How to Finance Your Cosmetic Surgery
Saturday, August 29, 2020, 6:00 AM | Leave Comment
Plastic surgery can be expensive. Are you unable to pay the surgery cost all at a go?
There are a variety of financing options you can consider. Plastic surgery financing lets you pay for your procedure over a long period.
However, you should always be keen to look at the cost even if you pay over a long period.
Most plastic surgery patients have left dents in their bank accounts, but it is worth it.
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What Are the Options?
Very few insurance companies cover the cost of cosmetic surgery. If they do, they will only pay for reconstructive plastic surgery. The difference between the two is that reconstructive plastic surgery is carried out to correct body and facial abnormalities caused by diseases, injuries, or congenital disabilities.
Most cosmetic surgeries cost above $1000. An example is tummy tucks, eye bags treatment in Toronto, and breast augmentation, ranging from $3000 to $7000.
If you do not have the cash upfront, you can choose different plastic surgery financing options. Each option has its pros and cons, so research before making a decision.
With plastic surgery financing, you can use provider payment plans, personal loans, or credit cards. Before settling for one, ensure you know the terms and if your choice is the most sensible.
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Personal Loans
If you are a qualified borrower, you can take a loan with an online lender, credit unions, or banks. Always remember to check the fees, interest rates, and other terms stated by the loaner. Interest rates in personal loans differ depending on your credit. If you have good credit, you will qualify for a low-interest rate but have bad credit.
When choosing, ensure you go for the option that requires the shortest time to repay. This helps you manage in paying at the lowest interest rate available. The playing time should not exceed a year. If you are planning to pay in more than a year, it is a sign you cannot afford.
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Medical Credit Cards
You might be lucky enough to get a medical credit card through your health care provider. Such cards cover for medical costs like injectable treatments and plastic surgeries. The cards have different payment options. You could pay after every 6, 12, 18, or 24 months without any interest. Most have their main condition: you must pay the bill within the agreed period and pay the minimum due. If you stick to the terms, this is a great option.
The payments should not compromise your other goals. Medical credit cards benefit both patients and their providers. You can pay using a regular credit card. If you want to go for this option, it would be wiser to apply for a new credit card: one with 0% introductory APR and a sign-up bonus. You can then use the 0% APR to pay off your balance without any interest.
However, this option has a risk. You might come across a more significant expense that you don’t have money for, and now that you are already in debt, you might regret it.
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Provider Payment Plans
If credit cards and sidestep loans are a no for you, you can work out an arrangement with your provider. Ask your provider for a payment plan. You can start making the payment before the procedure. In such plans, there is no interest applied. The plan also helps in building a great bond between you and your doctor. You will spend time trying to know each other, and your doctor might even offer a discount.
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More Options:
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Retirement plan loans– this loan plan will offer access to your funds. However, the plan will derail your savings. If you leave your job by any occasion, you will still have to pay back the loan and risk a 10% penalty.
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Home equity loans– this loan plan allows you to use your home equity to pay for surgery. Such plans have low-interest rates. Since your home is the guarantor of the loan, this is a precarious option.
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You can also ask for loans from your friends and family. While some might offer affordable terms, they risk your relationships, and that mighty nit is necessary.
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Plastic surgery financing helps you by allowing you to lay for your procedure over time. Before deciding whether to use plastic surgery financing, make consultations, and don’t rush over it.
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