How to Pay for LASIK: Financing and Savings Options

LASIK eye surgery offers an effective vision correction solution, reducing reliance on glasses or contact lenses. While beneficial, its cost is a significant consideration. Understanding financial strategies can make LASIK more accessible. This article explores avenues for financing and saving on LASIK, from health accounts to clinic offers.

Understanding Insurance and Health Savings Accounts

Health insurance plans typically categorize LASIK as an elective procedure, generally not covered by standard health insurance. While full coverage is rare, some vision plans or employer-sponsored benefits might offer partial discounts or savings. Inquire directly with a benefits coordinator to understand any potential discounts.

Despite limited insurance coverage, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) offer a tax-advantaged way to pay for LASIK. Both allow individuals to set aside pre-tax dollars for qualified medical expenses, including LASIK. Contributions reduce taxable income, lowering the procedure’s cost. For instance, if an individual is in a 20% tax bracket, using pre-tax funds for a $4,000 LASIK procedure could save around $800.

HSAs are for those with high-deductible health plans (HDHPs) and allow funds to roll over year to year, providing long-term savings. For 2025, individuals can contribute up to $4,300 to an HSA, while families can contribute up to $8,550. FSAs, typically employer-offered, allow pre-tax payroll deductions but generally have a “use it or lose it” rule by year-end, sometimes with a grace period. The FSA contribution limit for 2025 is $3,300 for individuals, with some plans allowing a carryover of up to $660. Using either account for LASIK means paying with tax-free money, making the procedure more affordable.

Exploring Financing and Payment Plans

For those without sufficient HSA or FSA funds, or preferring to spread out the cost, various financing options exist. Medical credit cards, like CareCredit or Alphaeon Credit, are designed for healthcare expenses and are a common LASIK financing choice. These cards often feature promotional periods (6-24 months) with deferred interest, charging no interest if the full balance is paid by the term’s end. However, if the balance is not paid in full by the deadline, interest can be charged retroactively from the original purchase date, often at a high annual percentage rate (APR), such as 29.99%.

Personal loans from banks or credit unions offer another financing avenue. These general-purpose loans can be used for medical expenses, typically with fixed interest rates and repayment terms, offering predictable monthly payments. While personal loan interest rates can vary based on creditworthiness, they often range from around 7.99% to 24.99%, potentially lower than the retroactive rates on medical credit cards. Unlike medical credit cards, personal loans do not typically offer 0% introductory APR periods, meaning interest accrues from the start.

Many LASIK clinics offer in-house payment plans directly to patients. These plans can include 0% interest for a set period, similar to medical credit cards, or offer extended payment terms with fixed monthly installments. Some clinics may even approve financing regardless of credit history, focusing on verifiable income and residency. These direct options are beneficial as they are tailored for the procedure and may simplify the application.

Leveraging Tax Considerations

Beyond pre-tax savings accounts, LASIK expenses may offer a tax benefit through itemized deductions on federal income tax returns. The Internal Revenue Service (IRS) classifies LASIK as a qualified medical expense because it corrects a vision defect, not a cosmetic issue. To deduct medical expenses, including LASIK, taxpayers must itemize their deductions rather than taking the standard deduction. This strategy is generally beneficial only if total itemized deductions exceed the standard deduction for a given tax year.

A significant limitation for deducting medical expenses is the Adjusted Gross Income (AGI) threshold. Taxpayers can only deduct the portion of their qualified medical expenses that exceeds 7.5% of their AGI. For example, if an individual has an AGI of $60,000, only medical expenses over $4,500 (7.5% of $60,000) would be deductible.

This threshold applies to the total of all qualified medical expenses for the year, not just LASIK, so combining various medical costs can help reach the necessary amount. Expenses paid with pre-tax funds from HSAs or FSAs are not eligible for this deduction, as they have already received a tax benefit. Consulting a tax professional is recommended to understand eligibility and ensure proper documentation.

Accessing Clinic-Specific Offers and Discounts

Many LASIK clinics provide promotions and discounts to attract new patients, significantly reducing out-of-pocket cost. Offers often include seasonal discounts (e.g., year-end promotions) or package deals for both eyes. Some clinics advertise fixed monetary discounts, commonly ranging from $500 to $1,000 off per eye, or percentage-based reductions on the total procedure cost. These promotions are typically applied before any other financing or payment options.

Referral programs can provide savings, offering discounts to both existing and new patients. Some employers or professional organizations may have negotiated discounts with local LASIK providers as part of employee benefits or wellness programs. Checking with an employer’s human resources department can reveal if such corporate discounts are available. Attending consultations at multiple clinics is practical, allowing patients to compare pricing, inquire about offers, and understand service scope.