For a lot of people LASIK is not just for getting rid of glasses. It is also for the convenience of daily activities which include travel, exercise, work and contact lens management. Also the cost of laser vision correction is a very important factor.
Instead of putting off treatment which is expensive at the start patients may look into what lasik eye surgery financing and payment options are available which in turn will make the total cost more manageable. It is not that which has the smallest monthly payment which is the best approach. What is important is that you know the full picture of the treatment cost, that you confirm you are a good candidate for the procedure and then choose a payment plan that works for your financial situation.
At Vasan Eye Care the cost of LASIK may fluctuate based on the laser technology which is put forth for your treatment, your eye health issue, the results of diagnostic tests and the care plan which is determined post evaluation. EMI options also may be available at some centers.
First, Understand the Complete Cost of LASIK
Before you go into LASIK eye surgery financing, get a detailed outlay of what your treatment package includes. Prices of LASIK procedures may vary since every patient is different. We may recommend Standard LASIK, bladeless or Femto LASIK, Contoura based treatments which can have various technologies which in turn have different costs. Also your prescription, corneal thickness, eye health, and overall suitability to the procedure will play a role in what we put forth.
Vasan Eye Care reports that the total cost of LASIK includes the surgery as well as diagnostic testing, pre-operative evaluation, prescribed medicines, protective eyewear and follow up care. This is to say that which hospitals advertise the best price for the surgery may not give you the full picture.
More so the issue of financing should come after we have had an eye exam. LASIK which is a correction of the cornea forever also like any other surgical procedure has risks and issues. A very detailed assessment is required to determine if LASIK is right for you.
What Are the Common LASIK Eye Surgery Financing Options?
Some payment options which may help patients with LASIK costs. What you will see is that terms of the plans may vary between hospitals, banks, card issuers and financing companies.
EMI Options Through the Eye Hospital
One of the most convenient laser eye surgery finance options may be in the form of EMI which is made available through the hospital or their financing partners.
Instead of a full payment at time of service we have that the eligible treatment cost may be put into monthly installments. At present Vasan Eye Care reports that EMI and finance options are available at some of our centers. It is advised that patients check out what the terms are, the eligibility criteria, what the processing fees and interest are with the particular Vasan Eye Care center which you wish to use before you schedule your surgery.
Do not assume that every EMI is interest-free. Ask for the total amount payable rather than looking only at the monthly instalment.
Credit Card EMI
Some credit card companies have options for health care related transactions to be paid as EMIs. This is useful for patients which already have a credit card with enough available limit. Before you go for this type of laser payment option check the interest rate, processing fee, GST or other charges, repayment term and total repayment amount.
A seemingly small monthly EMI can become expensive if the repayment period is long.
Personal or Medical Loans
Patients also may look into a personal loan or a health care focused loan from a regulated financial institution. If you use borrowing for your Lasik eye surgery financing compare the Annual Percentage Rate or APR which is a full picture of the cost of the loan including fees as well as the interest rate.
The Reserve Bank of India makes it a requirement for regulated lenders which come under its digital-lending purview to put out the APR and to give to the borrower a Key Fact Statement which includes the main terms of the loan before the agreement is put in place. Please read this over carefully before you accept any loan.
Savings and Planned Payments
Financing is not at all times the same as borrowing. If you are a few months out from getting LASIK you may decide to put it away in a separate savings account. Putting aside a small set amount each month will in turn lower the total amount you’ll have to finance.
This approach also may which in turn help you to avoid interest and loan processing charges. Some patients opt for a mixed approach of savings and EMI. For example they may put down a certain percentage as an upfront payment and finance the rest if that option is presented to them.
Does Health Insurance Cover LASIK Surgery?
This is a very common question we get from patients as they research laser eye surgery finance options. In India what we see is that coverage for LASIK varies by health insurance policy. Refractive error correction may be included or it may be left out in your policy, may have different eligibility requirements or may be a part of optional benefits.
IRDAI says it is the policyholder’s responsibility to go over exclusions, waiting periods, sub-limits, co-payments and all other policy terms which may not be what they assume. We have some policy docs registered with IRDAI which exclude refractive error treatment if it is below a certain level of definition, also some products do include additional refractive surgery benefits.
Before you get LASIK, contact your insurance company. Ask if your specific procedure and refractive power is covered, if pre authorization is needed and what documents you will require.
How to Plan Your LASIK Budget Properly
A great lasik eye surgery financing plan begins with the medical evaluation which is prior to the loan application. First determine if in fact you are a candidate for LASIK. Your ophthalmologist will check out your refractive power, corneal thickness and shape, tear film, and the general health of your eyes. At Vasan Eye Care we present that while not all patients are suited to LASIK, there are other options available such as PRK or SMILE which will be recommended based on what is best for your eyes.
Once the process is put forth request the total which is reported out. See to it that in this report diagnostics, medicines and follow up appointments are included. Also determine how much of your savings you can put toward it without at the same time touching into your emergency fund or important expenses.
If you are to get financing do a comparison of the total repayment between what is available. For each laser payment plan look beyond the advertised EMI and check the interest, APR, processing fees, late payment charges and repayment term.
Most also don’t choose a LASIK which has the lowest price or the easiest EMI. What is recommended is based on your eye exam and your ophthalmologist’s clinical evaluation.
Questions to Ask Before Choosing LASIK Financing
Before you agree to a financing plan make sure to determine the exact procedure cost, what is included in the package, the amount which is to be financed, the EMI’s, the repayment term, interest or APR and also any extra fees. Also ask out if there is a charge for early repayment and what the terms are if an EMI is missed. If the financing is through a third party provider, confirm who the actual lender is and read the Key Fact Statement and loan agreement before you share financial info or accept the offer.
Financing Should Support the Right Treatment not Decide It
Affordable payment plans can make laser vision correction a more convenient option to plan out, however it should not play a role in the medical decision of whether to have LASIK. The first thing is a full eye exam and a talk with a qualified ophthalmologist. Once your health care provider says you are a good candidate for the procedure and what that is, lasik eye surgery financing can help you determine a payment which works for you.
At Vasan Eye Care we tailor our LASIK treatment plan to each patient’s eye health and as well during the clinical evaluation. EMI options may be available at some of our centers which is to say that after your LASIK assessment you should talk to the particular center about what we have to offer in terms of payment plans.
Conclusion
LASIK is a big call which many people make both from a personal and financial perspective but that does not mean the full cost has to be paid up front. Savings, EMI options, credit card instals, insurance in certain cases and regulated lending products are also what some patients put forward.
The best approach to lasik eye surgery financing is to first get your LASIK evaluation, go over the specific treatment you will receive and get out a detailed cost analysis. Then compare which payment plans best suit your budget in terms of total cost, not just which has the lowest monthly payment.
If you are interested in LASIK, come in for a thorough assessment at Vasan Eye Care. Once your eyes have been evaluated the staff is able to go over with you the put forth treatment plan, the expected costs, and what we accept for payment at which center.
Frequently Asked Questions
- Can LASIK surgery be paid for in EMI?
EMI options for LASIK are available at some Vasan Eye Care centres. Terms vary for each. Ask the centre what the full pay out will be and what the terms are before you choose an EMI option.
- What is the best way to finance LASIK surgery?
There is not a one size fits all solution. Savings, hospital supported EMI, credit card EMI or loans may be appropriate based on your financial situation. Look at the total repayment, fees and interest before you choose lasik eye surgery financing.
- Is LASIK covered by health insurance in India?
Coverage is at the discretion of your individual policy. Some plans may not include refractive error correction which is a specified condition in your policy, while some may in certain situations or as an additional benefit. Before any treatment, always get in touch with your insurer for confirmation.
- Are zero-cost EMI options available for LASIK?
Zero cost EMI is at the discretion of the hospital, financing partner, card issuer and present program. Even if an offer is put forth as zero cost EMI, check out the processing fees and other charges before you agree to the plan.
- Should I take a personal loan for LASIK?
A personal loan is a choice but it does create a payment obligation. Look at APR, processing fees, term of the loan and total repayment before you borrow. Get the loan only when the installments fit into your budget.
- Should I choose a cheaper LASIK procedure to reduce my EMI?
Not for the sole reason of cost. LASIK technology what you choose should be based on your refractive error, corneal measurements, state of eye health and what the ophthalmologist recommends. Cost and laser eye surgery finance options are issues to consider only after the best clinical treatment option has been determined.