Before you goto a hospital for surgery, money has to be available to make payments for the procedure. When you have the money, you can finance your cosmetic procedure. But you must know that not every payment option is advised especially if you don’t have money. However, plastic surgery financing can enable you to make deposit for your plastic surgery over time as opposed to 100% one time payment. That being the case though, it is recommended that you carefully consider the overall cost.
These days, insurance companies hardly ever covers the cost of elective cosmetic surgery but may sometimes pay for a client’s reconstructive plastic surgery. Yes, this is because, there’s a difference both of them. The reconstructive surgery corrects facial and body abnormalities caused by birth defects, injuries or diseases while the elective surgery is a personal choice to make look better than ever.
Cost for Common Cosmetic Surgery
You will agree that almost all cosmetic surgeries cost several thousands of dollars. A 2019 report from the American Society of Plastic Surgeons has it that some common cosmetic procedures such as breast augmentations or enlargement (augmentation mammoplasty) and tummy tucks can range from about $3,000 to above $7,000.
So, if you don’t have the cash upfront for payment, you can look into options for plastic surgery financing now. Do comprehensive research to know the advantages and disadvantages of each one to make the best choice for your budget.
Whether it is a chin, cheek, or jaw reshaping, to a face-lift to a bit of buttock lift or a little liposuction, or even breast augmentation or enlargement, just to make look better than before – comes at a price. Meaning that, you have to prepare for a huge debit in your bank account if you’re planning of having plastic surgery. Going further, you can get Help Paying Your Medical Bills with these list of Medical Loans for Financing Medical Expenses. Thank me later.
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What are Your Best Options for Plastic Surgery Financing?
The option of plastic surgery financing enable patients the ability to complete a plastic surgery procedures and pay over a period of time. In some countries, it is know as the ‘pay small small option’. These options includes personal loans, credit cards and provider payment plans. But no matter the option your choose above, simply ensure you understand the financial terms and conditions. Look carefully to know and whether your choice makes the most financial sense for your pocket.
Here’s more about plastic surgery financing.
1. Personal loans.
If you have a good credit score, you can qualify to borrow and can take out loans with commercial banks, credit unions or online lenders for plastic surgery. But you have to beware of their interest rates, yearly charges/fees as well as other loan terms that can vary significantly.
Bear in mind that interest rates for personal loans depend on your credit score. If you have good credit, you can qualify for a low interest rate. On the other hand a bad credit will make you to pay a higher interest rate of up yo 36%. Scary, right?
Follow recommendations and pick the shortest amount of time to repay the loan that you can manage at the lowest interest rate your pocket can carry you.
Kimberly Foss, president and founder of Empyrion Wealth Management in Roseville, California advises that plastic surgery loans should only be taken out for the short term only. “In simple explanation, you must ensure that the payoff time is not longer than 12 months,” she says. “But if you have any reason to extend it more than 1 year, it’s a bad sign; you can’t afford it – so move on.” For more options, you can review the 10 Best Credit Cards without Yearly Service Charge that is best for you.
2. Medical credit cards.
Surely, as an individual, you have the ability to apply and get a medical credit card through your health care provider. Credit cards go a long way to can cover your medical costs, from plastic surgeries such as dermabrasion, face-lifts to injectable treatments such as Botox, and so on.
A good example is the CareCredit card, which allows users to make payments over six, twelve, eighteen or twenty four months with no interest at all. However, reality is that users must pay the minimum due and pay off the bill within the specified period of time (usually 6 months). But if you fail to make payment as at when due, interest will be assessed at and capitalised at a rate of 26.99% from the purchase date.
“Generally, these can be a great option, only if you stick to the terms,” says Mrs. Long Kelley, a Chicago-based financial coach. She continues; “Simply ensure the minimum payments won’t compromise your other financial goals.”
In the long run, medical credit cards may benefit both patients and providers, says Dr. Kong Sheena, a San Francisco-based cosmetic procedure specialist.
“Truly, for patients, it lessens the financial burdens,” Kong says. “Having access to a financial arrangement to pay over time without any interest being added is ideal. That is to say, it’s a surely win-win situation for the hospital management and the customers.”
3. Credit cards.
A credit card is a very slim rectangular piece of plastic or metallic plate issued by a commercial bank or financial services company that allows cardholders to borrow funds with little interest. Therefore, users can pay for cometic surgery using a regular credit card at a procedure centre. This cards usually offers an interest-free grace period of days to say the least. But if you carry a balance on your credit card, you lose your grace period.
On the contrary, you could opt for minimum payments on your credit card, but the final cost may be outrageous. That is; you can spend up to 18.5 years or more for $10,600 on financing fees to pay off a $10,000 cosmetic procedure if you only make minimum payments. These figures are not looking good at all.
A healthier plan: Make sure you treat the credit card as a short-term loan. For example, if you used the same card for the $20,000 cosmetic surgery and paid off the balance over 24 weeks instead, the fees would be about $1,122.
One other way to use credit for plastic surgery is to completely apply for a new credit card. This can ideally be one with a 0% introductory APR and a sign-up bonus. Lastly, you can make use of the 0% APR (Annual Percentage Rate) to pay off your balance with no interest, usually over twelve to eighteen months.
Credit Card Signup Bonus
In some cases, the value of a sign-up bonus could possibly payoff off a little cost of your procedure by at least $100 flat. Since the grand total cost of cosmetic surgery procedures are relatively higher than the card issuer’s spending limit for a sign-up bonus, earning that reward should be easy.
However, you’ll need good to excellent credit for cards with a sign-up bonus and a 0% introductory APR. Therefore, if you can try your best to acquire this type of credit card, it can be an insightful way to finance your cometic procedure.
One advise I personally give people is for them to always make sure they pay off your balance within the card’s introductory period. For example, a $20,000 cosmetic procedure can be spread over 12 months and will require a monthly payments of $1,666.66. Make sure you pay at least that amount, and you can avoid interest on your purchase for the whole year.
Even though you achieve all this payments after your procedure, this technique still has risks. “An important expense may come up that you don’t have the money for, and if you’re already in debt for this, you may end up regretting it,” Kelley says.
4. Provider payment plans.
As a individual, if you want to sidestep loans and credit cards, you may be able to work out an arrangement with the cosmetic procedure provider. Dr. Rabach Lesley, a facial plastic surgeon in New York City, USA, says she helps patients cover large costs using this methods.
She continues by saying; “a face-lift can easily be from $15,000 to $25,000 for example. This is expensive right? So many people don’t have such money to pay for the procedure all at once, so they ask for a payment plan,” Lesley says.
Going by this, she and other cometic surgeons work with their patients as they pay before the procedures are done. You see; both the patient and the doctor can benefit from this type of arrangement.
This type of provider payment plans does have interests. Secondly, you don’t need good credit for it. Thirdly, it also establishes a relationship between the doctor and his patient.
“A well planned payment spreed-sheet is really good and can help for easier communication,” Rabach says. “Heavy stress is reduced drastically since you’re spending time getting to know each other. In some cases, some doctors will even offer a small discount for relationship sake.”
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Other plastic surgery financing options.
In the long run, you can look for other ways to finance your plastic surgery, but trust me, they’re generally not a good idea. But if you have the money, why not?
You will agree that retirement plan loans can offer access to your funds but affect your savings for the future. Furthermore, if anything wrong happens and you loose your job, you will have to pay back the loan. If you cannot, you’ll have to report it as income and pay taxes, including a possible 10% early withdrawal penalty. See? Not so much of a great idea.
On the other hand, home equity loans or lines of credit allow you to tap your home equity to pay for surgery. This may also have low interest rates. But because your home is the collateral for the loan, this can be an unsafe move for your family.
Lastly, you could brace up and ask your family members or friends for a loan. Who knows, they might offer favourable terms which can have a softer landing. But this type of loans has a risk to destroying personal relationships if you’re unable to payback on time. Therefore, it can be at an expense that might not be necessary.
Should I Apply and Get Plastic Surgery Financing?
We all know that plastic surgery financing allows us to pay for a cometic procedure over time. Yes, it can be helpful, given the amount involved. However, acknowledge that this can be a big financial decision that shouldn’t be rushed at all.
Advise: Do not ever decide on financing while you’re in the doctor’s office. Go home, think through it carefully. You can even bring in a neutral body into the matter to help assess whether you can handle the financial commitment or not.
Please, make sure you consult a financial advisor. Careful here; your advisor must be a person who has no personal interest in the outcome. This move can save you from heavy of debt.
Going forward, if you still want to move forward, do a test run before you jump into it.
Carefully calculate how much the payments will be, then set them aside for a month or two. Now, if you are able to meet the target, it will give you confidence that you can afford it without it stressing out your budget.
There’s another advantage of a test run: You’ll have saved some cash that you can use for the forthcoming payments. You can however, see the Best Guide to Remove a Closed Account From Your Credit Report. See you in the next article.