Elective medical procedures like cosmetic surgery, dental implants or LASIK eye surgery can be expensive out-of-pocket costs not covered by insurance. Patient financing provides affordable payment plans to cover procedures over time rather than one large lump sum. This guide explores the popular financing options available to make elective treatments accessible through manageable budgeting.
Overview of Elective Procedure Financing
Patient financing allows you to move forward with medical treatments to enhance quality of life by breaking costs into monthly payments. Key features include:
- Fixed monthly payments with 0% or low interest over 6 months to 5 years typically
- No upfront costs – begin treatment before completing payments
- Fast application and approval online or at the provider’s office
- Cosigners can help those with insufficient credit history
- Avoid putting procedures on high-interest credit cards
Reputable lenders and providers make access to financing simple and convenient.
Credit Card Financing
One option is charging your elective procedure to a credit card that offers:
Intro 0% APR periods – Make no interest payments for 12-18 months depending on card offers.
Cash back or points – Earn rewards you can redeem towards other purchases.
Free financing – Pay no fees when paid in full before the 0% rate expires.
Downsides – Deferred interest if not fully paid. High rates after intro periods.
Use a new card only for the procedure, pay during the 0% window, then cancel it. Read terms carefully.
Medical Loans
Borrow a fixed amount with a medical loan, then pay it back in regular installments like a personal loan. Considerations include:
Predictable payments – Even payments and consistent monthly budgeting.
Unsecured funding – No collateral required for these unsecured loans.
Credit score impacts – Loan applications require hard credit inquiries.
Higher approvals – Better chances than personal bank loans for some applicants.
Interest accrual – Interest starts accumulating immediately upon borrowing.
Medical loans provide predictable financing but read all terms and comparison shop rates.
Provider Payment Plans
Many providers like dentists, clinics and surgeons offer customized in-house financing with payments going directly to them over time. Benefits include:
- Set monthly payments, often with 0% interest
- No credit approvals – plans based on treatment cost instead
- Begins upon approval – no loan application timing issues
- Offers may be promoted on their website or during consultations
- Payment options tailored to your budget needs
Provider plans make financing convenient but limit you to that provider.
Crowdfunding
Sites like GoFundMe allow you to request donations from friends, family and public supporters to cover medical costs. Tips for success include:
- Crafting a compelling story and clear need for support
- Sharing through social media to drive traffic to your campaign
- Providing frequent positive updates showing you are making progress
- Adding pictures and videos to attract and engage potential donors
- Offering small donor thank-you gifts if funding goals are met
Crowdfunding works best with very sympathetic causes and active outreach but can offset some costs.
Pros and Cons of Financing Options
| Option | Pros | Cons |
|---|---|---|
| Credit Cards | Fast access to funds<br>Ideal for short term payoff | High interest after intro period <br>Deferred interest risks |
| Medical Loans | Fixed predictable payments | Credit check required<br>Loan fees and origination costs |
| Provider Payment Plans | Customized plans<br>Often 0% interest | Limited to that provider’s services |
| Crowdfunding | Potentially free money<br>Good cause engagement | Unpredictable results<br>Lots of effort required |
Applying for Elective Procedure Financing
Follow these steps when exploring financing:
- Determine the full cost of your planned procedure including pre and post treatment.
- Establish the monthly payment amount you can reasonably budget.
- Research financing options and offers from providers and lenders.
- Apply for pre-approvals early before your procedure date.
- Compare all costs, fees, terms and interest rates.
- Read approval letters and agreements carefully before signing.
- Setup automatic payments from checking accounts to avoid missed payments.
Give yourself ample time to find the most affordable financing method for your needs.
What Procedures Qualify for Financing?
Common procedures eligible for dedicated financing plans include:
- Cosmetic surgery – Breast augmentation, liposuction, tummy tuck, dermal fillers
- Bariatric surgeries – Gastric bypass, gastric sleeve, lap band
- Dental – Crowns, veneers, braces, implants, bridges
- Vision – LASIK surgery, PRK eye surgery
- Hearing – Hearing aids, cochlear implants
- Fertility treatments – IVF, IUI, egg freezing
- Gender affirmation – Top surgery, facial feminization
Talk to your provider or lender about costs involved in your unique procedure.
Questions to Ask Before Getting Financing
When applying, ask questions like:
- What are the monthly payments and for how long?
- Is there a down payment required? If so, how much?
- What is the interest rate and does it compound?
- Are there any origination, application or late fees?
- Will you check my credit? Is there a minimum score?
- How and when do I get the funding amount I am approved for?
- Can payments be automatically withdrawn each month?
- Can the repayment term be extended if I need more time?
- Is there a prepayment penalty if I pay it off early?
Avoid surprises by understanding the full financing terms upfront.
Tips for Getting Approved
Approval is more likely by:
- Having a steady income and limited existing debts
- Putting down a larger down payment if required
- Having no recent late payments on your credit report
- Keeping credit card balances low
- Having a co-signer with better credit, if needed
- Explaining any credit issues upfront and improvements made
Optimizing your financial health and credit score increase the changes of qualifying for the best rates.
Elective treatments can positively impact quality of life. Patient financing makes procedures more accessible by breaking costs into manageable monthly payments rather than a single unaffordable lump sum. Compare all options to find the payment plan that best fits your health needs and budget.
