How to Fund Your Plastic Surgery
The COVID-19 pandemic halted everyday activity in the past couple of years; however, women’s percentage of plastic surgery increased from 11% to 24%. Hidden behind Zoom calls and a computer screen, this was the perfect time to get cosmetic surgery.
But…why doesn’t health insurance cover plastic surgery?
Insurance companies do not cover the costs of plastic surgery. They do only when the procedure is necessary. Cosmetic work such as facelifts, botox, and Brazilian butt lifts (BBLs) are deemed elective surgery; therefore, patients have the financial obligations to pay for it.
Bottom line: plastic surgery isn’t cheap, so here are some ways to pay for it.
Ways to finance your plastic surgery:
- Plastic surgery center
It’s common for healthcare practices to provide plastic surgery payment plans, discounts, or credit. Many plastic surgery centers acknowledge that insurance does not cover their procedures and will typically not include interest in their financial plans.
Some doctors will also work with their patients to create payment plans that will work with their budgets, but some practices will require the payment in full to get the procedure.
So contact your preferred practice and read their potential payment options.
- Third-party patient financing
Some healthcare practices offer third-party patient financing services that offer flexible payment plans for you. The difference between traditional lending from loans is that it requires more documents which can be time-consuming. Third-party alternatives like Denefits let you get the funding you need without shuffling out documents or having a credit check so that anyone can qualify.
- Medical credit cards
Like traditional credit cards, medical credit cards are meant solely for medical expenses. Keep in mind that it can’t be used for every procedure. This type of card is typically helpful for those who tend to overspend with regular credit cards.
If you’re considering using this finance option, make sure to read the fine print and different promotions, as some medical credit card companies will charge retroactive interest rates if there is a missed payment.
Here are four lenders that provide medical credit cards:
All of these lenders let you determine the interest rates and whether you prequalify for medical credit cards or not.
- Credit cards
If medical credit cards aren’t appealing, consider using a regular credit card that offers low-interest rates or a low annual fee. Some credit cards offer rewards, and using them to pay for a large surgery will help you gain points for cash back, travel, or hotels.
Financial advisors suggest that you not pay more than 10% interest on the balance if you’re using credit cards. High-interest rates attached to cards can leave patients with a debt larger than their owed balance.
Keep in mind that using a credit card for a large purchase may tie up your credit line, reducing your credit utilization initially. It’s also recommended that you don’t pay for multiple procedures upfront to alleviate your financial burden.
- Personal fixed-rate loan
For most personal loans, patients will need a minimum credit score of 600 to qualify, the fixed annual rate generally is between 6% and 36%. The lowest rate is the least expensive and typically the best choice.
Personal loans can be used for virtually anything and are unsecured, meaning no collateral. Since the lender doesn’t put up collateral, interest rates can be higher than a secured loan that requires collateral.
- Budget and save
An alternative way to develop funding is your traditional route: budget and saving.
Using lenders or charging credit cards isn’t cheap with all the added interest, fees, or penalties.
Creating a budgeting plan by putting money aside each month to pay for your surgery can help people fulfill their financial goals. The only issue is that it takes longer and more discipline to save enough money to pay for plastic surgery. You also won’t get your procedure as soon as possible than if you were to take out a loan.
- Loans from family and friends
Have relatives that have extra cash lying around?
It doesn’t hurt to ask your friends and family for a loan, cutting out the financial institution as the middle man, this method is known as peer-to-peer microlending. This can be the only option if you don’t have a credit score or if you don’t have a source of income.
However, a con from this option is that it can permanently damage a relationship if you’re unable to make payments on time.
Consider using peer-to-peer lending apps such as Lendee that lets you keep track of your remaining balance all while allowing the lender to add interest if small loans go unpaid. This can be an easier way for the lender to trust that you’ll pay them back.
Conclusion
Overall, no matter how you choose to finance your cosmetic plastic surgery, remember to research how you would like to pay for it. The bottom line is to budget your spending, so you’re able to enjoy your results without financial stress.
