Need to finance breast implant surgery if it is going to happen any time soon.... with economic problems with banks, are doctors seeing more patients getting denied plastic surgery financing? is carecredit the best option?
Breast Implants Financing Still Available?
Doctor Answers (11)
Cosmetic Surgety Financing - Buyer Beware
Most, if not all, plastic surgery financing plans are not only a bad idea but also a bad deal for many patients (and, for that matter, for most doctors), in some ways that are easily apparent but in other ways that are not as obvious. The most obvious way in which these plans are unfavorable and therefore undesirable is their terms, which often are interest-free for as long as a year, but that revert to an interest rate comparable to a high interest rate credit card (i.e. an APR of 20% or more) if a patient misses or is late on a single payment.
A high interest rate is, in fact, almost a necessity for a credit product that finances a service instead of a tangible asset like a home or an automobile. A creditor can repossess a home or a car, but they can’t repossess your tummy tuck. So a high interest rate helps them hedge the risk of having no collateral.
In addition, most if not all of these plans keep a percentage of the amount that is financed, which is taken out of what is paid to the surgery practice by the financing company. If $10,000 is financed, the financing company usually keeps about $1,000 as their ‘commission’ or ‘fee’. This means one of two things about the practice: either the physician is willing to discount his or her fee by $1,000 for this particular procedure in order to increase their volume of surgery, or they have increased their fees overall to offset the cost of the financing company’s ‘commissions’.
If you are considering one of these financing arrangements in order to schedule a plastic surgery procedure, do your due diligence before signing on the dotted line. Make sure that you are fully informed of the consequences of missing a payment or making a late payment. Make an honest assessment of your ability to meet the terms of the contract. Look into whether or not you can obtain better financing terms with an existing credit card account or with the bank with which you have a personal banking relationship and a credit history. And give great consideration to the way in which the concept of financing is presented to you by a surgery practice – is it an option that you can explore further on your own, or is the practice trying to ‘pull you in’ by making the financial part ‘easy’ for you.
Financing is still available
Thanks for the question Juniper -
In my East Bay practice we accept Care Credit. However, be sure that you're financially prepared to take on a loan for plastic surgery.
Care Credit has tightened up the lending requirements somewhat however we have yet to see a patient denied.
Dr. Law brings up excellent points regarding interest and affordability. However, even practices that are "strongly against patient financing programs" usually take credit cards - in many ways the same thing as other financing options and many times even at the same interest rates.
The bottom line is be a responsible borrower, find a board certified plastic surgeon and good luck.
I hope this helps.
Steven Williams, MD
Care Credit and other financing is still available.
We have continued to provide financing for our patients for Breast Augmentation and other procedures. In fact, we now have a 0 percent financing for 18 months available to our patients thru the end of the year. We have noticed a slight increase of denials, but overall our patients have been successful getting financing. Most offices have added new creative options to help their patients afford surgery.
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The credit crunch is affecting all lending institutions it appears. Capital One has discontinued financing cosmetic surgery, at least in the New York City area for several of my colleagues practices. Care Credit is continuing to offer financing, but has tightened its restrictions and seems to be denying patients that it would have readily approved in the past. Good luck.
Care Credit and Capitol One are still lending
Care Credit and Capitol One financing are the two companies that we use. Both are still lending money, although I hear that CareCredit has become more restrictive with whom it lends money to.
Our clinic is in the process of setting up an 'in house' financing organization. It functions as a 'lay-away' program, and pays a small interest rate. Give us a call if you're interested in learning more.
Financing is available
There are many companies still financing cosmetic surgery. There are also many types of loan options offered based on your credit rating. We use Care Credit, SurgeryLoans.com and Capital One. You can apply by yourself prior to your surgery (even before your consult) to see if you qualify. Alternatively, a member of the staff would be happy to assist you qualifying for financing.
Financing breast augmentation
Financing breast augmentation through reputable companies is still available, but as with all other financing, it has become a bit more difficult. If you have good credit, it will probably be available.
Financing breast augmentation, breast implants, and cosmetic surgery
Breast augmentation, like many other cosmetic procedures, can be financed by credit card or through specialized lenders. In my Santa Monica office, we offer several financing options. However, the search for a good lender to finance plastic surgery is often as difficult as finding an exceptional plastic surgeon.
Trust only qualified and nationally based cosmetic lenders to reduce the financial load of financing.
Financing your Breast Augmentation
Our practice uses Care Credit or Chase Health Advance. I agree that it is difficult to find companies that will finance a cosmetic procedure. Our practice also allows you to make weekly or monthly payments until your surgery day. I think this offers the greatest benefit to the patient because you pay no interest and there is no worry of paying your surgery after your procedure is done.
These answers are for educational purposes and should not be relied upon as a substitute for medical advice you may receive from your physician. If you have a medical emergency, please call 911. These answers do not constitute or initiate a patient/doctor relationship.