Your Guide to Plastic Surgery Financing

You can get financing for a cosmetic procedure, but not every option makes sense.

You can look better than ever with a nip-and-tuck. From a facelift to some Botox, or even a little bit of liposuction. But, it will cost you. You can expect to pay a lot of money for plastic surgery.

Insurance may cover reconstructive plastic surgery, but not elective cosmetic surgery. Reconstructive surgery is used to correct facial and body anomalies caused by diseases, birth defects or injuries.

The majority of cosmetic surgeries are expensive, costing thousands of dollars. According to the American Society of Plastic Surgeons, the cost of common procedures like breast augmentations or tummy-tucks can vary from $4,500 up to $6,000 in the United States.

You can also look for financing options if you do not have the money upfront. Consider the pros and con of each option to determine the best one for your budget.

What are your options for financing cosmetic surgery?

Cosmetic surgery financing allows consumers to pay for procedures over time. Personal loans, credit cards, and payment plans from providers are all options. Make sure to understand all terms and if your choice is financially sound.

You can finance cosmetic procedures in a variety of ways.

Personal loans. Borrowers who meet the requirements can apply for loans from banks, credit unions, or online lenders to pay for plastic surgery. Beware of the interest rates, fees, and other terms which can vary greatly between loans.

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Credit scores determine the interest rates on personal loans. You can get a low rate of interest if you have good credit. However, if you don't, your rates could be as high as 36%.

Select the lowest possible interest rate and the shortest repayment period that you are able to manage.

Kimberly Foss of Empyrion Wealth Management, Roseville, California, the president and founder, believes that plastic surgery loans are only suitable for short-term use.

Foss says, "That's a payback time of less than a calendar year." If you need to extend the time, you're not able to afford it.

Medical credit cards. Your health care provider may offer you a medical card. Card can cover medical expenses, including facelifts and injectable treatments like Botox.

Kelley Long is a financial coach based in Arizona. She says, "These options can be excellent, but only if you adhere to the terms." Make sure that the payment won't affect your other goals.

According to Dr. Sheena KONG, a cosmetic procedure specialist in San Francisco, medical credit cards can benefit both patients and providers.

Kong says that it helps patients to lessen the financial impact. It's ideal to have a payment plan that allows you to pay in installments without adding interest. The client and the doctor both win.

Credit cards. Credit cards. If you have a credit card balance, your grace period is lost.

You could also opt to make minimum payments with your credit card. However, the cost of this would be astronomical. If you make only minimum payments, it would take 18.5 years to pay for a $10,000 cosmetic surgery. You'd also spend more than $10.600 in financing fees.

The credit card can be used as a short term loan. If you paid the balance of $10,000 over six months, instead of using the same card to pay for the procedure, your fees would be $561.

Applying for a credit card with an introductory rate of 0% and a signup bonus is another way to use plastic to pay for plastic surgery. The 0% APR can be used to pay your balance off without interest over a period of 12 to 18 month.

The value of the sign-up bonus can offset your procedure's cost by at least 100 dollars. The cost of cosmetic procedures is often higher than the spending requirements for the card issuer to receive a sign-up reward. Earning this reward should be simple.

For cards that offer a signup bonus or a 0% APR introductory period, you'll need to have excellent or good credit. This type of card can be an excellent way to finance your surgery.

Pay off the balance of your card within the introductory period. If you spread a $10,000 procedure over a year, it would mean that you'd need to pay $833.33 per month. If you pay at least this amount, you will not be charged interest.

This technique is not without risk. Long warns that "an important expense could come up for which you do not have the funds, and you might regret it if you are already in debt."

Payment plans offered by the provider. You may be able work out a payment plan with your provider if you'd like to avoid credit cards and loans. Dr. Lesley Rabach is a facial cosmetic surgeon in New York City who says that she has helped patients pay for large expenses this way.

Rabach says that a face-lift could easily cost $25,000 and most people do not have the funds to pay it in full. They ask for a plan of payment.

She and other surgeons negotiate with patients to have them pay in advance for the procedures. This type of arrangement can be beneficial to both the patient and the doctor.

You don't have to worry about interest and you do not need good credit. This also helps establish a relationship between your doctor and you.

Rabach says that payment plans can be a great way to communicate. Stress is reduced because you spend time getting to understand each other. Some doctors may even give a small discount.

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There are other financing options for plastic surgery. Other financing options for plastic surgery are available, but in general they are not recommended.

Retirement plan loans may allow you to access your money, but they can also derail your savings. If you quit your job, then you'll have to repay the loan, or declare it as income, pay taxes and possibly a 10% early withdrawal fee.

You can use your equity in the home to pay for a surgery. The interest rates may be low. This can be risky because the home is guaranteeing the loan.

Asking family or friends to lend you money could be a good idea. They may offer you favorable terms. The risk of damaging personal relationships is too high for an expense which may not be needed.

Why Should you get financing for plastic surgery?

You can pay for plastic surgery over time. This is a great option, especially given the cost. This is a major financial decision and shouldn't necessarily be made in a hurry.

Don't decide about financing in the doctor’s office. Bring in a third party to help you determine if you are able to handle the financial commitment.

It should be someone who is not invested in the outcome. You can avoid mountains of debt."

If you want to continue, run a trial.

Long advises: "Calculate the amount of your payments, and then put them aside for several months." If they are easy to pay, you will feel confident that you can do it without straining your budget.

A test run has another benefit: you'll save some money that can be used for your upcoming payments.

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