Laser eye surgery can burn quite a hole in your pocket if you are unprepared for the costs. While the benefits of the surgery are immediate, payment options are numerous and payments can even be made over several months.
Some options make room for 50% of the payment to be made initially, at the time of surgery. The remaining 50% can be paid over one year, with no interest. There are credit financing plans which allow payments to be made over three, six or twelve months respectively, without interest.
Medicare or other health funds will not cover laser eye surgery, but patients can claim what is known as a medical benefit tax offset to make up for some of the cost.
What exactly is the medical benefit tax offset? One is eligible for a tax offset on the sum total of the payable bill if one's "net medical expenses" are in excess of $1,500. This tax offset accounts for up to 20% of medical expenses if they exceed $1,500.
Net medical expenses are defined in the following manner: the aggregate of all the money spent on medical expenditures, minus Medicare coverage and any coverage from a general insurance policy.
Medical expenses take into account cosmetic surgery performed by a certified medical practitioner. Laser eye surgery comes under the category of cosmetic surgery, and health insurance or Medicare does not pay for it. However, these expenses are considered "medical" and can contribute to medical benefit tax offset. Even if a spouse or other dependants undergo surgery, medical expenses can qualify for the medical benefit tax offset. The highest wage earner of the family should be the one paying for and subsequently claiming all medical expenses. This will help in getting the maximum discount on medical expenses through tax breaks, as the overall expenses and tax payment are borne by the same person. |
