Many patients finance part or all of their surgery. For example, some patients will have insurance for a medical procedure and finance an elective cosmetic procedure. The most common and easiest form of financing is done with a MasterCard or Visa credit card. As you know, many companies are offering zero percent financing for periods as long as one year. There are also financing companies catered specifically to healthcare.
Credit cards
In general, many credit cards offer better interest rates than most financing companies. For that reason, we encourage patients to explore this avenue BEFORE considering a finance company.
Be sure to read the fine print on any credit card offer and look for one offering 0% interest for a set time. Then be sure to stick to making monthly payments that will pay off the bill within that set period of time.
Financing companies
If a credit card is out of the question, consider one of these premier financing companies in the healthcare industry, all of which offer monthly payment plans for elective surgical procedures:
ALPHAEON CREDIT
With the ALPHAEON CREDIT card, you’ll find the widest array of monthly payment options to help your reach your individual wellness, beauty, and performance goals.
Plus, with special financing options not available with other credit cards, you may find the ALPHAEON CREDIT card is the better way to pay.
To submit an inquiry to Alphaeon, go here.
Prosper healthcare lending
We have partnered with Prosper Healthcare Lending to provide patient financing which means you can inquire about a loan and view your rates and terms without affecting your credit. It’s a no-risk process.
Loans of up to $35,000 with terms up to 60 months and no prepayment penalties makes this our first recommendation for patients interested in financing through lending companies.
To submit an inquiry in less than a minute and receive an instant response: Go here.
CareCredit
We have also partnered with CareCredit, a credit card specifically for health and beauty needs, with special healthcare financing options so you can pay monthly. CareCredit offers 100% financing with both Interest free and extended payment plans available. Please check with CosmeticSurg Financial Coordinator, Molly, in reference to available interest free plans.
To submit an inquiry: Fill out the CareCredit application form online.
United Medical Credit
We have also partnered with United Medical Credit which offers fixed-rate loans of up to $25,000 for cosmetic surgeries with affordable monthly payments.
They offer competitive interest rates, no prepayment penalties, and multiple loan term plans to choose from including interest free financing options (on approved credit and provider participation).
To submit an inquiry online, Go here.
Insurance claims
Insurance doesn’t typically pitch in on elective plastic surgery. However, on rare occasions, your procedure may be covered by your insurance carrier if they consider your procedure to be medically necessary. While we don’t participate in any insurance plans, per se, we can submit an insurance claim form on your behalf directly to your insurance provider. Please note that in most cases you must have “Out-of-Network” benefits.
You will still be obligated to make the full payment prior to surgery, but if the procedure is covered, you insurance carrier will reimburse you directly after receiving the claim form. In other words, you will receive the payment directly from them after the surgery. We will provide the necessary documentation to your insurance company with the claim.
The bottom Line
Remember, financing your cosmetic surgery with a credit card or through one of the above mentioned lending companies is a confidential agreement made between you and the company you choose. Be sure to read all the fine print and make the best decision based on your specific financial situation.
You do not necessarily need to be the individual securing the loan and sometimes a co-signer may be required. Each company has their own criteria for determining whether or not they will extend a loan to you.
There is no single best solution for every patient when it comes to financing plastic surgery. Our financial planner, Molly, is here to help you navigate the waters and shop the best offers should you need her, but ultimately you have to decide what you can comfortably afford and commit to.