Three options of financing plans for LASIK
The popularity of LASIK in recent years has never greatly brought down its average price. This surgery always costs a few thousand dollars per eye. For most low-income individuals, this expense is somewhat unaffordable. This situation is further worsened by the fact that LASIK cost is not covered by Medicare and most insurance plans. Taking such an amount of money out of pocket is almost an impossible task for some people. The high prices should not preclude ordinary people from this beneficial surgery.
Financing plans help divide the total expense
Fortunately, various financing options help these people receive LASIK, insuring best visual treatment. Resorting to a financing plan, the patients are allowed to pay LASIK expense within a long period, e.g. one year or several years. Generally speaking, the monthly payments of different financing plans vary from $127 to $420. This monthly expense depends exactly on personal preference. In general, there are three types of financing options: health care financing company, financing through a LASIK surgeon and a flexible spending account (FSA).
About payback time and interest rate
Health care companies usually allow patients to complete payments within three years. In some cases, patients can extend the period for five years. The interest rate is also worth consideration. While short term plans charge no interest, most companies charge longer-term loans interest rates up to 22.99%. In some cases, deposits are required. Since your surgeon always works with only certain financing companies, you should make a prior consultation.
Necessary information during application
Like other loans, the application for credit from a LASIK financing company is simple and quick. Of course, financing companies require your correct, personal information, e.g. full name, permanent address, social security and telephone numbers, household income and possibly driver’s license number. The name of the surgeon and the estimated cost of your surgery are also needed during an application. Some companies accept mailed or faxed application. In this case, you can simply print out the company’s application forms and send them after proper filling.
Be careful of online application
Besides mail and fax, patients can also apply for a loan online. They can simply enter correct information described above. Some financing companies claim that they can finish the application within periods as short as a few minutes. Opting for this convenient way, patients should also check the legitimacy of the loan. Before an online application, patients should better get a list of approved financing companies, in order to ensure a safe loan. In most cases, reputable companies with good track records are more trustful.
About delayed penalty and late fee
Like other loan programs, LASIK financing also involves delayed penalties and late fees. While encouraging paying off the loan in advance, most financing companies charge late-payment penalties, e.g. removing your low interest or no-interest rate, incurring a considerable late fee and recording an adverse report on your credit history.
Financing options from surgeons and flexible spending accounts
Patients can also get financing plans directly from LASIK surgeons. Some surgeons provide financing options that allow patients to spread out payments over months or even years. In addition, flexible spending accounts also help in financing LASIK. Patients can use a portion of their pre-tax salary to create a tax-free account, which is exclusively maintained to pay for a LASIK procedure at certain time. FSAs are always sponsored by employers.
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