HT Payment Options

[Guest]

Haven't really found much discussion about how people opted to pay for their procedures. I was curious about the different payment methods that clinics are offering.

 

Has anyone had any experience with Cosmetic Financing programs? Do most clinics offer this, or do they usually expect the full sum in total?

 

-k

[Guest]

Haven't really found much discussion about how people opted to pay for their procedures. I was curious about the different payment methods that clinics are offering.

 

Has anyone had any experience with Cosmetic Financing programs? Do most clinics offer this, or do they usually expect the full sum in total?

 

-k

[baldcasanova]

Ive been to 2 doctors and both offered financing. Most doctors are there to help you so I would find a doctor I was interested in and ask him.

 

[vocor1]

Interest rates are usually higher if you finance with a practice. I'm betting you'll get a better interest rate from your bank on a personal loan.

Or, if you own a house that has appreciated in value, get a HELOC or Home Equity Loan. I think the HELOC is a better option for something usually under $10k like an HT.

Of course, you could just put it on your Credit Card. If you have good credit, it is REALLY easy now to get 8% fixed rate. That's not bad.

HELOC will be more like 5% and is tax deductible.

I paid with credit card for the first procedure, and then paid that off with saved cash. This next time, I'm putting it on a Credit Card (0% for 8 months, then 8%), and then paying that off with HELOC money.

With a HELOC at about 4%, I feel can put my money in better places and pay that off whenever.

That's how I'm going about it.

 

vocor1

Knowledge is Power

If the worst question is the one never asked, then the worst answer is the one never shared.

[Manko]

I couldn't have gotten luckier with my financing. I was ready to fork over the money out of my pocket, but about 1 month before my HT in June, I got a 0% financing credit card offer until August 2004 on any transferred balances. I had that credit card company send $6,000 to another credit card that had no balance on it, and then charged the surgery to that credit card which now had a $6,000 credit on it. I'll pay that off by August 2004, and have paid no interest. Keep an eye out for those 0% cards, they're like free money.

 

Good luck.

 

Manko

[Guest]

Hi,

 

I also got the low interest credit card. If you're credit is great get the o% interest like was posted for one year. Pay it off maybe like 200.00 per month and knock the balance down.

 

Than find a card around the 5% to 8% interest and leave it there and keep paying the $200.00 the interest will be minimal.

 

I used my tax return this procedure! It was easy!

 

Try www.pulaskibank.com or www.pulaski.com

 

they have a 5% card with no annual fee.

 

Or keep balance transferring your 0% introductory rate to another card which offers the same, you never pay interest!

Make sure you use the automatic withdrawal from your checking account because if you are late one payment that 0% goes to 19% and than you are screwed!!

[vocor1]

I'm glad to see these type of posts.

 

Basically, if you are decent at managing money, you can get a great, great rate from a CC company. Zero intro is not uncommon at all. Pay the minimum or whatever you are comfortable with, then get on a schedule and payoff the rest.

 

That is VERY easy as CC companies are itching for business. Quite painless and unobtrusive in your life. It certainly is like "free money" for a little while. And I think an excellent way to finance an HT.

 

vocor1

Knowledge is Power

If the worst question is the one never asked, then the worst answer is the one never shared.

[Smoothy]

One thing to look into is your employee benefits with your company. Most offer a "medical spending account" which you deposit money PRE TAX like your 401K with each paycheck. Money in this account is tax free and can be used anytime during the year to pay for medical payments like co payments on insurance, non covered procedures, dental/othrodontic work, and Lasik eye surgery. Some companies allow what you dont use to be rolled over to the following year for accumilation, others make you use it during the year you contribute. The question is using the money for HT-- I think you can because its being paid to a doctor as long as it's not payable to xyz cosmetic surgery or xyz hairtransplant company. It's worth looking into and it could reduce your taxable income as well?

[Teddw2ds]

That's great if your insurance will accept cosmetic surgery in your plan... but not all do. You have to read your policy very carefully, because if you don't spend it, you lose it. And if you can't spend it on a HT, you don't want to be socking money away in there that you'll end up losing.

 

Read your policy carefully!!

[Manko]

Smoothy,

 

Be careful with that idea. My medical savings account won't pay for an HT, and I'm not going to risk thousands of dollars thinking they won't catch that mistake. That's a lot of money to send out the window.

 

Good luck.

 

Manko

[tkotko]

I did exactly what Manko did and worked great. Used transfer balance checks on my credit card with 0% interest for 6 months I think it was. These offers come in the mail almost everday. Long-term I'm putting 150 bucks in a separate savings account, just in case I need a second procedure at some point, and it won't hurt as much when paying for it. If I don't need it, then I have all this extra money! I did the same thing when I bought my boat.

[Bob C]

I'm glad to see these type of posts.

 

Basically, if you are decent at managing money, you can get a great, great rate from a CC company. Zero intro is not uncommon at all. Pay the minimum or whatever you are comfortable with, then get on a schedule and payoff the rest.

 

That is VERY easy as CC companies are itching for business. Quite painless and unobtrusive in your life. It certainly is like "free money" for a little while. And I think an excellent way to finance an HT.

 

 

 

I pretty much agree. The clinics that offer financing are doing it for patient's convenience (usually at a price), the same way auto dealerships, etc do.

 

Credit card, loan, or whatever works for you - you need to be honest with yourself about whether you can really afford the procedure. Then pay it off in the way you feel comfortable.

 

A relative of mine who works in a plastic surgeon's office says they get a lot of semi-famous clients who plop down cash on the spot.

[Guest]

Don't most cosmetic financing companies only allow you to go to a doctor on their list? Are there any that allow you to choose the doctor yourself? The impression that I've gotten from most of the cosmetic sites I've found is that they require you to use their list.

 

Thanks!

 

-k

[Teddw2ds]

I chose Capital One's Cosmetic Fee Plan, which had a huge doctor membership, including all of my top picks. I ended up going with Dr. Paul Rose, and he happened to be on the list as well. The whole transaction went very smoothly.

[gap]

If you are in Canada, it is a tax deductable medical expense. I had my two surgeries 11 months apart and was able to claim them both for the same year which gives you the most bang for the buck.

[Robert_]

I have been doing taxes for friends and family for around seven years here in the states. The only advise I will give on a public forum (I am NOT an accountant...) is to NOT try that here.

 

-Robert

[HairBeThere]

Here is something to consider, though. Does anyone know how easy it is to start a business?

 

It's as simple as getting a DBA (Doing Business As).

This can give you a lot of write off's for having this at a cost of, $20. Atleast in Michigan it is.

 

I wonder if you were to get one on, say maybe modeling business, as your own entity. Then could then write it off.

 

What do you think... Maybe a loop hole for us states people?

[Robert_]

HBT,

 

Yup, you could incorporate yourself and writ it off as a business expense. That is totally viable. However, the legal ramifications involved are ones that I don't want to touch with a ten-foot pole.

 

(To anyone reading this, please don't try this and get caught and say that I told you to do it, I'm just speculating here. I am POSITIVE that there is an accountant out there just waiting to smack my hand for even mentioning this even in jest.)

 

-Robert

[Guest]

Originally posted by Forum Moderator and Satisfied Patient:

HBT,

 

Yup, you could incorporate yourself and writ it off as a business expense. That is totally viable. However, the legal ramifications involved are ones that I don't want to touch with a ten-foot pole.

 

(To anyone reading this, please don't try this and get caught and say that I told you to do it, I'm just speculating here. I am POSITIVE that there is an accountant out there just waiting to smack my hand for even mentioning this even in jest.)

 

-Robert

 

 

LOL!

[Guest sac95816]

Great question...for those of us younger guys at the begining of our carreers, in college, or professional schools, finance can be an obsticale and morgaging the house isn't an option. I found that the dr. I chose was willing to structure a payment plan for me at NO INTEREST, over a 10 month time period. I'm not sure if this is unusual but it was helpful. He also gave me a "student discount," as I'm still in a professional/graduate program. I'm happy with the financing and, frankly, a HT would have been at least a year away otherwise. Anyone else encountered drs so flexible and helpful? (sorry about all the spelling mistakes)

[the B spot]

WOW that is pretty amazing! I think others would like to know which doc you used in order to speed along their plans for surgery. I imagine the doctor could charge a little more for assuming the financial risk, but that is some important information for those right on the edge of getting it done. I know that I could have went anytime during the past four years, but I waited becuase I wanted the perfect Doc for me, but if your doc produces and helps with financing, he should be pretty busy.

 

3100 w/Shapiro

10/7/05

[Guest sac95816]

The doc I'm using sounds highly ethical but is not well known. The only reference to him on this site is one in which he refused to perform a HT on a 20 year old because he was too young. When I met him he was personable, used a single blad knife, microscopes, FU, and has 6 assistance, a plush office and multiple operating rooms (which I saw on tour). However, he's NOT well known. Hopefully, my surgery goes well and I can refer others to him. He's located in the bay area (S.F., Cal.). I've noticed that Ca docs are not very well respected.

 

I've got admit that I was stunned that he didn't charge interest and was relatively cheap. With my "student" discount, I'll pay a little less than $4 per graft (with no interest this is a really good deal) He's been doing HT for 20 yrs. Doc's name is Rosanelli(his website is outdated and doesn't reflect his current practices).

The procedure is scheduled for 10/28. Wish me luck. I'll keep you posted as to the results, pics to follow.

 

He's cheap, flexible, and established. I'll find out if he's good soon enough.

 

Sac

[Robert_]

Originally posted by HairlessInTampa:

Originally posted by Forum Moderator and Satisfied Patient:

HBT,

 

Yup, you could incorporate yourself and writ it off as a business expense. That is totally viable. However, the legal ramifications involved are ones that I don't want to touch with a ten-foot pole.

 

(To anyone reading this, please don't try this and get caught and say that I told you to do it, I'm just speculating here. I am POSITIVE that there is an accountant out there just waiting to smack my hand for even mentioning this even in jest.)

 

-Robert

 

 

LOL!

 

I forgot all about this post. I really should have qualified it with a smiley or 12 to really drive the point home that it was made in complete jest.

 

 

 

There. That should do it.

 

-Robert