Whether you’ve received your ophthalmologist’s recommendation that LASIK eye surgery is right for you or you’re just curious about the procedure, you probably have questions about costs and financing, too. Does insurance cover LASIK? Are there alternate ways to pay for your procedure — without breaking the bank? We have the answers.
Will Insurance Pay for LASIK?
Because LASIK is considered an elective procedure, most traditional health insurance plans don’t consider it eligible for full coverage. However, it’s worth asking your provider as some plans might cover at least a portion of the cost.
In addition to health insurance, some employers offer supplemental vision care plans, which may offer discounts on LASIK, as well. It is worth noting that there are always special situations. A number of specialty union health insurance plans offer partial coverage or reduced rates for LASIK surgery in their standard policy. And in certain rare cases, LASIK is specifically written into high-premium health insurance plans offered to high-level corporate executives.
Since insurance benefits vary from one company to another — and even from one plan to another — the only way to know for sure if LASIK is covered by your specific plan is to contact your insurance company directly. Inquiring about your plan benefits ahead of time eliminates surprises after the fact.
How to Pay for LASIK without Insurance
If your insurance plan doesn’t cover the entire cost of LASIK, there are many options that can minimize the strain on your budget. Here are four ways to make paying for your LASIK procedure more feasible.
1. Financing
While looking at the total cost of the procedure can be overwhelming, dividing it into smaller amounts that you pay over time can make it feel more manageable. Explore financing options such as payment plans with your ophthalmologist’s office.
Also, consider applying for a healthcare credit card, like CareCredit, which allows you to finance medical expenses that aren’t covered by insurance. CareCredit offers several shorter- and longer-term financing terms so you can choose the one that best fits your budget.
2. Flexible Spending Account (FSA)
Plan ahead for your medical expenses through the use of a Flexible Spending Account, in which you set aside pre-tax dollars to use for copays, deductibles, and other eligible out-of-pocket medical costs. If your employer offers this benefit, an FSA is a prudent way to save for planned medical expenses, like LASIK surgery.
To estimate the amount to set aside in a calendar year, tally your annual average out-of-pocket medical expenses and add any planned purchases (such as eyeglasses) or procedures for the coming year. Keep in mind that you need to use all of the funds in your FSA within a calendar year, or you’ll lose them.
Some employers allow you to use them during the first few months of the next year; others allow you to carry over a specific amount into the next year. Check with your employer to see if either applies to your plan.
3. Health Savings Account (HSA)
Like a Flexible Spending Account, a Health Savings Account allows you to use pre-tax dollars to pay for copays, deductibles, and other eligible out-of-pocket medical costs. If you have a high deductible (over $1,350 for an individual or over $2,700 for a family) insurance plan, you may be eligible for an HSA through your insurance company. Your bank or other financial institution might also offer this type of savings account.
Unlike money deposited to an FSA, the funds in your HSA may earn nontaxable interest — and can be rolled over into the next calendar year.
4. Special Offers
Ask your ophthalmologist’s office about discounts or special offers in the healthcare marketplace that can be applied to your LASIK procedure. Third-party discount sites can also offer special promotions on LASIK but beware. Focusing on a low price instead of a clinic’s accreditation and reputation can lead to receiving lower-quality care.
Schedule a Free LASIK Consultation
When choosing an eye care provider for a delicate procedure like LASIK, you want an ophthalmologist you can trust. At Barnet Dulaney Perkins Eye Center we are focused on patient care, blending compassion with over 35 years of experience and expertise. As leaders in the field of vision correction, we incorporate cutting-edge technology that allows us to customize your procedure for your unique vision.
We’ve been voted the number one eye care center in Arizona by Ranking Arizona from 2013-2019 because of our commitment to excellence. Don’t take our word for it, see for yourself. Schedule a free, no-commitment LASIK consultation today to see what our doctors can do for you.