Financing Options

Options for managing LASIK surgery costs include using a flexible spending account (FSA), or, for U-M employees, payroll deduction.

With these options, you can reduce the upfront cost of LASIK into more affordable monthly payments.

Payroll Deduction for U-M Employees

U-M employees can use payroll deduction over a 12-month period to pay for LASIK. Employees pay a nominal fee, making this plan virtually interest free.

Flex Funds

Many companies offer Flexible Spending Accounts (FSAs), allowing their employees to set aside pretax dollars for out-of-pocket medical expenses. You can generally use the funds to pay for medical expenses, such as LASIK surgery, that are not covered by health insurance.

By using pretax dollars, you lower the amount of income tax you pay and receive more value for your expenditures. It's also important to know that FSAs are subject to a "use it or lose it" rule imposed by the IRS; you are required to use the funds you have set aside within a specified period.

Your company's benefits office can explain how and when you can set up a Flexible Spending Account.

University of Michigan employees can find this information at the Benefits Office website www.umich.edu/~benefits/plans/reimburse/index.htm.