Breast implants financing comes in many forms: bank loans, personal savings, home equity loans, doctor’s payment plans, and regular or healthcare credit cards. Each option has its own pros and cons a patient must be aware of to help her make a sound decision.
Healthcare credit cards are becoming a popular financing option of patients seeking breast augmentation or any type of plastic surgery. They work just like the traditional credit cards; the only difference is that they are limited to medical services and procedures.
Some say that healthcare credit cards are better than regular credit cards because they preclude unscrupulous use of such credit line. Nevertheless, both share the same benefits and “traps.”
Due to stiff competition, many healthcare credit cards offer zero-interest loan for up to a year, although it comes with one major caveat: They penalize late borrowers with a high interest rate that could be as steep as 20 percent of the APR (annual percentage rate).
Other lenders, meanwhile, allow borrowers to pay only their interest and defer full payment for as long as five years.
A high interest rate for creditors who mainly finance [medical] services is almost necessary because unlike traditional lenders who can repossess tangible assets like properties and cars, they cannot recoup their losses with breast implants.
Because of unscrupulous practices or disadvantageous arrangements offered by some healthcare credit cards and other lenders, some doctors have expressed their disapproval of such financing programs altogether.
And even those plastic surgeons who are affiliated with or offer financing options advise their patients to do their due diligence by reading the fine print and understanding the ramifications, especially those related to penalties should they miss a payment.
Aside from the steep interest rate, using regular or healthcare credit cards could lead to higher fees since plastic surgeons also have to pay an interest fee (or merchant’s fee), which they could pass on to their patients.
For this reason, many surgeons provide incentives—i.e., reduced fees—if their patients pay them in cash.
Another viable breast implants financing option is loan from a bank in which the patient already has a credit history. More often than not, it provides better payment plans and has lower interest rates than most healthcare credit cards and lenders that specifically finance medical services.
Also, “personal” banks do not charge plastic surgeons a fee, a common practice of regular and health care credit cards.