How to Finance Your LASIK Eye Surgery

LASIK eye surgery helps most people get 20/20 vision, which allows them to avoid buying contact lenses or getting a new prescription for corrective lenses year after year. The procedure isn't right for everyone, but if you're a candidate, you might see LASIK as an upfront investment that saves you time and money in the long run.

You have several options for LASIK financing, including personal loans, using HSA or FSA funds, and medical loans through your provider. We'll cover the costs and benefits of LASIK surgery, how to compare your financing options, and the steps to apply for a LASIK loan.

How much does LASIK eye surgery cost?

The average cost of LASIK surgery was $4,492, according to Market Scope. Corporate LASIK providers, such as The LASIK Vision Institute, NVISION Eye Centers, and The 20/20 Institute, typically charge between $1,500 and $3,500 per eye. Private practitioners may charge more, and pricing typically depends on several factors, including:

• The LASIK technology the clinic uses.
• The surgeon’s reputation and experience.
• The cost of living in your area.

Dr. Michael Brusco, surgeon at Brusco Vision, says his patients typically find the cost to be worth the benefits. “From a strict dollars-and-cents perspective, the one-time cost of doing LASIK will be less than the ongoing cost of glasses, contacts, and eye exams over time, especially after several years,” he says. 

What is a LASIK loan?

A LASIK loan is any type of LASIK eye surgery financing that allows you to pay for your procedure over time. Personal loans are a popular option for people who want an unsecured loan with a fixed interest rate. Most online lenders don’t require you to offer your home or vehicle as collateral, have an easy online application process, and offer quick funding. You typically have the option to pay back the loan over one to several years, depending on the lender and your budgeting needs. 

You could also get a LASIK loan through your medical provider or use a credit card for the procedure (more on financing options below).

How does LASIK financing work?

When you apply for a personal loan for LASIK, the lender will ask you questions about your borrowing needs, run a credit check, and evaluate your income and existing debts. You’ll provide your bank account information so the lender can deposit the funds in your bank account once you sign your loan agreement. 

The lender will offer you an APR, or annual percentage rate, which tells you the annual cost of the loan including interest charges and upfront fees, based on your financial profile. You may also have the opportunity to choose your repayment term, so you can select a monthly payment that fits your budget. 

Most lenders can distribute the funds as a lump sum deposit within a few business days. You repay the lender in equal monthly installments over several years. Just make sure your payments are on time, or you’ll risk late payment fees and damaging your credit score. 

However, a loan is not the only way to finance LASIK. You could use a credit card, savings, money in your FSA or HSA, or even a 401(k) loan (in some cases).

LASIK eye surgery financing options

• Health or vision insurance: Most insurance companies won’t cover LASIK because it is considered an elective procedure. However, some private vision insurance plans offer discounts up to 50% when you use an in-network eye surgeon. 
• Savings: LASIK eye surgery isn’t typically urgent. If you can wait a few months to kick your contacts to the curb, it could be financially advantageous to set aside some of your income in a high-yield savings account or HSA rather than taking out a loan. Plus, you could maximize rewards points by paying for it with a rewards credit card and immediately paying off the balance.
• HSAs and FSAs: If your employer offers an FSA, you can often contribute to the account directly from your paycheck. You don’t need to pay taxes on the money, and you can use the funds for any qualified medical expense, including LASIK. If you have an eligible high-deductible health plan, you can contribute to an HSA. Many employers will also contribute to your HSA if your HDHP is through your employer.
• Vision center financing: Some LASIK providers offer financing directly or through a third-party medical lender. Typically, the loan funds go directly to the provider, and the patient repays the lender in installments.
• Personal loans: Many patients enjoy the ease and flexibility of personal loans. You can apply online, get a lump sum in just a few days if approved, and use the money for almost anything. Repayment terms can vary from 1 to 7 years, depending on the lender and your preference.  
• Credit cards: Many major credit card issuers offer 0% APR promotions to new cardholders. You could avoid interest for a year or longer, but after the promotional period, the APR will adjust to the card’s standard rate. Medical credit cards often come with a deferred-interest introductory period, which is not the same as a true 0% APR promotion. Make sure to understand the terms of a deferred interest offer so you’re not hit with unexpected interest charges. 
• 401(k) loans: Many employer-sponsored retirement plans have loan programs, which allow you to borrow some of the money in your 401(k) account and avoid a tax penalty by repaying the loan with interest. You could use a 401(k) loan for LASIK, but consider other options. The loan could impact your retirement plans and will become due, in full, if you leave your job before paying it back. 
• Home equity loans and HELOCs: Home equity loans and home equity lines of credit (HELOCs) allow you to borrow against your home equity, or the share of your home you own outright. Home equity products offer low APRs and long repayment terms, but they may not be ideal if you only need a few thousand dollars. You’ll need to pay closing costs upfront, and missing payments on the loan could lead to foreclosure. 

How to compare LASIK financing options

When choosing the best LASIK eye surgery financing, consider the following:

• How long you need to repay: Longer-term options like personal loans have lower monthly payments, but if you only need a year or two to repay, a deferred-interest repayment plan or 0% APR credit card may save you money. 
• Eligibility requirements: Depending on your credit score and income, you could find it easier to get approved for some options than others. For example, a 401(k) loan doesn’t require a credit check, and some online lenders offer personal loans for bad credit. 
• APRs and fees: Consider the range of APRs and upfront fees associated with the loan. Borrowers with good or excellent credit can often qualify for low-APR personal loans with no origination fee, while home equity loans require upfront closing costs. 
• Loan amounts: You shouldn’t borrow more than you need, so be aware of minimum loan amounts. For example, lenders may not issue a home equity loan for less than $10,000. Some personal loan lenders require a minimum borrowing amount of $5,000, while others have lower minimums. Find a lender that offers the right amount for your procedure. 
• Lender reputation: Check customer service reviews for the lender on third-party sites like Trustpilot, especially if you’re considering a lesser-known medical lender. Make sure the lender is licensed in your state. 

Pros and cons of LASIK loans

Pros

• Can help you manage large expenses: Dr. Brusco says patients often seek LASIK when they’re managing other large expenses as well. “We often have people get LASIK before weddings so they don't have to wear glasses in their photos and also before vacations so they don't have to mess with contacts,” he says. You could use a personal loan to cover all these expenses, leaving you with one monthly payment that fits into your budget. 
• Low, fixed APRs: On average, 2-year personal loans come with much lower APRs than credit cards, according to the Federal Reserve. Credit cards and deferred-interest loans may offer a short period with a 0% APR, but they can be more costly in the long run if you need longer than the promotional period to pay for your procedure. 
• May lower your vision care expenses: Getting a loan to pay for LASIK may help you save money on glasses and contacts over the years. It can even be a smart career move if perfect vision helps you perform better in your occupation. For example, “Firefighters and police officers often tell me, especially those who can't tolerate contact lenses, that the fear of their glasses slipping off on the job is very stressful because it could mean life or death for them,” says Dr. Brusco. 

Cons

• Increase your debt balance: It’s generally better to avoid borrowing unless you need to cover a necessary expense. A LASIK loan adds to your debt balance, which could create financial difficulty if your job situation changes or you face a medically necessary expense down the road. 
• Requires at least fair credit: Most personal loan lenders require borrowers to have a FICO score of at least 580. Some lenders will consider bad credit applicants, but you can expect a high APR. If you already have a credit card but your credit score has declined since you were approved for the card, a loan may not offer interest savings over carrying a balance. 
• Impact your credit score: Applying for a LASIK loan will have a minimal impact on your credit score, but missed or late payments could cause more significant damage to your credit. 

How to get a personal loan for LASIK

1. Choose the LASIK financing option that best meets your needs.
2. Prequalify with a handful of personal loan lenders to get estimated APRs and payment terms.
3. Compare the monthly payment and total interest across options.
4. Choose a lender, considering the factors in the section above.
5. Proceed with the formal application, if necessary, which typically requires a hard credit inquiry.
6. If approved, make sure you understand the terms before signing your loan agreement.
7. Use the loan to fund your LASIK procedure.