Payment Question

[Burt1973]

I was wondering, without getting too personal, how are some of you members paying for your procedures? I know cost should not factor into the decision making, but it weighs heavily in the final outcome for me. I will have to finance my procedure and I know I dont have that knid of money. I will be able to put a small amount out of pocket down, but will need to borrow a considerable amount for the remainder.

 

Is it rediculous to pull money out of your home to make this happen?

 

I feel that I have had a lesser quality of life due to my hair loss. I'm looking into this as a investment. I think this would give the confidence to go after that job I steered away from due to balding at such a young age. So in the long run I can't afford NOT to get it done.

 

I do agree with what I have read here in terms of mental health etc...at the end of the day, it shouldnt matter. But it does.

 

TIA!

[Burt1973]

I was wondering, without getting too personal, how are some of you members paying for your procedures? I know cost should not factor into the decision making, but it weighs heavily in the final outcome for me. I will have to finance my procedure and I know I dont have that knid of money. I will be able to put a small amount out of pocket down, but will need to borrow a considerable amount for the remainder.

 

Is it rediculous to pull money out of your home to make this happen?

 

I feel that I have had a lesser quality of life due to my hair loss. I'm looking into this as a investment. I think this would give the confidence to go after that job I steered away from due to balding at such a young age. So in the long run I can't afford NOT to get it done.

 

I do agree with what I have read here in terms of mental health etc...at the end of the day, it shouldnt matter. But it does.

 

TIA!

[rp1979]

Well for start:

 

1). How much money can you afford to fork out each month?

 

2). What's the minimum amount of grafts/hair do you need to be satisfied? (pictures will help us decide this)

 

3). Also did you know some clinic offers a discount if you enroll in their "standyby program" whereby if a patient cancels their procedure in short notice you will fill in for them in short notice. Ask around about this.

 

4). Also selling all your junk on craigslist and ebay will probably get you a few hundred bucks to help for the down payment for the procedure.

 

Personally I financed my procedure with CapitalOne:

http://www.capitalonehealthcarefinance.com/cosmetic/

[NervousNelly]

Burt,

 

Your confidence is a huge factor in many of the things that you'll experience in your life and you are right that this could be looked at as an investment in your future.

 

Be careful though not to expect miracles and also do a lot of research so that your goals are realistic and that you get a quality job done. You would hate to trade one worry or insecuriy for another. If the HT is not natural it may cause you more anxiety than you had prior.

 

Also, don't bankrupt yourself to do this. That is only going to give you different stress in your life. Make sure that you can afford things and think to the future. If it is going to take you 2 procedures to reach your goals, make sure that you are prepared for that financial commitment.

 

I am fortunate that I can pay cash for things but I am also smart enough to think that my financial picture could change in the future (for unforeseen reasons) and I want a "stand alone" procedure. This means that although ideally I might need another HT it won't look strange if I don't.

 

I have narrowed down my choice to 2 docs and I am in the process of negotiating price with them. They might tell me to go take a hike, but I figure that it can't hurt.

 

We all want you to be happy with the person you see in the mirror but wouldn't want you to get a HT at any cost. There are always worse things in life than not having hair.

 

Good luck with things. Take care.

 

 

NN

[Guest]

The going rate for a top Doc is on average about $4.00 per graft.

 

The best way to borrow the money to pay for it is to get a Same as cash deal.

 

If you borrow money from your home equity you will be paying a minimum of 7.00% interest on top of the money you borrow thus raising the cost of your procedure, not to mention putting your home at risk.

 

My advice: First you need to have good credit.

If you have good credit, find a coaltion Doctor on this forum that will finance the procedure through a Lending company that offers a same as cash deal.

In other words you have a specific time period to pay off the loan without interest. So if the procedure cost $10,000, and they give you 18 months to pay it off, your monthly payment would be $550.00 per month. When the 18 months is up the loan will be paid back interest free! If you don't pay it off within the 18 months they will tack on a heafty interest of probably around 21.00%.

 

So make sure you can stick to the payment plan if you do this!

 

Most doctors offer this service, just ask them.

 

But if you have the credit & can make the monthly payments it's the best way to go short of paying cash. You are using somebody ele's money interest free!

 

Just don't default, that is where they make thier money...

Good luck!

[NervousNelly]

Great advice Folica. In fact it is not a bad way of doing things even for those that can pay cash because you are using someone elses money for 18 months. Ofcourse if the doc is willing to negotiate price for cash or down payment that is ideal also.

 

NN

[Burt1973]

I posted a pic before, but my hair was quite short at the time. I have let it grow a bit and it 'APPEARS' to not look as bad...What do you guys think I would need?

 

I dont know how to re-size, so here are a few pics I linked in...

 

 

http://i139.photobucket.com/albums/q309/burtgtp1973/HL005.jpg

[Guest]

Burt, youare looking at about 2500 to 3000 grafts for decent coverage in the front.

So figure it will cost you between $10,000 & $12,000.00.

RP & Nervous Nelly are right. If you can get a cancellation discount too, ( you half to be ready to go when they call within a 2 or 3 day notice ) that can save you $500.00 with some Doctors.

 

NN, I could have paid for mine, but I will leave it in the bank collecting interest to help offset the cost of the HT !

[Jersey23]

Burt-

 

I agree with Folica about trying to get the interest free loan or cancellation discount. However, with only a few days notice (cancellation discount), there's a chance your body wouldn't be ready (e.g. no aspirin, alcohol for past week) unless you regularly don't drink or take aspirins.

 

I personally used part of my home equity line of credit (HELOC) to pay the 10G's since I have a lot of equity in my home and would rather get the tax deductions for all the interest then put it on a card and pay a higher rate and no deductions.

 

As a mortgage loan officer I caution you if you are considering this approach if your loan to value (new total loan amount as a % of the home's value) approaches the 80-90% range or higher. With declining home values in parts of the country, you could end up owing more than you can net from a house sale.

 

Having taken the plunge 3 months ago and now seeing the hairs starting to sprout, I know it's going to be worth every dime. So I can definitely sympathize with your desire to get a HT, finances be damned.

 

Best of luck!

 

Jersey

[hairbank]

Burt,

 

If you do have to borrow the money, no reason not to have the lender file a mortgage on your home for the loan..........at least this way the interest can be deducted from your taxable income.

 

I borrowed to pay for my first two HT's but am fortunate not to need to borrow for my next planned HT. I can tell you though..............the money I borrowed for the first two HT's was worth every penny and then some. I love having hair on the noggin' again!

 

Best of luck to you,

[Bill - Seemiller]

Burt,

 

Welcome to our community.

 

You ahve already received a number of excellent answers.

 

How you choose to pay for it is up to you. Of course, there are better ways than others.

 

I basically chose for my first HT to pay out of pocket. For my second HT, I paid on a CC and then transferred it to a zero interest for one year CC and made payments. For my third HT, I took out a Home Equity loan for it AND other things. Got my basement remodeled too .

 

Cheers,

 

Bill

[Rhodeman]

Burt,

 

Only YOU will buy yourself the hair you deserve. On the other hand, you can always get your second wife to buy you another house!

[calvinmd]

Burt1973:

 

Whatever you choose to do, my only input is to be brutally honest with yourself about how much hair you'll need to get transplanted for decent results (both now and later on). Being financially over-a-barrel for decent hair is bad, but it's a lot worse to end up over-a-barrel for hair that is still unsatisfactory.

 

And any time a person refers to their hair loss problem as something that hurt them "at a young age," then that probably means there is more than one HT surgery in their future.

 

 

-------------------------------------------------

[YoungGuy]

My cost was around $10-11k (I think... don't remember the exact amount). I credit carded it and paid it off within the following 3 months since I'm fortunate enough to have a decent disposable income. As many have mentioned here, though, many doctors offer financing plans that you could take advantage of.