Thinking of Financing Cosmetic Surgery?

June 14, 2006
The ads for financing plastic surgery can be enticing, but doctors caution patients to do their homework before deciding how best to pay for their desired treatment. Plastic surgery financing has been available since the 1990s, luring patients in with low interest rates and low monthly payments.

At first glance, plastic surgery financing may appear to be the perfect set-up. Doctors get all of their money up front and the financing company works with the patient to arrange a feasible payment plan.

Plastic surgeon Steve Fallek, M.D. says that anyone considering plastic surgery financing should be careful and do their homework to make sure their best interests are served.

“You are adding a financial company that does not have your best interest. If this is the only way you can afford it, and this is really what you want to do, by all means go ahead. But if there are other ways to safely go about doing this, that's a better option,” says Dr. Fallek about deciding between plastic surgery financing and other available options.

The following are some recommendations from board certified cosmetic surgeons to prospective patients about paying for plastic surgery.

1. Do not finance minor procedures. Past president of the American Society of Plastic Surgeons, Dr. James Wells, says that financing is not a great idea for less expensive procedures, such as Botox or chemical peels. If you are getting financing, it will end up costing you more than it is worth, he notes.

1. Choose a surgeon before a payment plan. Some finance companies encourage patients to obtain a loan from them before finding a surgeon. This is a bad idea, say board-certified plastic surgeons. Conversely, patients should first find a reputable, experienced board-certified surgeon and ask them for recommendations about financing.

1. Consider the total cost. It is important to factor in all the costs associated with achieving your aesthetic goals, including surgeon's fees, operating room costs, anesthesia costs, and possible future procedures.

1. Use common sense. Be skeptical of deals that sound too good to be true because they probably are. Be wary of a very low interest rate because there is usually something hidden.

1. Do not visit many surgeons in search of a lower interest rate. Your credit will determine what your interest rate will be, not the surgeon you choose. While it is important to shop around to find the best surgeon to perform your procedure, the best financing “deal” should not be a primary factor in this consideration.

1. Consider your options. You may want to check the interest rates available through a credit union or your credit card. You may have the option of borrowing money from a friend or relative. A home equity loan may be another viable option, with a lower interest rate.

1. Make sure you can afford any payment arrangements you choose. When utilizing a credit option, also consider the impact your surgery will have on your credit. It is not appropriate for a person to utilize a credit or financing option when they do not have the means to pay for it. Additionally, patients who bury themselves financially are less likely to feel positive about their plastic surgery.

1. Use a reputable financing company. If you decide after researching your options that financing your surgery is the best option for you, find a company with a good record in financing healthcare procedures. You should never pay a brokerage fee. The president of CareCredit, Mike Testa, says that, “If you are applying for financing through the practice, the practice should clearly outline the terms of the financing and provide you with the detailed terms in writing before you apply.”

If you have questions about plastic surgery,please consult with one of our board certified plastic surgeons .

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