Cornea Associates of Texas of Texas

How to Make LASIK, PRK and Premium Lens Cataract surgery affordable

By Cornea Associates of Texas on November 10, 2014
All financing offers discussed on this page are through Care Credit.
Do you have a medical wish list?  Are you considering LASIK or another out-of-pocket medical procedure, but are unsure how you could pay for it?  This is an increasingly common situation for many of our patients.  Medical deductibles are increasing along with the popularity of procedures like LASIK and Premium Lens Cataract surgery which are not covered by insurance plans.  We offer a couple of suggestions for our patients with large out-of-pocket expenses. 
The first option is a flexible Spending account.  Here you will learn about the ways you can save money by using your FSA account to pay for your LASIK, PRK, Premium Lens or any other non-covered procedure.  Because these are considered cosmetic procedures, most insurance plans will not cover the cost.  The good news is that they generally qualify under a flexible spending account (FSA). 

A Flexible Spending Account (also known as a flexible spending arrangement) is a particular account you put money into that you use to pay for certain out-of-pocket health care expenses, such as: copayments, deductibles, some drugs, and some other health care costs. The benefit of using FSA plans is that they can effectively reduce your income taxes.  Depending upon your tax bracket, you could end up saving anywhere between $1,500 and $2,280 in taxes for a $4,000 LASIK procedure. You do not have to pay taxes on this money and you can put up to $2500 per year into your account used in conjunction with our 0% interest financing.  This makes LASIK become extremely affordable.  During the year, when you acquire medical costs that are not covered by your insurance, you will submit your explanation of benefit forms and then be reimbursed for your out-of-pocket expenses, including your LASIK procedure, with the funds taken from your FSA. At the end of the year or any grace period you have on your FSA, you lose any money left over that you did not use. It is important to plan carefully and not put extra money in your FSA than you think you will spend within that year on permissible health care costs.

Another option, for patients currently participating in a HDHP (High Deductible Health Plan) is an HSA account or Health Savings Account.  An HSA is an account that you or your employer (or both) put in pretax contributions into it; it can be done by way of payroll deductions. The total contributions are limited annually and it must stop once you are enrolled in Medicare. The good news is that you can keep the money in your account and use it to pay for medical expenses tax-free throughout your life—including retirement. You do not have to “use and or lose it” when it comes to the money in your HSA. Any remaining balances carry over to the next year. You also can withdraw your money tax free at any time from your account.
Speak to the HR department with your employer to determine if you are eligible for either an HSA or FSA account.  We also recommend patients come in now to make sure you are a candidate before you set aside your money specifically for LASIK/PRK or Premium Lens Cataract Surgery. You can schedule for a consultation by calling our direct LASIK line at 214-696-5900 or by calling our main line at 214-692-0146.
Finally, we offer interest free financing through Care Credit for any out of pocket expense above $1,000.  After completing a quick application process, our surgical counselors can walk you through your financing options.  Alone or in combination with an FSA or HSA account, our patient financing can help make all of our procedures affordable.  It is our goal to provide everyone with access to the best care available.

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