Patient Guide to Financing Cosmetic Surgery

Cosmetic surgery covers a wide range of procedures from Botox and fillers to a facelift and liposuction. While cosmetic procedures can give a person a refreshed and rejuvenated appearance, cosmetic surgery can cause a bank account to have a less than full and healthy look. Health insurance rarely covers the cost of cosmetic surgery because cosmetic procedures are often not considered to be medically necessary. However, there are times when health insurance will cover a cosmetic procedure if it is performed to address issues that are the result of birth defects, trauma or an injury. Since cosmetic surgery is usually not covered by health insurance, patients will have to pay for the surgery on their own. While some patients often pay for the entire surgery out of their back account, there are other patients that finance their cosmetic surgery in a variety of ways that are discussed below.

Cosmetic Surgery Financing Options

Patients that finance their cosmetic surgery procedures are looking to pay for the treatment over a period of time. In order to determine the best option to pay for the procedure, patients should consider the following options:

• Personal Loan – Patients that qualify for a loan can borrow money from a bank, credit union or online lender. Anyone that is borrowing money should be aware of any fees and interest rates that will also be part of the amount of the loan they will have to pay back. In addition, patients should choose the shortest amount of time they can pick to repay the loan because this will often allow them to get a lower interest rate.
• Credit Card – Patients can use their own credit card to pay for cosmetic surgery. They can try and pay the balance off all at once or they can pay the minimum payments which will be higher due to interest and finance fees. Some people opt for using a new credit card because these often have a 0\\% introductory APR as well as a sign-up bonus that can help offset the total cost of the treatment.
• Provider Payment Plans – Patients that want to avoid having to get a loan or charging the cosmetic surgery on their credit card can try and make a financial arrangement with the office of their medical provider. Many doctors work with their patients to create a finical arrangement with their patients because it takes a good amount of stress off of patients while also establishing a level of trust and communication between patients and the doctor.
• Medical Credit Card – Some healthcare providers issue a medical credit card to pay for the desired procedure. A medical credit card allows patients to pay for the treatment over a period of time. However, the payment must be made within the assigned time frame or the interest rate might increase or be assessed back to the date of the cosmetic procedure.

Additional Cosmetic Surgery Financing Options

If patients are unable, or not willing, to try any of the cosmetic surgery financing options listed above, there are other choices available to them that might be less financially sound:

• Home Equity Loan – This type of loan lets patients use their home equity as a line of credit to pay for surgery. Patients should exercise caution before using this option since it involves using their home to guarantee the loan.
• Retirement Plan Loan – This type of loan can provide access to funds to pay for cosmetic surgery but it can also deplete the savings of the patient. In addition, patients that leave their job will have to pay back the money they borrowed or report it as income and pay taxes on it.
• Friends and Family Members – Patients can ask their friends or family members for a loan but there is always the chance of damage to personal relationships over the money.

Don’t Rush into a Cosmetic Surgery Financing Decision

The idea of financing cosmetic surgery is tempting because it allows patients to pay for the surgery over time instead of all at once. Anyone interested in financing a cosmetic surgery procedure should take the time to consider the decision because paying for cosmetic surgery is not something that should be entered into lightly.

Don’t rush into the decision in the office of the doctor. Patients should take a closer look at their financial situation to make sure they can afford the procedure or handle the financial commitment of a loan. Taking the extra time to make sure this is a financially sound decision can save a person from crushing debt.

In addition, patients can set aside some money to see if they can afford the commitment of paying off a loan. They should determine how much the monthly payments will cost and set aside that monthly amount for two or three months. If the monthly payments are easy to handle, this can give patients the confidence they need to take out a loan without the monthly payment making a big dent in their budget. In addition, setting aside the monthly payments for a test run means patients will already have money to use as payments on their loan.

MA