Hi,
I'm getting LASIK done in two weeks and I'm having a tough time deciding on how to pay for it. It costs $3,200 with a $150 discount due to my insurance company being affiliated with the LASIK place, so $3,050. My insurance also covers $1,000 which I will claim afterwards. So it will cost me $2,050. I have $5,000 in an emergency fund which I plan on using, but I'm concerned about wiping out half the fund over elective surgery. We have a 1996 Toyota that will need some work done this year plus I always worry that there might be an emergency back home and I'll have to make last minute (expensive!!) travel plans. So I would prefer not not to touch my emergency fund. The other option is to have it financed at 0% and make 12 payments over 12 months. If the balance isn't paid by then, then interest goes up to 19%. Also, with the financing option I lose the $150 discount, but I can still claim the $1,000 covered by my insurance plan. So the financing option will cost $2,200 or 183 per month.
Is it wise to forfeit the $150 discount and go with the financing option just so that I don't dip into my emergency fund? My hubby prefers we just pay outright so we can get travel points on his Visa card. (Note that financing can only be done by applying for a credit card with a bank that is affiliated with the LASIK place, so we can't put it on our own cards, and therefore miss out on the travel points).
Please let me know if there are any issues with my line of thinking and what you think would be the best option.