Cosmetic Surgery Financing Options

What are the different types of healthcare financing? At Hall Plastic Surgery we accept three different companies for your financing needs; they are Care Credit, Alpheon and Patient Fi. All three companies have similar financing options as well as term options.

Pros:

• You can sign up right there in our office and see the credit line you are approved for.
• Some lenders will work with you if you have bad credit by assigning a cosigner to the account.
• If you don’t use the full amount approved for, for your procedure that amount will be available for future purchases.

Cons:

• Those “0% financing” terms are deferred interest, not free interest. If you’re late with one payment or don’t pay off the balance during the promotion period, the interest kicks in — and it’s not just the interest on your payments going forward; you’ll be charged the maximum rate back to the original date of the loan. This may make your loan costs much higher than a regular credit card account would have charged.
• With all three companies, you can get 0% on your purchase with promotional terms. Those terms are typically 6 months, 12 months, or 24 months.
• Healthcare credit cards have some unique advantages, but, just like any loan or credit card, it’s important to understand the terms of your agreement before you sign it. You should also shop around to make sure you’re getting the best interest rate and the most favorable terms. Also, think through the risks and benefits of the loan term and payment requirements.
• Deferred interest agreements have strict payment schedules. You must make minimum payments before they’re due and pay off the balance before the promotion period ends. Some healthcare credit cards offer a flat payment schedule with the same amount due every month. Others show you a minimum amount due, but those minimum payments won’t pay off the balance. Know ahead of time which type of payment you’re making. If a late payment will slam you with retroactive interest, be sure you make payments on time and in the correct amount.

The key to making a healthcare credit card work for you is understanding your options and comparing plans to find the right fit.