financing payments on time, or you will incur penalties. Penalties vary by company and by plan, but may include:
- Higher interest rate
- Late fees
- A black mark on your credit report
Most companies will not penalize you for making payments ahead of schedule, but it is always wise to ask before doing so.
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