If you would like to consider financing for your cosmetic surgery procedure, the hospital has a payment program with US Bank that you may consider. It is set up just like a credit card but as a private label card; it can only be used for hospital services (not for hospital charges, pharmacy or hospital cafeteria).
What are the requirements for using this credit?
To use this credit, you must:
- Be 18 years old or older
- Have a valid social security number
- Be clear of bankruptcy status (not current)
- Have a source of income.
How does this credit work?
Most of it works just like a conventional credit card:
- US Bank will assume the hospital balance due.
- Payments must be made directly to US Bank after that.
- Payments must be made timely and in by the due date.
- Late fees will apply (35.00) when a payment is not made on time.
- Your payment history is recorded at the credit bureau.
The main differences between this and a conventional credit card include the following:
- It does not use your credit scoring for approval.
- Payments = 1% of your principal balance + interest + fees or $10, whichever is greater.
- It can allow for more manageable monthly payments than normal collections.
- Understand the more you can pay on your card the quicker you get the balance paid in full and there is NO penalty for paying it out early.
- It provides a security on subsequent visits when asked to pay your bill as long as you remain in good standing with US Bank.
- All follow-up and correspondence is handled with and by US Bank.
What happens if payments are missed?
- Payments due missed for 90 consecutive days will default to the hospital.
- If the loan recourses the patient will then owe the principal balance to the provider.
- The hospital does reserve the right to reverse any discount the patient was originally given and may add it back to your account balance.
- The hospital will pursue payment of the patient's balance through the normal collection process.
To learn more about financing, call the Cleveland Clinic Cosmetic & Plastic Surgery Center at 855.383.7843.
To reach U.S. Bank directly for account inquiries, disputes or other concerns, call 800.576.9433. (Note: This number cannot be used by anyone other than the cardholder. A hospital representative may not call the bank on the cardholder’s behalf.)