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Transcript: Elective Surgery Loans

Anchor Intro: You'd like to get some expensive elective surgery, but you don't really have the money... and there's no insurance. What do you do? Bankrate.com takes a look at financing as an option for health care.

VOSOT: "They can be anywhere from $2,000 up to $40,000 up to $100,000." "Probably something typical would be in about the $10 to $20,000 range is probably kind of typical in most scenarios."

Voice-over 1: Oral surgeon Arun Garg routinely does expensive cosmetic surgery with no hope of ever seeing an insurance check, since more often than not the work he does is deemed elective and thus not covered by insurance. And that means he has to offer more than medical expertise...he has to offer financing.

SOT: "For most people, like we do for a house, like we do for a car, we don't just plunk down the money, what we need to do is finance it. And what we do is we offer that. We tell them zero percent interest, up to about two years...beyond two years is a little bit of interest."

Voice-over 2: Dr. Garg offers financing through one of a growing number of specialty companies: He uses Chase Health Advance. The patient fills out a form, then within a few minutes, if they've got good credit, they're approved for an interest-free loan.

Voice-over 3: It's interest-free because the patient is essentially paying more...or the doctor is accepting less...however you want to look at it. So if a procedure costs $10,000, the finance company pays the doctor, say, nine thousand the next day and the patient pays 10 over two years.

Standup: While this type of financing sounds convenient, it also suggests that the doctor might accept a lower price for cash. If that's the case, it can take a bigger bite out of your bill. For Bankrate.com, I'm Kristin Arnold.

Bankrate.com's corrections policy
-- Posted: April 20, 2008
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