With any of these options, you can reduce the upfront cost of refractive surgery into more affordable monthly payments.
Refractive Surgery Financing Plan
Kellogg has partnered with the U-M Credit Union to bring refractive surgery patients a financing program:
- 0% financing for 12 months
- Option to extend financing for 24 months (at a 9% APR)
- No application fees or prepayment penalties
To apply for the financing program, please visit the UMCU web site and enter the product code “Kellogg” and use your U-M patient registration number in the "Patient Number" box when completing your application.
Once you apply, you’ll be notified within 24 hours of your approval or denial.
Other options for financing include using a flexible spending account (FSA) or, if you are a U-M employee, payroll deduction.
Flex Funds (FSA)
Many companies offer FSAs, allowing their employees to set aside pretax dollars for out-of-pocket medical expenses. You generally can use these funds to pay for medical expenses, such as refractive 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 FSA. U-M employees can find this information at the U-M Benefits Office website.
Payroll Deduction for U-M Employees
U-M employees can use payroll deduction over a 24-month period to pay for refractive surgery.