Plastic Surgery Financing

No matter procedure a patient decides to undergo, plastic surgery can be costly in terms of money and time. Fortunately, there are many different financing options that can make treatment more affordable. Financing plans break up the cost of treatment into monthly allotments so patients don’t have to pay for the full cost of treatment upfront. In this blog post, we review the different types of plastic surgery financing that are available and reasonable interest rates.

CareCredit

CareCredit is a credit card that can be used to pay for plastic surgery or other healthcare procedures. Anyone can apply for a CareCredit card, which is used specifically to help patients afford medical treatments – whether for cosmetic or other purposes. The vast majority of elective treatments, whether they be invasive or not, can be covered with the CareCredit card - t can be used for surgical procedures such as liposuction or rhinoplasty, or non-surgical treatments such as BOTOX® Cosmetic or dermal fillers. TheCareCredit card functions in a similar manner to any other credit card used to make a big purchase. Instead of paying for the surgery all at once, the full amount is put on the card and the person pays it off in installments, with added interest.

Financing Offered by the Surgeon

Many surgeons offer in-house financing options to their patients. During the patient’s initial consultation, the patient and doctor will likely discuss what types of payment plans the office can offer. In many cases, surgeons will require a down payment before surgery is performed, and then the patient will make monthly payments to pay off the balance. Many patients find that an initial down payment, followed by spread-out installment payments makes the surgery affordable.

Personal Credit Cards

If a patient has a credit card with a low interest rate, or is approved for a new credit card with a low interest rate, the cost of surgery can be paid with that credit card. The patient will then be responsible for making monthly payments, on time, to the credit card company. Patients should be aware of how long the low interest rate will last, and how late payments will affect the interest rate, before deciding to put the cost of surgery on the credit card.

What Is a Fair Interest Rate?

When it comes to financing options like the CareCredit card, interest rates are bound to vary based on the individual’s credit score and history. These days, cards with low interest rates average about 10 percent interest, while some very low interest cards may dip down to 7.25 percent. It is more common. However, some cards come with a period of no interest; the most ideal situation would be for patients to pay off the cost of treatment within the time period that the no-interest plan is offered. Otherwise, patients should try to get a plan that charges less than 10 percent interest.

How Does Financing Work?

At its core, financing is fairly simple. When it comes to cards like CareCredit, the total amount of the purchase (or the remaining balance, after an initial payment has been made) has an interest rate added onto it. This means that if a patient spends $5,000 on a procedure, the actual cost of that procedure, when put on a credit card, will cost more, depending on the interest rate that is charged.

To schedule a consultation, contact Jefferson Plastic Surgery.