Elective Medical Financing; How it Works
A lot of elective surgical procedures come with a pretty hefty price tag. That’s why some people might choose to look into their financing options. According to the American Society of Plastic Surgeons the most popular cosmetic procedure in 2014 was breast augmentation. The cost of a breast augmentation can vary greatly; however, on average (according to statistics taken from the American Society of Plastic Surgeons), the average cost is about $8000 (Canadian). To some people, paying this amount over time may be more desirable.
How simple is it? It’s as easy as applying online or making a phone call. Credit worthiness can be assessed within minutes. Financing removes the cost of a procedure as a concern allowing you to concentrate on choosing the best procedure and doctor that can provide your desired outcome.
How long does it take to pay back a loan? You can choose to finance your procedure over a certain amount of time. This is called a “term”. A term can be anywhere from six months to six years. The term you choose will, in turn, effect what your monthly payments will be. In other words, the longer the term, the smaller the payment. Some good news is, in Canada, you can choose a longer term and if you should find yourself in a situation to pay your loan out early, you can do so without penalty.
The advantage of financing an elective medical procedure is that it provides you with a manageable option of payment so you can get your desired procedure performed. What must be remembered, is that the payment up front does not impact the fact you will need to make monthly payments over your selected term, regardless of any change in situation. So, be careful to always pick terms and payment amounts that you are comfortable with. Financing is meant to provide you with a means, not a problem.
For more information, or if you would like to see if you can be approved for financing with no obligation, then click here: https://www.medicard.com/