Laser eye surgery has transformed vision correction in recent decades. By reshaping the cornea, procedures like LASIK can reduce reliance on glasses or contacts with improved vision. However, the upfront cost of the procedure deters many people. That cost can increase when including consultations, scans, surgery fees and post-op care.
With flexible financing, laser eye surgery becomes more accessible if you lack private health rebates. This article explores pathways for covering costs based on clinic plans, loans and accounts.
Understanding Your Costs
Basic laser eye surgery procedures typically start from around AUD$2,500-$3,500 per eye, but other factors, such as the type of surgery, also affect the price. Corrective surgery costs vary based on the clinic, surgeon, technology and desired correction. Complex cases like severe astigmatism may cost more.
Some private health plans offer partial rebates, but most individuals pay out-of-pocket. It's also important to note that most health insurance plans do not typically cover laser eye surgery, as it is often considered an elective procedure. Knowing total costs allows realistic financing.
Financing Options
-
Internal Clinic Plans
Many laser eye surgery clinics offer payment plans to increase affordability. These plans break down the costs over 6-24 months with reasonable interest rates. Payment plans may require a deposit, which can vary by clinic, followed by fixed instalments. It's essential to check with the specific clinic for their terms.
While some clinics charge an account fee, they may offer perks such as discounts on enhancement surgeries or free consultations for life. Their internal financing works like a personal loan with terms clearly outlined before committing.
-
Third-Party Financial Solutions
Personal Loans
Banks or online lenders offer personal loans suitable for financing laser eye surgery. Borrowing AUD$5,000 to AUD$10,000 and spreading repayments over two to five years prevents substantial upfront costs.
Compare interest rates from different providers based on your credit score and income level, which drives eligibility. Seek rates below 10% p.a for affordable installments. Reputable resources and apps can help you contrast loan features quickly, so use them to your advantage.
Medical Loan Specialists
Specialised medical lending companies understand elective surgery loans have unique needs. They facilitate loans for one to five years with online applications and approvals within days.
Some medical loan specialists offer fixed rates below 10% p.a for excellent applicants or deferred repayments until after your procedure. Ask clinics for credible medical lending partners to aid you in financing your laser eye surgery. It's also advisable to research and verify the credibility of these lenders independently.
Credit Card Offers
Some credit cards promote 0% interest promotions for healthcare like laser eye surgery. You request checks to send your procedure payments. As long as you pay back the full balance during a set term, typically under two years, you avoid all interest charges.
However, failing to repay the promotional credit card balance results in sharp rate spikes of over 20% APR or more. The deferred interest also applies retroactively from the original charge date. Avoid these traps by only spending what you can realistically pay off within the 0% term.
Keeping disciplined about debt management and timely payments provides an accessible financing option. Just know standard variable rates will apply beyond the set term while checking repayment schedules carefully. Additionally, deferred interest on the full initial balance gets imposed for carrying any leftover balance beyond the 0% term.
-
Alternative Options
Government Assistance
The government offers programs like Medicare to cover certain healthcare costs. Check if laser eye surgery qualifies under existing assistance schemes you already utilise. Or explore programs for low-income citizens needing support for medical procedures.
Just understand all the guidelines and limitations before pursuing government money. Confirm laser eye surgery meets eligibility criteria as an approved, essential treatment. Also, verify qualifications based on your financial situation and citizenship status.
Gift Or Loan from Family Or Friends
Seeking financial help for laser eye surgery from family and friends provides another funding avenue. Loved ones may offer money gifts or low-or-no-interest loans to cover your procedure as needed. This avoids an expensive financial burden.
Just make any agreements clear regarding gifted funds versus loan payback expectations. Keep terms about repayment schedules, interest rates owed, and loan durations in a signed contract. Above all, ensure timely payments to maintain good relationships post-surgery. Avoid awkwardness by only borrowing what you can realistically repay.
Choosing The Right Option
With multiple financing options for laser eye surgery, apply due diligence when deciding the best approach. Compare repayment time frames, monthly costs, total interest paid and eligibility barriers between alternatives.
Consult impartial financial advisors about selecting suitable lending products for your personal situation. Clinic staff can also explain accessible payment schemes they recommend from experience. Ultimately, an informed borrowing choice helps realise laser eye surgery's life-enhancing potential affordably.
Conclusion
Seeking vision correction through laser eye surgery deserves an informed financial decision. Costs can deter potential candidates. However, modern lending options make procedures more accessible, even if health plans offer limited rebates.
By understanding the versatile payment schemes available, finding the optimal solution provides financial clarity. Do your research to make laser eye surgery's transformative effects on quality of life a reality.
