Financing Options for Cosmetic Surgery Procedures
According to the American Society of Plastic Surgeons (ASPS), over 15.6 million cosmetic procedures were performed in the United States in fiscal year 2014; an overall increase of 3% compared to 2013. In total it’s estimated that these procedures cost patients over $12 billion dollars, the highest amount spent on plastic surgery since the 2008 recession.
As discussed in a previous article, plastic surgery procedures can be very costly. You can find more information on national average costs of cosmetic procedures on RealSelf, which averages price data provided by users who undergo popular procedures like Eyelid Surgery ($4,075), Rhinoplasty ($6,850), and face lift surgery ($11,000).
Medical insurance providers will typically not cover cosmetic procedures. Only in rare cases where the insurance company deems the procedure to be reconstructive or medically necessary will procedure related expenses be covered. Thus most procedures must be paid out of pocket. For more on insurance and cosmetic surgery see our recent post.
So how do most plastic surgery patients pay for their procedures? One popular method is to utilize low cost financing provided through medical finance providers. Here at Westlake Dermatology we partner with CareCredit to offer financing.
Financing with CareCredit
Through CareCredit we are able to offer 6-month, no-interest financing for minimum purchases of $300. Extend to 12 months no-interest with a minimum purchase of $3,000. With financing by CareCredit, you can pay for your procedure with low monthly installed payments.
Applying for financing through CareCredit is quick and easy. It only takes a few minutes to fill out an online application and you will receive approval immediately.
Frequently Asked Questions About Financing
Here are answers to commonly asked financing questions (see carecredit.com/faqs/ for more details):
What is the interest rate?
Your interest rate will depend on the term of financing. Through CareCredit we offer no interest financing for up to 12 months. For longer term plans (that extend out to 60 months) the interest rate is a fixed 14.9%.
What payment plans does Care Credit offer?
Payment plan options range from 6 to 60-month terms.
How much can I borrow?
Care Credit offers loan amounts from $200 to over $15,000.
When is my first payment due?
Typically the initial payment is due 4 weeks after being financed.
Can I prepay my loan?
Yes, CareCredit loans are simple interest. There are no pre-payment penalties of fees for paying off your loan early.
How do I apply for financing through CareCredit?
Applying for CareCredit is fast and easy. Simply fill out the online application form. Note: we recommend getting a consultation for a quote before applying for a specific amount of financing.
Trudi Bonomi is a Cosmetic Consultant with Westlake Dermatology & Cosmetic Surgery. She has been with the practice since 2007. Trudi provides personal consultations with patients regarding breast augmentation, liposuction, facelift, and many other plastic surgery and laser procedures.
I was wondering if you offer other alternative finance options? Or do you just work with Care Credit? Thanks!
Hi Gracie, currently CareCredit is the only financing partner we work with. However, as the piece covers they offer some really great terms and easy approvals. Did you have more questions on financing? Please feel free to give our offices a call any time!