Cosmetic surgery most often falls into the category of procedures that insurance companies deem as non-essential or "elective". This means that the surgery is not being done to deal with a life threatening disease or other critical medical need. For this reason most medical insurance policies will not pay for cosmetic surgery procedures. This then leads to the question- how do most people afford cosmetic surgery?
Some who choose to do cosmetic surgery are the elite and wealthy such as Hollywood movie stars and these type of clientele will most likely simply pay cash for their chosen procedure. But, many average middle class people would like to have a cosmetic surgical procedure done for one reason or another. Surgery of any kind is most often not cheap despite the fact that there has been technological innovation, growing competition and growth in the cosmetic surgery industry which has lead to substantial cost reduction for some procedures. So, what are the options available to pay for a chosen cosmetic surgical procedure?
Option one would be to save money and when ready pay cash to the physician for the procedure. The advantage of cash is that many physicians will negotiate the price with you if they know they are going to get a single lump sum payment from you. Cash is always king and don't ever forgo at least attempting to negotiate a lower price if you are going to offer a cash payment. Option two is to make use of many financing options that are now available for many medical procedures. Medical finance is a growing business segment and is truly opening up the option for many people to have procedures done that would have previously been unaffordable to them. Basically two finance options exist- some doctors who operate large practices will offer their own financing to the patient. The second method is to make use of an outside finance company that specializes in medical loans that works with the doctor's practice and has a variety of payment plans available for each given procedure.
Medical finance involves all the same rules that would apply to any other type of major purchase such as an automobile. You will want to be careful to understand what the annual interest rate is that you will be charged, the total number of payments that will be due and what each monthly payment amount will be. Like any other service you should shop around and try and get the best interest rate and payment plan available to you. The criteria for receiving a medical loan will be just like any other loan- your credit score and previous loan repayment history will be used to qualify you for a total loan amount and for a particular interest rate. The better your credit score, the better loan terms you will be able to negotiate.
Medical financing is a viable option that makes many elective surgical procedures that were previously unattainable to many people now available to a much wider client base.
For more information regarding cosmetic surgery financing options, please visit Detroit Cosmetic Surgery: http://www.detroitcosmeticplasticsurgery.info/detroit-cosmetic-surgery-financing/ |
No comments:
Post a Comment