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Many Australians search for surgery payment plans as soon as they hear from their doctors that they need to undergo a medical procedure.

That’s because surgery can considerably impact your finances in the foreseeable future. An important part of planning for your surgery is figuring out how to finance the cost of your procedure. MONEYME understands that timely and affordable healthcare financing can greatly help your peace of mind. In this article, we outline how to seek surgery financing so you can focus on your recovery without financial stress.

Step #1: Find Out If You Need A Surgery Payment Plan

It can be a challenging time to have to undergo any kind of surgery, especially if you need healthcare financing on short notice. Before you schedule your procedure, it’s important to understand how you’ll pay for it, whether it’s through medical loans or surgery financing.

Here are some points to consider:

• Know what your procedure will cost. It’s always best to understand the total cost of your surgery, including any additional or upfront costs or fees, and post-surgery care. If you’re shopping around for surgery payment plans or loans, read the offers carefully to see if you need to coordinate with your hospital or facility’s billing department.
• Know how you’re expected to pay. Find out what payment methods the surgeon or hospital accepts. This might include cash, credit card, or financing options through a lender or bank. Each option may have its own fees, so factor these fees into your accounting of the total cost.
• Check your insurance coverage. If you have an insurance policy, check with them first to see if they cover financing for surgical procedures, if the cost is deducted from your final bill automatically, or if you’ll need to submit a claim for reimbursement after out-of-pocket costs. Do this before exploring other payment options, as it could change how much you’ll need to finance.

Step #2: Research Your Financing Options

If you’re thinking about a needed surgery or procedure but are worried about the cost, there are ways to spread out the payments.

• Personal loans. You can use personal loans to cover surgery expenses. These loans work like any other loan: you borrow money and pay it back with interest, at times with low monthly payments. Don’t hesitate to ask your chosen lender about their interest rates and repayment terms to determine whether or not they’re a good fit for your needs.
• Doctor's payment plans. Some surgeons offer their surgery payment assistance or can connect you with in-house financing with the hospital or facility for affordable surgery options. Be sure to compare these to other surgery instalment plans or loans to see which has a better deal.
• Credit cards. Some credit cards can be used to pay for surgery costs or to cover pre- or post-surgery expenses. A credit card can be an option, depending on your needs. However, keep in mind that credit cards usually have higher interest rates, so if you can't pay the full amount back within the interest free period, you could end up paying more in interest in the long term. MONEYME offers a variety of loan and credit products that you could take advantage of to cover surgery expenses. If you have any questions about our credit products, you can call us at 1300 329 037 or send us a message via chat. We’ll be happy to hear from you.

Step #3: Check the Eligibility Requirements

Generally, there are some common eligibility requirements you’ll need to meet to qualify for surgery loans or financing in Australia.

Common requirements are that you must be at least 18 years old, an Australian citizen or tax-paying permanent resident, and meet a minimum annual income. You’ll need to provide documents proving your eligibility, such as valid IDs, financial documents like bank statements or proof of income, and proof of ownership for assets required for secured loan applications.

If you’re confident that you meet the eligibility requirements for the loan, credit card, or financing product you’ve chosen, ensure that all needed documents are ready and start your application.

At MONEYME, we make the application process seamless from start to finish. We use advanced technology to assess your eligibility so you don't need to worry about providing endless documents or filling out complicated paperwork.

Applying for A MONEYME Surgery Loan

To apply for a loan with MONEYME, you simply have to fill out a quick online form. We will ask you for a read-only 90-day snapshot of your bank transactions along with other standard requirements. If your loan application is approved, we will directly deposit your borrowed funds into your provided bank account straight away.

After completing your surgery, make sure to meet your repayments on time and in the correct amounts to avoid penalties. With the MONEYME app, you can keep an eye on your account to track your repayments as well as gain insights into your credit score.

Don’t forget to follow your doctor’s recovery instructions too! Stay on top of your post-surgery care and communicate with your provider if you’re having trouble with your repayments, so you can focus on recovering from your procedure with as little stress as possible.

Frequently Asked Questions (FAQs)

How do surgery payment plans work?

Surgery payment plans allow patients to pay for their medical procedures in instalments over a specified period rather than paying the full amount upfront. Healthcare providers, financial institutions, and third-party financing companies may offer medical payment plans to accommodate different patient needs or financial situations.

Do I need to have good credit to qualify for a cosmetic surgery loan?

Eligibility for a cosmetic surgery loan varies by lender, with credit score often being a significant factor. However, it’s not the sole basis for receiving a green light for these loan options.

At MONEYME, we take a holistic view of your financial situation. We factor in all aspects of your income and expenses, as well as your credit score, employment stability, and debt-to-income ratio, similar to the process when applying for a loan for furniture, appliances, home renovations, and other loan services.

Are surgery payment plans different from medical insurance?

Yes, surgery payment plans are different from medical insurance.

Generally speaking, a medical insurance policy is a contract between an individual and an insurance company that covers medical expenses in return for a premium.

Surgery payment plans, on the other hand, are a way for patients to finance their medical procedures. This can be either through loans, such as plastic surgery loans or dental surgery loans, or a payment plan offered by the healthcare provider or a third-party financing company.

What types of surgeries can be covered by payment plans?

Payment plans can be used to finance various types of surgeries. Depending on your lender or financing option, this could include cosmetic, elective, and life-saving or extensive medical procedures.

Check with your healthcare provider or lender regarding which surgeries are eligible for payment plans or financing. This will help narrow down your options for your procedure. And with MONEYME, you can use the money from your personal loan for any type of surgery.

Finance Your Surgery with MONEYME

At MONEYME, we understand that your goals sometimes require a little financial assistance; it’s why we offer flexible financing options designed with you in mind.

Whether you’re looking for cosmetic surgery loans, a nose surgery payment plan, or even alternatives to a bank loan for surgery, each MONEYME financing product can be tailored for different purposes, such as loans for large purchases or debt consolidation and auto financing for personal vehicle purchases.

Find out how MONEYME can help you when you apply for a surgery loan. Check your personalised rate and repayments schedule today to get started.