Plastic Surgery Finance

March 29th, 2010
Financing Plastic Surgery Credit, often the reason visiting a Plastic Surgeon; Plastic Surgery Loan rates and Plastic Surgery credit tips explained.
Image via Wikipedia

Introduction: Plastic Surgery vs. Cosmetic Surgery

Where’s The “Plastic” In Plastic Surgery? The name is taken from the Greek word “plastikos” which means “to mold or shape.”

Initially plastic surgery procedures were limited to facial and body reconstruction caused by accidents, trauma, illness or birth defects. As people began to see the purely cosmetic possibilities, many surgeons expanded their services to include face-lifts, rhinoplasty (nose jobs), breast augmentation and liposuction.

It’s important to know the difference between plastic surgery and cosmetic surgery, especially if you’re planning on having your insurance company pay the bill for your procedure.

Cosmetic surgery is performed solely to improve a person’s outward physical appearance and self-esteem by correcting naturally occurring conditions that the patient is unhappy with. Cosmetic surgery may be performed by either a Plastic Surgeon or a Cosmetic Surgeon. Cosmetic surgery is generally not covered by health insurance. Reconstructive plastic surgery is performed to correct or reduce the effects of congenital defects, accidental trauma injury, infections, tumors, and other health-related conditions. It’s primary purpose is rarely to simply improve appearance except for extreme cases involving major facial or bodily damage resulting from automobile accidents, etc.

Plastic Surgery may only be performed by a Plastic Surgeon.

Financing Plastic Surgery

In most cases insurance does pay for plastic surgery although there are some cases where your claim may be reduced or denied completely. That’s why it is always important to coordinate the planned procedure with your health insurance provider before you get the procedure.Often times the difference between whether or not your insurance company will cover the bill is the reason for the procedure.

If, for example, you are having your nose reshaped because you’re unhappy with your profile — no deal. You’re on your own. However, get that same nose job because your doctor has diagnosed a chronic breathing problem that results in the potentially dangerous condition known as ”Sleep Apnea” and you could end up with a new nose courtesy of your health insurance provider!

Now if you are planning to visit a Plastic Surgeon in the near future, keep the following two things in mind:

1. Your plastic surgeon should be “Board Certified” by the American Board of  Plastic Surgery.

2. If your doctor will be using anesthesia then make sure that only a licensed Anesthesiologist administers the medicine and make sure that the facility where the procedure is being performed is accredited by at least one of the following organizations:

  • American Association for Accreditation of Ambulatory Surgery Facilities (AAAASF)
  • Accreditation Association for Ambulatory Health Care (AAAHC)
  • Joint Commission on Accreditation of Healthcare Organizations (JCAHO)

Although making sure that all of these certifications are present is no guarantee of a trouble-free experience, not having these certifications means that both the doctor performing plastic surgery, as well as the people who run the facility, don’t take your health and well being seriously!

You should NEVER use an uncertified plastic surgeon or facility. The risk is simply not worth it.

The American Society of Plastic Surgeons®
www.plasticsurgery.org
1-888-4-PLASTIC (1-888-475-2784)

Also, be careful to make a list of only those plastic surgeons accepting finance. Not all plastic surgeons accept financing, often because of the ”doctor’s discount”, a amount of between 4% and 10% the doctor’s have to leave to the insurance company.

For instance, if you your procedure costs 2,000 US dollars, and your surgeon has a ‘doctor’s discount’ of 5%, he will receive only 1,900 US dollars.

Interest Rates when Financing Plastic Surgery.

While there are sometimes special programs with low rates, most plastic surgery finance companies offer interest rates range from 5.99% to 27.99%. Lower rates are awarded to borrowers with a strong credit history. The bank assigns a higher rate when the borrower is deemed a higher risk.

This brings us to Financing Plastic Surgery itself:  ”an unsecured loan” means that there is no collateral and nothing to repossess in the event that the client stops payment. Banks try to reduce this risk by carefully evaluating the application and credit report to predict how likely it is that you will repay a loan. Your credit report discloses your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. Credit problems, such as late payments, collections or bankruptcy may affect your credit score for up to 8 years. Some companies make loan decisions on credit score alone.Scoring models may also consider factors like your job or occupation, length of employment, or whether you own a home. In general, someone with “good, established credit” will:

  • Be a citizen of the U.S. and a legal resident of the state where they apply;
  • Meet any age requirements for personal loans in their state;
  • Have two years of established credit, with NO derogatory credit entries (credit accounts in collection, tax liens or civil judgments, delinquencies);
  • Have a debt to income ratio, with the new loan, that will not exceed 50%;
  • Have total unsecured debt, including the loan amount requested, less than 50% of their gross annual income; and,
  • Have less than $15,000 in credit card debt.

Given that so many of these factors are derived from your application, the way you treat the application will help or hurt the applicant.

Plastic Surgery Financing Loan Application Tips

The way you complete your application for cosmetic surgery financing can affect your chances of being approved. Follow these simple tips to stack the cards in your favor!

Apply to one finance company at a time.
Many credit scoring models take into consideration how many times you have applied for financing in a short period of time. To protect the lenders, some credit scoring companies lower your credit score with each inquiry. So people who apply and get declined and then apply again hurt their chances of getting plastic surgery financing with each time they apply. Credit scoring companies don’t want you to be able to borrow more than you can afford to pay back, so they assume each inquiry will be approved and drop your score a small amount.

Duly fill out the plastic surgery loan application, and this means completely.  Answer every question and complete all the fields. Many banks will penalize you for blank fields, so submitting a partial application may hurt your chances.

Pay particular attention to the following questions:

Employment: if you are self-employed or own your own business you may wish to use your professional title (President, CEO) rather than “Owner”. If you are in a trade that often changes jobs (i.e. plumber or carpenter) you may want to reference your years with a union or trade organization rather than your latest job.

Relationships : while dependent information and marital status are not required, it is a good idea to complete these fields. If you’re a woman and recently married, be sure to hyphenate your last name so that at least one last name matches your credit report.

Income: be sure to include all sources of income, not just your pay, in the gross income field. This might include rental income, social security or money from a trust. List only the required minimum payments, even if you are able to pay more. When payments, like rent, are shared, include only your portion of the payment.

Approval: if you have not been at your present address for more than 3 years, you may be asked to provide a previous address over the phone after submitting your initial application. Make sure to use the address that will show on your credit report even if that address is not used for mail. Avoid using a PO Box!

Good luck!

Reblog this post [with Zemanta]

Cost of plastic surgery in turkey?

October 15th, 2010

hiya, im planning to have plastic surgery done for my burnt scars on my leg, i heard that getting it done abroad is much cheaper than the UK, so round about how much would plastic surgery for burnt scars cost in turkey?
also,does the prices differ like in istanbul and Ankara?
also, do you know how long it would take for me to recover?
like how many months or weeks?

thanks in advance
xxxxx

How to surprise my wife with plastic surgery?

October 15th, 2010

She has wanted a tummy tuck and a boob job for a while. It’s nothing major, just erasing some stretch marks from our kids and whatnot. I’d like to surprise her with it, but a.) she handles the finance, and b.) she’s very concerned about the upfront costs. Ideas would be appreciated. Thanks!

Mortgage Refi/Is it ok to take out more for plastic surgery?

September 10th, 2010

By the end of 2008 I must refinance my home, d/t my divorce, I will owe ,000. I want to have some plastic surgery done and am interested in borrowing enough to cover the surgery, approx 15000-20000. A 30 y fixed rate loan would still keep my payment below what I pay now. But is this a smart decision? Would I be better off borrowing just the 000, then borrowing against the home to finance the plastic surgery? Or are there other options I should explore? Thank you.

financing plastic surgery?

August 17th, 2010

i need to finance a 6500 dollar procedure, i have brand new credit, but ill use anything to pay for this, even credit cards, im able to pay quite a bit every month, but i dont think i’ll be able to put in a huge down payment, any advice??? would i be able to get that much in credit cards even though my credits new???? anything would be helpful, and please no rude comments, this is something that i NEED done

after rhinoplasty why does your nose seem more swollen at times than others?

July 23rd, 2010

i had rhinoplasty about 6 months ago and it is still swollen at times and less swollen at others…is that normal?

How can I use my business credit to finance my plastic surgery?

July 22nd, 2010

I have horrible personal credit that is currently being repaired but will take some time.

I need a tummy tuck and I need it soon for an personal appearance.

My company doesnt have much capital.. but excellent business credit.

I know I can finance my surgery, but not with my personal credit.

How can I use my business credit score to influence the lenders decision???

Care Credit question?????

July 22nd, 2010

I’m looking into Care Credit for plastic surgery and I have very bad credit. My co signer has amazing credit.
If I am declined,how long do I have to wait until I can apply again?

Has anyone got dentistry done abroad?

July 22nd, 2010

I hear that a lot of people go abroad for dentistry, plastic surgery etc.
I would really like to get porceleans/veneers but, as you probably know, they are bloody expensive! Has anyone been to Thailand etc for this reason?
How did you research where to go? Were the results & the price worth it?

Who knows the best surgeon for plastic surgery abroad?

July 14th, 2010

The best way to find it is to go to an independent organisation or charity, the one in Latin America is www.aestheticargentina.org and they can help you.

Rhinoplasty?

July 14th, 2010

I’m 16 years old but for several years I’ve been considering having a nose job. There is nothing that stands out about my nose as imperfection and my friends say it’s fine but in my opinion I want a smaller nose. I just want to know if anyone has had this rhinoplasty surgery, how much it cost and what they thought of what it involved and the results. I’ve heard lots of stars have had it and it can be very subtle. My fear is I’ll end up with Michael Jackson’s nose however and Im scared to put my trust in someone to operate but I want to do it…?


Powered by WordPress Lab
Powered by Yahoo! Answers
Blog and ping