There are countless procedures to improve your body, but because these are elective cosmetic procedures, they are not covered by insurance or flex-spending accounts. For obvious reasons, plastic surgeons require payment in full prior to the procedure and this can be in the form of check, cash, or credit card. There is another method of payment that is becoming extremely popular – financing.
Dr. Schulman, board certified plastic surgeon in NYC, participates with two financing companies. These companies will essentially pay Dr. Schulman for your procedure, and you make payments to these companies based on a pre-selected payment method. There are a variety of options ranging from short term loans (3, 6, or 12 months) or long term options (5 years). The interest rates will vary depending on the plan you select and your credit rating, but oftentimes the interest rate is lower than that of the credit card you are carrying around.
They key to getting approved for financing is having good credit. We recommend applying to several financing companies for amounts larger than you need. There is no obligation and no charge applying. You may choose to finance part or all of your procedure. For smaller procedures like Botox and fillers, the finance companies will even issue you a card that can be swiped like a regular credit card.
It is important for you to understand how these companies make money. Obviously they make money by charging interest from the patient. But, they also charge a finance fee to the surgeon and this fee can be quite high. This high finance rate charged to the surgeon is one reason why many cosmetic plastic surgery offices in New York City and throughout the US do not participate with financing companies. Dr. Schulman believes that participating with these companies is important. “These companies charge me a very high fee to allow my patients to finance the procedure. This certainly decreases my profit, but it makes the surgery possible to people who would otherwise be unable to afford it. It is a win-win for everyone”.
For example, $9,000 may seem unaffordable at first, but let’s look at the typical monthly payments through a company like Care Credit:
12 month plan – $750
18 month plan – $500
36 month plan – $312
48 month plan – $250
60 months plan – $214
As you can see, these affordable monthly payments may make your $9,000 surgery possible. The application process is quick and easy. It takes just a few minutes and can be done before you come to the office or can even be done in the office right after your consultation. Approval is given within minutes if you qualify.
To schedule your consultation with Dr. Schulman or to learn more about financing your cosmetic plastic surgery procedure or treatment, contact his office by call 212-289-1851