Payment Options for Laser Eye Surgery
So, you've decided to take the plunge and go for laser eye surgery. Maybe it wasn't your choice, but done on the recommendation of your doctor, or maybe you've just had enough of glasses or contact lenses. Whatever the reason, one of the first things that come to mind is, "How am I going to pay for it?" You may be saving lots of money from not renewing your glasses or contact lens prescriptions, but paying for laser eye surgery is going to take a lot of money.
Laser eye surgery isn't a cheap thing to have done by any means, but luckily, there are a few ways that you can fund it. Using your savings is probably the most straightforward and often cheapest way of paying for your surgery. But there could be many reasons why this option isn't for you. So, let's look at what other options there are out there.
What might be a cheaper option than using your own savings is seeing if you can use a Flexible Spending Account (FSA), or a Health Savings Account (HSA). These are two types of accounts that allow you to save directly from your pay before any tax is deducted. That means that by using them, you are basically getting a helping hand free from the Government.
Using a Tax-Free Savings Account
§ A Flexible Savings account is a type of account that was agreed by the Government. In basic terms, you and your employer can set an amount to be paid into this account directly from your payroll check.
§ A Health Savings Account is another way of making tax-free savings. And any unused amount is rolled over every year.
The are lots of rules and regulations around opening the above two accounts, including the amount you can save and health plans you need to have in place. So, if you think you may be in the position to do so, then please make sure you talk to an independent financial advisor before you do anything else.
Getting a Low-Interest Loan or Credit Card
If the above option isn't for you, then this might be another avenue to explore. Even in today's climate there are still some 0% loans available. You do need have to have an excellent credit rating to be successful in getting approval for one of these. So, unless you're the kind of person who pays off the balance on their credit cards every month, then it's unlikely that this will work for you.
If you aren't able to get a 0% interest loan, then it's still worth looking to see if you can get a very low-interest one. Some companies will offer 0% for so many months before moving onto a more normal rate of interest.
If you can't get a personal loan with a low interest rate, then you may be able to do so by applying for a secured loan. This means that something you own, normally your house, is secured against the money that you borrow. Banks tend to be more lenient in agreeing secured loans than personal ones. Whatever you do, make sure that you have the means to make the repayments on a secured loan as the consequences of defaulting on one are not something you really want to experience.
Financing from the company doing the Surgery
Often, the company doing your eye surgery will offer a financing scheme. It's well worth asking around to see if this is an option for you. A similar option to this is by approaching the surgeon doing your eye surgery. Many surgeons offer financing for procedures they are carrying out, and they are often at 0% or very low interest rates.
Borrowing from Friends
If you're going to have to borrow money, and you can't get a 0% loan, or access money in any other way, then if you have friends or family that can help you, this is probably the cheapest way of paying for your surgery.
Whichever option you decide to use, be it using your savings, taking a loan, or borrowing from friends and family just make sure you are happy with the decision. There's nothing worse than having a financial burden hanging around your neck that you resent having taken on in the first place.