Prosper Healthcare Lending
6 months, Interest Free Financing Plan through CareCredit
At California Dermatology Care, we strive to make our medical care and cosmetic services affordable and accessible. For patients in need of financing, we are pleased to offer the CareCredit card, the leading healthcare patient payment program. CareCredit lets you begin your procedure almost immediately and then pay for it over time with low monthly payments that are reasonable to fit into your monthly budget. While various payment options are available, the most popular monthly installment plan among our patients is the 6 months, interest-free plan. It only takes a few minutes to apply for CareCredit via CareCredit.com and you may receive an online decision in matter of seconds.
Using Flex Spending Account (FSA) or Health Savings Account (HSA)
Your employer may offer Flexible Spending Account (FSA) or Health Savings Account (HSA) which allows you to use pretax income set up the year before on medical expenses that are not typically covered by medical insurance. Recent studies have indicated that Flexible Spending Account is one of the most versatile but underutilized benefit offered to employees designed to lower out-of-pocket healthcare expense. Cosmetic procedure and skin care products solely for aesthetic improvement are not allowed.Following is some examples of typical medical expenses in dermatology that may be allowed to be used in FSA or HSA with a letter of medical necessity or prescription though it is up to your account administrator at the Human Resource Department to approve individual request:
- co-pay, co-insurance, deductible payments
- moisturizer/emollients with documented dry skin, dermatitis, or psoriasis
- excimer laser for vitiligo
- laser hair removal to treat recurrent ingrown hairs or hair follicle infection
- laser procedure(s) to treat specific medical conditions, e.g. precancerous lesions (actinic keratosis), acne, rosacea.
How much of your pre-tax salary to be set aside for your FSA or HSA during open enrollment period depends on your estimated medical and dental expenditures (that may not be covered by medical insurance) to be incurred in the following year. Call the Human Resource Department of your Employer today or review your Employee Benefit Handbook to inquire open enrollment eligibility and set up Flexible Spending Accounts (FSA) or Health Savings Account (HSA) according to your budget. Contact us to ask one of our patient coordinators to call you back regarding eligibility of FSA or HSA for upcoming medically necessary procedures to be done at our clinic.
What is a Health Savings Account (HSA)?
A health savings account is a contribution account made by the employee using pre-taxed salary that is funded to pay for eligible medical expenses. It is tied to a specific type of health insurance plan called a high deductible health plan. HSA can be funded by either the employee or employer throughout the year and the funds do not expire and can be held onto until retirement by the employee for future eligible healthcare expenses. A key benefit for the employee is the contributions are tax deductible.
What is a Flexible Spending Account (FSA)?
FSA is very comparable to HSA in that it is a tax-deductible contribution to an account that is funded to pay for eligible healthcare expenses. FSA may be tied to a health insurance plan like a PPO and the contributions are tax deductible just like HSA. However, the key difference between FSA and HSA is that Flexible Spending Account is a “Use it or Lose it” account, typically by the end of the year. You would forfeit the unused funds.
Above description of HSA and FSA is informational only and do not constitute financial or legal advice. Please check with your accountant or financial adviser regarding specific application in your situation and latest status of the relevant legal statutes.