If you wear glasses or contacts to see and are reading this blog, it’s safe to assume you’re considering a change.
Maybe you have reached the “end of your rope” with the hassle of contacts or glasses. Or you’ve done the math and the lifetime cost of glasses and contacts outweighs the cost of LASIK.
The up-front cost of LASIK is something to consider regardless of your reasons. This article addresses LASIK’s cost and helps fit the investment into your budget.
Can You Use FSA or HSA For LASIK?
In FSA or HSA accounts, an employee deposits a specific amount in their account before deducting taxes.
For example, if your paycheck is taxed at 30 percent, putting $1 in a FSA or HSA is the same as depositing 70 cents in a savings account after taxes.
Both FSAs and HSAs have limits to how much money you can deposit per year. Your employer may offer these kinds of accounts. Discuss your options with them to learn how your plan works and its limitations.
How FSAs Work
A FSA is a savings plan that lets you to pay for some health care expenses for you or eligible dependents.
FSA plans have a start and end date. Before the start date, the employee elects the amount of money to contribute to the plan over the Plan Year. The total amount is deducted in equal portions from the employee’s paycheck before taxes.
But FSA plans have a downside. With a FSA plan, you have “use it or lose it.” You can use the full amount any time during the plan’s year. But you lose any money left in the account after the year’s expeiration date.
How HSAs Work
A HSA is like an FSA account. The employee decides how much money to deposit tax free and can be used for qualified health care expenses.
Unlike an FSA account, money in an HSA accumulates year over year. And the employee may only spend (or reimbursed for) expenses at or below the amount of money in the account.
Financing Plans For LASIK
There are several financing options for LASIK patients wanting to spread out the cost of LASIK. Zero-percent interest payment plans are the most popular.
These plans already exist with things like home improvement loans and furniture purchases. They can be very helpful and often financially savvy ways to pay for LASIK too.
Zero-percent payment plans are also called deferred interest with payment plan. These plans have specific rules the borrower must follow if they don’t want to pay any interest.
To avoid interest, the borrower makes on-time payments and pays off the loan within a certain amount of time. When that happens, the bank forgives any accrued interest on the loan. If that doesn’t happen, the bank may make the borrower pay the interest at a high rate.
This is a very helpful tool, but should be used prudently to avoid paying any interest. If you use a zero-percent payment plan for LASIK, setting up automatic payments to avoid paying interest.
When these plans can be an awesome way to make the budget work out. Many times LASIK can work out to be less than your daily trip to Starbucks.
Vision Insurance for LASIK
Vision insurance can reduce LASIK’s cost by a certain percentage depending on the particular plan.
If your insurance has LASIK coverage, it may say it’s only available to certain providers. But 20/20 Institute is happy to honor ALL vision insurance discount plans. Give us a call for the specifics.
“on sale” LASIK
Many LASIK providers use pricing strategies to attract patients looking to save money on the procedure. If you search online or pay attention to ads, you’ll see several Denver providers offering discounts for a limited time.
But most patients don’t notice that “limited time” offers tend to be renewed each month. Retailers have been scrutinized for using a similar pricing strategy.
It’s understandable to want a good deal on anything we buy. The reality is that the fee for modern LASIK costs around $1800-$2000 per eye after their “discounts.” And LASIK that uses older technology can cost around $1100 to $1300 per eye.
Low-Cost LASIK Watch-Outs
When you’re considering LASIK, it’s important to know the facts so you can make the right decision.
Discount LASIK providers are in every town in America. They tend to use older treatment technologies allowing them to charge at a lower rate.
Very few LASIK specialists use those older, low-cost LASIK techniques on their patients.
While these older technologies and methods are FDA-Approved, the LASIK procedure has advanced over the last 20 years.
Advanced LASIK procedures are safer, offer a better chance of 20/20 vision, and lower the issues related to night vision after LASIK.
So patients must understand the risks with older technology before proceeding with discount LASIK. There is no “right or wrong” per se, just what is right for each person. The important thing is that you are able to make an informed decision.
If you want the best for your eyes, find out how many other LASIK providers are using comparable technology. LASIK doctors will typically share why they use a particular technology or technique. It’s a good idea to find out if a doctor or LASIK provider uses technology that isn’t used elsewhere.