In-house financing your Plastic Surgery
You’ve decided that actually having the Plastic Surgery procedure is worth it, you’ve debunked at least 15 Plastic Surgery myths, you understand how Plastic Surgery can improve your overall health, you’ve researched and found a great surgeon, you’ve gotten at least an initial understanding of how much your tummy tuck will cost, or how much your rhinoplasty will cost, and now you have to figure out how to pay for it.
If paying cash is out of the question then you’ll have to look into in-house plastic surgery financing.
Fortunately, there are options available to you from some very reputable companies. The below article digs in pretty deep to help you understand your plastic surgery financing options.
Your Plastic Surgeon – in house financing?
You shouldn’t feel the least bit shy about asking your surgeon or the staff about financing options and, in fact, most will provide the information whether you ask for it or not.
They know that most patients either can’t or don’t want to pay the lump sum upfront so in-house financing for plastic surgery is something they are used to talking to patients about.
Most likely they’ll have brochures and other material readily available for you.
Some Plastic Surgery practices may offer in-house financing and, if you feel everything else about your surgeon, facility, and staff is great then this is something you can look into.
Bear in mind a warning you may hear from time to time – offering a payment plan can often be considered an indicator that the Plastic Surgery practice is not doing very well since, for the most part, plastic surgery is expected to be fully paid upfront. The logic being, why would a surgeon accept payments over time if they can command payments upfront. If business is good, they should not need to offer payments over time.
But, again, depending on your research and how you feel about the surgeon, facility, and staff, this isn’t something you should arbitrarily ignore – it’s certainly worth considering.
We recommend reading any and all online reviews you can find to see if any past patients had problems in this area.
Plastic Surgery financing with bad credit
As with most things in life, poor credit will affect your ability to finance your plastic surgery procedure.
We advise that you work to correct this over a period of time before applying for credit for plastic surgery. If this cannot be put off until the credit is better, there are high-interest loans available but it’s important to understand that, from a purely financial responsibility perspective, using a high-interest loan or credit card for elective plastic surgery is ill-advised.
Plastic surgery financing with no credit check
Much of this applies to financing your plastic surgery with bad credit, as “no credit check” loans are typically high interest and therefore not advisable from a purely financial responsibility perspective. However, they are available.
Aside from in-house financing, your surgeon will probably point you in a couple of directions. Doing a bit of research on the internet will point you in many of the same directions.
To make this easier on you, we detail the information below:
Without a doubt, CareCredit is the most widely known, accepted, and respected means of obtaining financing for Plastic Surgery, Cosmetic Surgery, or just about any other kind of medical needs.
A point to keep in mind is that on their website the category they state is “Cosmetic Surgery Financing”, not specifically Plastic Surgery Financing. Don’t let this throw you off.
There is a difference between a Cosmetic Surgeon and a Plastic Surgeon and the difference is important to understand.
We’ve published an article about it: Plastic surgery vs. cosmetic surgery
When you drill into Cosmetic Surgery Financing on the CareCredit website, you’ll find a list of procedures that are covered and you see “Plastic Surgery”, “Liposuction”, “Tummy Tuck”, “Rhinoplasty”, etc on that list so CareCredit does offer financing for what you’re looking for.
How does CareCredit work?
For the most part, CareCredit works pretty much like a revolving line of credit.
Once you are approved, you can use it again and again at any location that accepts it.
CareCredit helps you pay for out of pocket expenses that might not be covered by your health insurance. Couple this with extended financing options (short term and longer-term interest rates) you’d have a hard time getting on your Visa or MasterCard and you’ll see that CareCredit does a pretty magnificent job of helping you in this area.
Currently, CareCredit is accepted at 200,000 health providers and retail locations.
What does CareCredit cover?
You’ll find this on their website as well, but the official list of what they cover includes:
- Cosmetic (as mentioned above, this includes Plastic Surgery)
- Dentistry (this includes Cosmetic Dentistry)
- LASIK and Vision
- Primary / Urgent care
- Veterinary (yep, the furry friends are covered also!)
- Weight Loss
- Healthcare Specialist
A few items you might not think fall into those categories but are covered are things like hair implants, non-surgical and dermatological treatments, Botox, laser hair removal, etc.
Prosper Healthcare Lending
For patients, Prosper Healthcare Lending is quite similar to CareCredit in that they offer loans of up to $35,000 to cover various medical procedures including Plastic Surgery and Cosmetic Surgery.
They differ, however, in that they also offer Providers (your surgeon for example) the option of providing financing for you.
When a patient goes this route, the Surgeon is paid 100% upfront and the cost is financed through Prosper Health Care.
In the end, to the patient it’s the same thing – whether they get a loan directly through Prosper Health Care or as offered by their Surgeon, there’s really no difference. From your perspective, this will look a lot like in house financing for your cosmetic surgery or plastic surgery procedure.
For a patient, or a prospective patient interested in obtaining a loan, an online application process is available on their website and they advertise that a decision is made in as little as 2 minutes.
Doing this through Prosper before you actually engage or commit to the Plastic Surgery procedure is not a terrible idea as it lets you know how much you can afford and you can shop around with surgeons knowing that the cost of your procedure is taken care of.
Sofi, or Social Finance is another spin in that they offer loans for several reasons – none of which are specifically medical related.
However, they do offer a Personal Loan with no fees, good terms, and amounts up to $100,000. They even offer unemployment protection so if you find yourself out of a job while paying off this loan, they’ll work with you.
They offer an instant response to let you know what your rate would be and this process, if you do not qualify, will link you to another loan site that you may have a better chance of getting credit from if your credit history is shaky.
United Medical Credit
United Medical Credit is somewhat like Prosper Healthcare Lending above in the provide loans specifically for Plastic Surgery and Cosmetic Surgery procedures.
Their loans go as high as $25,000. United Medical Credit’s claim is that they have a close relationship with a large number of lenders and can often qualify even those who may not otherwise qualify for and their loans are often backed by lenders who specifically work with given niches and procedures.
So there you have it, a few options to choose from to help you finance your Plastic Surgery or Cosmetic Surgery procedure. In-house financing is often available but we have also provided some alternatives as well. We’re excited for you and if you have feedback or questions please feel free to reach out to us directly.