The cost often remains an immense barrier, even though patients can achieve clear vision with a quick, precise laser procedure.
Two innovative financial strategies make this life-changing surgery more accessible.
Patients can use tax-friendly payment plans to spread the cost of laser vision correction over time, easing the immediate and long-term financial load.
This article covers the benefits, who qualifies, and how to use these plans, helping people invest in their vision without hurting their finances.
Learn how you can see clearly with less financial stress.
Combining Personal Loans & HSA
Patients with limited funds can manage laser vision correction costs by taking out a personal loan and opening a Health Savings Account (HSA).
- Personal loans let you pay in installments.
- An HSA reduces your taxes over time.
Here’s a guide to help you use this combination.
Personal Loans
Personal loans can make laser vision correction more manageable by letting you pay monthly instead of all at once.
Arrange this financing before choosing an ophthalmologist for the best results.
- Connecting with many online lenders can increase your approval chances and give you more options.
- Letting several lenders compete enables you to compare fees, interest rates, and repayment terms.
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If approved, the loan goes directly into your bank account. With enough money, you can choose the best eye doctor based on their experience and success rate, not their in-house financing options.
Health Savings Accounts (HSA)
An HSA can reduce the cost of your corrective eye surgery through tax savings. An HSA is a tax-advantaged account linked to a High-Deductible Health Plan (HDHP).
Here’s how to make the most of this opportunity:
– Sign up for an HDHP and HSA during open enrollment at healthcare.gov or through your employer. You can also enroll anytime after a qualifying life event.
– Pay the provider using the personal loan proceeds obtained earlier or from the money you accumulated over time.
– Make tax-deductible contributions to the HSA up to the yearly maximum. These are the current limits, which rise slightly every year.
- $4,150 for self-only coverage
- $8,300 for family coverage
- Additional $1,000 if 55 or older
– Pay yourself back with tax-favored money. As long as your HDHP is active, you can continue contributing and overcoming the annual limits.
Costs and Benefits
Combining personal loans and HSAs lets you offset financing costs with tax savings. Since each patient’s situation is different, a quick comparison might help.
Financing Costs
Suppose you take out an $8,000 personal loan and pay for your surgery in twenty-four monthly installments. Depending on your credit qualifications, your financing costs might fall into one of these ranges.
| Credit Score | Interest Rate | 24 Month Costs |
| 720–850 | 11% | $949 |
| 690–719 | 14% | $1,218 |
| 630–689 | 19% | $1,678 |
| 300–629 | 30% | $2,735 |
Tax Savings
If you use your HSA to reimburse yourself for the $8,000 expense, your tax savings will depend on your bracket. In this example, we assume you are married and filing jointly.
| Income Range | Federal Rate | Total Saved |
|---|---|---|
| < $89,450 | 15% | $1,200 |
| <$190,750 | 22% | $1,760 |
| <364,200 | 24% | $1,920 |
Combining an HSA with a personal loan for eye surgery evens out cash flow. It reduces your tax burden, offsetting financing costs. Patients with Flexible Spending Accounts might find an even better deal.
FSA Installment Plan Alternative
A Healthcare Flexible Spending Account (FSA) can manage laser vision correction costs using pre-tax dollars contributed over twelve months.
Here’s how patients can leverage their FSA as a financing alternative with fixed installments and guaranteed acceptance.
Immediate Access to Funds
The total amount you allocate to your FSA is available at the start of the plan year, even though you contribute throughout the year.
This hidden feature lets you use your FSA like a twelve-month, interest-free medical loan from your employer.
Steps to Utilize Your FSA for Laser Vision Correction:
- Choose an FSA Contribution During Open Enrollment: Decide how much to allocate based on the procedure’s expected cost.
- Schedule the Procedure at the Start of the FSA Plan Year: Ensure the total amount is available for immediate use.
- Immediate Reimbursement: Your employer funds any qualifying expenses charged to your FSA debit card.
- Repay Through Payroll Deductions: Repay your employer with pre-tax contributions deducted from your paycheck over the year.
- No Interest or Fees: Employers cannot charge interest or fees for using FSA funds.
- Tax Savings: Pre-tax payroll deductions reduce income subject to income and FICA taxes.
No Credit Check Required
An FSA offers a financing alternative for laser vision correction without a credit check. This option benefits those with poor credit, as participation is determined by your employer, not by credit scores.
Your employer cannot access your credit report or consider your credit score. This IRS rule guarantees acceptance for patients who usually can’t pay for medical services in installments.
Managing Contributions Limits
One drawback of using an FSA is the annual contribution limit. The current IRS maximums are:
- Per Employee: $3,200
- Two Working Spouses: $6,400
Compare these limits to the average out-of-pocket costs for different procedures and plan accordingly.
| Procedure | Typical Cost per Eye |
| LASIK (laser in-situ keratomileusis) | $2,000 to $4,000 |
| PRK (photorefractive keratectomy) | $1,500 to $2,000 |
| RLE (refractive lens exchange) | $3,000 to $8,000 |
| Phakic IOL (intraocular lens implant) | $3,000 to $5,000 |
Married couples with both spouses having an FSA at work can cover most costs. Households with one participant can spread treatment over two years by correcting one eye at a time.
An FSA is a better way to pay for corrective eye surgery than traditional financing. You avoid rejection and borrowing costs, save on taxes, and spread payment over twelve months.
