Medical Loans for LASIK and Vision: Clear Choice?
Medical expenses are often unexpected and increase quickly. Doctors and hospitals typically want payment quickly. If you don’t have medical insurance, medical bills are typically large. Insurance decreases the total amount you pay, but deductibles and co-pays add up fast. Lenders provide medical loans for those types of expenses. You could also use these types of medical loans for LASIK and vision expenses. A vision medical loan lets you pay your medical bills over time, instead of all at once. Medical loans can help you pay for things that insurance may not cover, like dental work, plastic surgery, and fertility treatments. Even if you have bad credit, it is possible for you to qualify.
Medical Bills and How to Pay them for LASIK and Vision Care
Medical bills happen unexpectedly and can add up quickly. Many people take out loans to pay their medical expenses. You should do so with caution and make sure you completely understand the medical loan before you sign. Vision medical finance loans could also be called a vision loan for medical bills. These are loans that can only be used for medical bills, like LASIK.
There are several different medical loans for LASIK and vision. One is an unsecured loan for medical expenses. You may also hear the term personal loan in reference to these types of loans. The lender does not require collateral. These are typically for those with good credit and have an established trust with the bank. These may have a lower interest rate, but not always.
Secured loans for medical expenses are ones where the lender requires collateral. Typically, items used for collateral are vehicles or houses. The bank may be willing to take other big items as collateral, but not always. Some banks offer credit cards specifically for medical expenses. Sometimes these cards have a significantly lower annual percentage rate (APR). This lowered APR is usually for a specific period of time. It’s important to pay off the entire balance before the end of that time period. If not, you could be charged interest from the first time you used that credit card. Pay attention to the fine print when it comes to medical loans for LASIK and vision.
Medical Finance Options for LASIK and Vision Care
LASIK surgery is thought of as elective surgery and not covered by insurance. There are a few vision medical finance options available for LASIK surgery. There are companies that will finance LASIK surgery. This type of financing is easy and fast. Many LASIK surgeons offer financing through some major financing companies. You can apply for this type of financing online, or the forms can be faxed or mailed.
1. Flexible Spending Accounts (FSAs)
Flexible spending accounts (FSAs) are a great way to pay for medical procedures, like LASIK. An FSA is tax-free and a way to save money for LASIK surgery. FSAs allow you to take pre-tax income to pay for medical expenses. You take a portion of your earnings each paycheck and put it in an FSA account. That account is tax-free. The money is there when you are ready to use it for the LASIK surgery. You won’t have to pay interest on the money from the FSA account.
2. Health Insurance Coverage for Vision Care
Most of the time, insurance companies do not cover LASIK surgery. LASIK surgery is not considered an essential surgery because it is not needed for your vision. Insurance companies feel that you can wear glasses and contacts instead of having surgery. Typically, an insurance company negotiates with doctors and hospitals over fair prices for procedures. That will not happen with LASIK surgery. The insurance company will not negotiate the costs of the procedure for you.
3. How Much Does LASIK Cost?
The actual cost of LASIK varies depending on where you live and the provider. The average cost of surgery is anywhere from $1,000 to $3,000 for each eye. If you require a more sophisticated type of surgery, it may cost more. During the LASIK procedure, the surgeon reshapes the cornea to improve your vision. It takes only a few minutes but requires medication and expensive equipment. The fee for surgery includes care needed before surgery and the actual surgery, including necessary medicine. It also includes any exams and care needed after surgery. It also includes any additional surgery needed to make extra vision corrections.
Medical Loan for LASIK and Vision: Cautions
LASIK surgery may be the best thing you ever do. You know longer have to wear glasses or contacts. You save money by no longer having to buy contact supplies or new glasses. The surgery is expensive and insurance companies do not cover it. Medical Loans for LASIK and Vision may seem like a great way to get the money you need for surgery. The surgery could cost anywhere from $2,000 to $8,000. A sign for 0% financing for surgery could definitely attract your attention. It might be the best fit for you.
Some things you should know about the financing before you proceed. A typically financing plan is 0% for two years. If your total surgery costs are $5,000, that is a payment of $200 a month. Most of the financing is through CareCredit and your doctor gets a commission when you finance through them. It is a great deal, if you pay your bill off at the end of the 24 months. You need to know that if you don’t pay it all off in two years, you are charged interest all the way back to the surgery date. Typically, the rate of interest you are charged is 27%.
Let’s Take an Example
An example of how that math works is this: You have $500 left to pay at the end of the two years. The 27% interest back to the date of surgery is about $3000. So, now you still owe $3,500 and your total surgery costs are $8,000. Also, that 27% interest keeps adding on to your balance. Every month you haven’t paid off the $3,500, you are hit with 27% interest.
All of this is spelled out in the financing agreement. However, it is in the fine print. Read carefully. You should only consider these types of medical loans for LASIK and vision if you know you can pay it all off on time. If not, another option might be better for you.
Medical Loan Rates and Fees
LASIK surgery seems expensive on the surface when you look at the $5,000 price tag. Keep in mind, it is a one time expense. Wearing contacts and glasses is a recurring expense that over time adds up to more than the cost of LASIK surgery. Different LASIK providers may offer some different types of financing offers. There are medical loans for LASIK and vision available to you.
The credit card allows you to pay for medical expenses. Think of it as a vision loan for medical bills. It allows you to pay for your medical procedure over time instead of in one lump sum. They have several financing offers. There are no costs in the beginning, you can get either six months or one year of no interest. You are able to pay off the full amount at any time with no penalties. You do have to apply for the financing. The application takes less than 10 minutes. You can even apply online.
Medical Loan for LASIK and Vision: Benefits
There are some benefits to using medical loans for LASIK and vision procedures. It allows you the peace of mind in knowing that you have the funds for the procedure. It gives you time to pay for the procedure instead of paying for it all at one time. You are able to make monthly payments without having to accrue interest, fees, or penalties.
Medical Finance Tax Deductions
Medical tax deductions are deductions you can take on your tax return for medical expense costs you paid. Many medical loans for LASIK and vision are tax-deductible. You can deduct expenses for yourself, your spouse, or your children. Hospital fees and prescription medicines can be deducted. Fees paid by you to doctors and surgeons can also be deducted on your tax return. If you pay for your LASIK procedure with an FSA, it is not tax-deductible.
Can I Pay for LASIK and Vision Care with a Personal Loan?
Yes, you can pay for LASIK and vision care with a personal loan. There are medical loans for LASIK and vision available. A vision medical loan is a personal loan used for vision needs. The key to a personal loan is that is in an unsecured loan. There is no collateral associated with it. There are different banks offering various personal loan options. You can only use a medical loan for medical expenses. You can use a personal loan for any type of expense or debt.
Always count on Loanry to connect you with reputable lenders and may even make the entire process a bit easier for you. Down below, you will get a list of lenders who may give you a loan, based on the information you put in. Try it:
LASIK Eye Surgery Financing Bad Credit
There are medical loans for LASIK and vision available to you, even if you’re looking for a vision medical loan with bad credit. You should find out your credit score so you understand what loans you might qualify. If you already have a bank account and are in good standing with that bank, go there. You can check online to see what other loan options are available. When looking for loans online, you can fill out some forms to find out what type of loan for which you might qualify. This isn’t a guarantee of approval, but information to guide your decision about choosing a loan.
How do You Get a Medical Loan for LASIK and Vision Care?
Searching and applying for medical loans for LASIK and vision is fairly simple these days with online applications. You should do some homework and shop around for the loan that is right for you. There are tools online, like personal loan calculators, that can help guide your choice. You need documents when applying for a loan. It’s best to gather all the pertinent documents and have them ready so the loan process can go smoothly. You will need a picture ID and proof of employment and verification of your income, such as paystubs. You will need to fill out a longer application form to include information like social security number, employment history, and credit history. Reading all the documents including the fine print and understanding the information to which you are agreeing before you sign anything is also a good idea.
Medical loans for LASIK and vision are a good idea in some cases. If you have the money now to pay for the procedure and it doesn’t impact your savings, then you should pay for it. If you don’t have the money, or you would have to take money from savings, a medical loan may be the answer. Choose a vision medical loan, but make sure you understand what you are signing. Read the fine print. You should know how much money you have to pay per month. You should know if there will be interest accrued from the date of the procedure if you don’t pay it within a set time frame. Make also sure that you know if you have any extra fees or an early payoff charge. As long as you understand all these things, you are equipped to make the best decision.
Julia Peoples is a long-time business manager focused on providing decision making assistance to the public. She works with people at key points of their lives who are making important retirement and financial decisions. She has had many articles published that educate the public on sound financial decision making.
Julia writes for those who are working towards financial freedom or a better understanding of how finances work. She has shared her financial insights with individuals on a one on one basis for years.