The LASIK procedure has been popular for quite some time now. You’ve probably heard of celebrities getting this treatment to have a 20/20 vision. Whether you’re curious or your ophthalmologist recommends this treatment for you, you’ll start to wonder about costs and financing as well. Will insurance cover the procedure? Are there other ways to pay for it without breaking the bank? We have the answers.
According to a 2019 report, the typical cost of LASIK performed in the US ranges from $1500 to $3000 depending on the practice and region. Keep in mind that LASIK is done on one eye only, so you have to double this price if you’re getting both of your eyes corrected. However, the actual price you pay for the surgery will depend on various factors including the technology used for the procedure and the reputation of your surgeon.
Most refractive surgeons in the country charge one price for all vision correction surgeries done with an excimer laser to reshape the cornea of the eye. That means that additional automated technology like bladeless LASIK (the use of femtosecond laser to cut a fold in the cornea) is included in the total cost and not counted separately as an extra.
Does Insurance Cover LASIK?
You can’t usually count on traditional health insurance plans for this procedure. Most of them consider LASIK as an elective treatment, therefore it’s not eligible for full coverage. However, you still might want to check with your provider if they have plans that might cover at least a portion of the cost.
Some employers offer supplemental vision care plans on top of health insurance. These plans may offer discounts on LASIK as well. It’s important to note that there are always special situations. Some specialty union health insurance packages include reduced rates or partial coverage for LASIK surgery in their standard policy. There are also cases where LASIK is specifically written into high premium health insurance plans. However, these are rare and are often offered to high-level corporate executives.
When it comes to insurance benefits, what other companies offer may not be the same as your company. The best way to know if your specific plan covers LASIK is to ask your insurance company directly. Ask them about your plan benefits ahead of time so there are no surprises after the fact.
Ways To Pay For Your LASIK Surgery
1. Health Savings Account
This option allows you to put funds in pre-taxes to pay for medical expenses. If you have a high-deductible health plan (HDHP), you can set up a health savings account to use untaxed funds to cover for qualified healthcare costs. You can transfer funds to this account on a bi-monthly, monthly, or even on a more frequent basis.
If you have high deductible insurance coverage (over $2700 for a family or over $1350 for an individual), you may be eligible for a health savings account through your insurance company. Other financial institutions like banks may also offer this type of savings account. This account may also earn nontaxable interest that can be rolled over into the next calendar year. This allows many people to save up money for procedures like LASIK. Check with your specific health plan to see what type of medical procedures and other costs are eligible.
2. Personal Loan
You may decide to get a private loan from a friend or family member. Set this up on mutually agreeable terms. Personal loans from a credit union, bank, or loan company will have an application process. They may also request collateral along with other eligibility requirements.
3. Flexible Spending Account
This account helps you plan your medical expenses. You will have to set aside pre-tax dollars to use for deductibles, copays, and other eligible out-of-pocket healthcare costs. A flexible spending account is a prudent way to save for a LASIK surgery if your employer offers this benefit.
Tally your yearly average out-of-pocket medical expenses and add any planned procedures or purchases (like eyeglasses) for the coming year. Keep in mind that you will lose all your funds in your flexible savings account if you don’t use them within a calendar year. Some employers allow you to carry over a specific amount into the next year, while others give you the freedom to use them only within the first few months of the next year. Ask your employer to see if either applies to your plan.
4. Credit Card
This allows you to pay for your medical costs over a certain period. Generally, paying a LASIK surgery by credit card is not the most desirable option since interest rates tend to be higher than other forms of credit. However, if your card has a low-interest rate, it might be a good option to pay for your LASIK surgery.
5. Special Offers
Talk to your ophthalmologist about special offers or discounts in the healthcare marketplace that can help cover for your LASIK procedure. But beware, not everyone that offers special promotions on LASIK can be trusted. Don’t focus on the price alone because it can cause you to receive low-quality care. It’s important to consider the clinic’s reputation and accreditation first and foremost.
It’s possible to get a reputable surgeon with the option of affordable financing. Ask your employer, insurance company, or eye doctor for ways to reduce your LASIK surgery cost. With a bit of research, you can find the best way to cover the cost of the procedure without compromising the quality of care that you will receive.
Schedule A Free LASIK Consultation
LASIK, after all, is such a delicate procedure. Be sure that you get the best kind of treatment from a reputable clinic. At Arizona Retinal Specialists, our professional, experienced, and friendly eye doctors and staff will customize your care and overall experience. As leaders in the field of vision correction, we use cutting-edge technology to give you the ultimate benefit of improved vision. Call us today at 623-474-3937 (EYES) to schedule a free consultation and see what our doctors can do for you.