One common concern amongst people looking to have a cosmetic procedure done is the sheer cost of plastic surgery. Although cosmetic surgery is quite common now, people find it difficult to get insurance coverage for such procedures. On average, a typical cosmetic procedure can cost up to $10,000 or more. Needless to say, this is not a sum of money most people can just dish out on a one-time payment.
So in view of this, people in the cosmetic industry have come up with care-credit financing. This is a financial plan geared towards helping people get the procedure they want now, and pay for it in installment later.
What is Care Credit?
Care credit is like a credit card line, but it is meant to cater to a person’s medical care and cosmetic needs. Some people may want to wait until they have saved enough money to get something they want. But, waiting is not an option for everyone. Things such as undergoing surgery may be urgent for some people. And here is where getting a credit line comes in.
Credit is a loan a person may use in order to pay for something. If a person does not have enough money in his/her name, he/she can take a loan to pay for something. The person then makes payments to the lender until the loan and the interest is completely paid off. And this is how care-credit financing basically works.
The Advantages of Care Credit
The question now is, why opt for care credit when a person can just as easily pay for an operation using a credit card? The answer; it is more convenient and affordable to pay for a surgery using care credit as compared to using a credit card.
A person does not have to worry about paying application fees or pre-payment penalties with care credit. There is also no annual fee with this healthcare financing program. Also, it offers patients a revolving credit line should a procedure need to be repeated.
More over, care-credit financing gives people a highly affordable payment plan. When financing a cosmetic operation using care credit, the patient may be given up to 18 months to pay the loan in full without having to worry about added interest. Most care credit plans have a period ranging from 6 to 24 months. The financial program also makes sure that minimum monthly payments are kept low and affordable.
For patients getting a procedure that costs between $1,000 and $25,000, care credit has extended payment programs. These longer payment plans can last from 24 to 60 months. They come with even lower minimum monthly payments than the normal program. The interest rate for extended plans start at 14.9%.
For people who are interested in getting care-credit financing, application can be conveniently done over the Internet. One may get immediate approval after having filled-out the online application.