One of the fastest-growing industries in Mexico is medical tourism. Every year, thousands of people from America, Canada and beyond visit Mexico to enjoy world-class health care and procedures at a fraction of the price they would otherwise pay in their home countries.
If you’re considering a medical trip to Mexico, you likely have many questions regarding how to pay for care. By understanding how insurance works in Mexico and exploring your options, you can decide whether to pursue dental, plastic, or bariatric surgery abroad.
International Acceptance of Medical Financing
While these financing options can help people obtain medical treatment that would otherwise be unattainable, not all options are available outside the United States. For example, healthcare providers in Mexico do not accept CareCredit or Cherry. In addition, Alphaeon is not accepted in Mexico either.
As a solution, most dental, ophthalmologist and bariatric care clinics offer affordable financing plans for high-quality healthcare packages. For weight loss surgery in Mexico, patients must cover the surgery through alternative financing sources or self-pay options.
Is CareCredit Accepted in Mexico?
CareCredit is not accepted in Mexico. The company requires that the healthcare professionals are from the US.
Is Cherry Accepted in Mexico?
Cherry, the financing plan, is not accepted in Mexico. The company does not work with healthcare providers in Mexico.
Is Alphaeon Accepted in Mexico?
Alphaeon is not accepted in Mexico. Alphaeon requires providers to be US-based.
Understanding Medical Financing Platforms
There are several alternative forms of payment for those without access to traditional health insurance. For example, Cherry is a payment option that allows providers to treat patients by offering a “buy now, pay later” choice to help finance medical procedures. CareCredit is a credit card with flexible financing so people can pay over time for necessary or elective treatments and surgeries. Alphaeon is another health credit card option that lets people pay for treatments, procedures and products provided by plastic surgeons, dentists and ophthalmologists.
Many people prefer these options because it allows them to make smaller payments so they can afford care. Only a soft credit check is needed to apply for Cherry or CareCredit, so it won’t negatively affect your credit score during the application process.
Alphaeon only runs a hard credit check inquiry once you decide to complete a full application. Therefore, it might be a suitable option for those hesitating to apply because they are worried about eligibility.
These options benefit those without comprehensive health insurance but who still need affordable payment options in the United States. Individuals with low credit scores may also not qualify for mainstream cards with lower interest rates, so these financing options help them receive the care they need on time.
Alternatives for Financing Medical Procedures in Mexico
A few financing solutions are available for those pursuing bariatric surgery in Mexico. For example, United Credit features an extensive network of lenders with multiple plans and no prepayment penalties. The application process is fast and easy, and plans include flexible terms.
For Canadians considering bariatric care in Mexico, Medicard by iFinance offers various financing terms so you can receive the care you need. Applying for Medicaid is quick and confidential, with high approval and competitive interest rates. These companies work closely with plastic surgery, ophthalmology and bariatric centers, facilitating a quick and simple lending process.
Bariatric surgery is a lifesaving procedure that significantly improves your quality of life. However, it’s not always affordable. In-house financing solutions are convenient for those seeking healthcare treatments in Mexico, but you must always carefully examine interest rates and terms before making your final choice.
Related: Apply for Financing in Mexico
For those uncomfortable with financing abroad, other ways exist to pay for medical care. Many hospitals offer payment plans which allow for repayment over time. These plans are often interest-free and tailored to each patient’s unique financial situation. Sometimes, bariatric surgery is considered a medical expense and may be eligible for tax deduction. However, you should check with a professional to see if this is a valid option for you.
Some organizations offer loans and grants for bariatric care. Additional ways to pursue financing for medical care include borrowing against your 401k or retirement plan, getting a loan from family members or friends or obtaining a secured or unsecured medical loan.
Secured Medical Loan vs. Unsecured Medical Loans
Clients applying for a medical loan must decide whether to opt for a secured or unsecured loan. Secured medical loans are available through financial institutions and require collateral before dispensing the funds. They are more complicated to obtain and usually reserved for loans over $15,000. If you cannot repay the loan, the institution can take ownership of the collateral used to back the loan.
Unsecured medical loans come from direct lenders, brokers or credit cards. The most important factor determining how much money you can borrow is dependent upon the strength of your credit score and report. Generally speaking, whenever a lender pulls your credit report, it can affect your credit score. Because of these stipulations, you should know where your score stands and your chances of approval before submitting a loan application.
When considering either option, be aware that any inaccuracies within your report may hurt your loan eligibility. Brokers can work with several lenders on your behalf. However, with direct lenders, you are in contact with that institution. While credit cards are more accessible, their interest rates can be much higher, making for a more expensive loan.
Potential Benefits and Drawbacks
Every financing option has pros and cons. While medical loans are convenient for medical care, they each feature different terms and interest rates. In addition, failure to pay back your amount over the agreed-upon time limit will impact your ability to apply for a loan in the future. You also risk losing your collateral.
When weighing your financing options, understand that many bariatric surgeons (including some in Mexico) may claim to offer payment plans on-site. However, sometimes, these payment plans are loan options from independent companies. These loan companies excessively compensate the bariatric center, even if you have already paid a high deposit. Traditional financing options allow you to cover the entire surgery amount. It’s important to remember these details while researching your options.
Tips for Using Medical Financing Abroad
Undergoing bariatric surgery is a big decision, both physically and financially. Only you can decide if financing is the right option for your circumstances. While weighing your options, there are several aspects to consider:
- What is the cost of not getting surgery?
- What are the long-term medical and financial implications of not losing weight?
- Are the financing terms and interest rates affordable?
- Can you make the monthly payments without causing a financial burden?
- Will adding a loan to your credit report negatively affect your financial goals?
Once you have carefully weighed all of these questions, you will be in a better position to make a sound financial decision. Financing your surgery instead of paying for it outright will typically increase your overall cost. The amount you receive is also dependent on your credit report.
It’s a good idea to calculate the total cost of your medical travel ahead of time. While most of your expenses will be due to hospital and surgical fees, you must also consider the cost of airfare, international calls, passport and other incidental expenses. It would help to prepare a thorough checklist, so you clearly understand the total cost of your medical procedures abroad.
Although CareCredit, Cherry and Alphaeon are not acceptable forms of medical insurance in Mexico, several other financing options are available throughout the country. Review each alternative carefully and ensure that your preferred option is compatible with your chosen clinic.
Thousands of people pursue medical care in Mexico every year with outstanding results. By thoroughly researching your clinic, maintaining clear communication with the team and making informed decisions about your care, you’ll increase your chances of an excellent surgical outcome and overall experience in Mexico.
