Plastic surgery procedures like facelifts or rhinoplasties can improve your appearance and reduce signs of aging. The costs of these procedures can be significant, and while insurance may cover reconstructive procedures, it does not cover elective plastic surgeries. Financing options can help patients undergo their ideal procedures and spread the cost over several payments. Here are some financing options plastic surgeons may accept or offer:
1. Personal Loans
Eligible borrowers may seek financing from banks and other lenders for their procedures. Check interest rates, fees, and other requirements that can differ by loan or bank. A good credit score can attract a lower interest rate on the loan. Choosing the shortest loan repayment period at the most affordable interest rate helps you pay off your surgery more quickly.
2. Personal Credit Cards
Your plastic surgeon may accept personal credit card financing. This means you can use your credit card as a short-term loan for your procedure. Check whether you have sufficient credit to cover the surgery’s expenses or apply for a new credit card before the procedure. Your credit card may provide an interest-free grace period to help you pay off the balance. Applying for a new credit card with a 0% initial APR and a sign-up bonus allows you to use the 0% introductory APR to settle the balance with no interest. Exceeding your introductory offer may attract more interest charges.
3. Medical Credit Cards
Your healthcare provider may help you get a medical credit card to pay for cosmetic procedures like facelifts and Botox. Medical credit cards may offer an accessible financing plan for eligible applicants and help cover procedures medical insurance doesn’t. You may be required to sign contracts to access medical credit cards, so check the terms of the agreement carefully. The conditions may include hefty fees for late payments. They may also include applying interest to previous costs if you don’t settle the balance within the promotional period.
4. 401(k) Account Loan
401(k) accounts may allow qualified borrowers to borrow a percentage of their vested balance at low interest rates. The low interest rates allow credit-challenged borrowers to finance their cosmetic procedures more easily. You can use this money to cover elective cosmetic procedures and reconstructive surgeries related to genetic anomalies, congenital disabilities, or scars from accidents or illnesses. 401(k) loan payments are periodically withdrawn from your salary until the sum is fully paid. Check for taxes or penalties that you may incur before taking out the loan. Examine the relevant paperwork or consult your retirement account administrator to learn more about the loan and its availability.
Paying out-of-pocket for your plastic surgery procedure can help you avoid additional debt. Using your savings can help you avoid loan risks like harsh penalties for delayed payments. Determine the percentage of your savings you feel comfortable dedicating to paying for plastic surgery. You can establish a budgeting plan to assist you in saving for your procedure. Be sure to save enough money to cover potential emergencies after the plastic surgery.
6. Payment Plans
Creating a payment plan with your surgeon’s clinic can help you avoid loans and credit cards. During your consultation, ask whether your plastic surgeon’s clinic uses payment plans. This payment arrangement may not subject you to interest rates or credit checks. Your surgeon may require you to pay an initial lump sum before the procedure and monthly payments afterward until the balance is paid. Review the clinic’s terms of arrangement before signing up for a payment plan.
Choosing the Right Plastic Surgery Financing Option
Contact your surgeon’s clinic to determine the financing options they offer and accept. Check your credit score, savings, and salary to guide your financing choice. Loan and credit card criteria can differ depending on the lender, so review a lender’s terms and conditions before applying. Avoid applying for loans and credit cards with high interest rates, which could increase your monthly payment amount. Lower interest rates can help borrowers access their procedure funds with more manageable monthly payments.
Meet With a Plastic Surgeon Today
Plastic surgery financing can help patients access cosmetic treatments and procedures without costly up-front fees. With financing options like credit cards, loans, savings, and payment plans, you can improve your aesthetic appearance and reduce signs of aging at a more manageable cost. Meet with a plastic surgeon today to learn more about their financing options and plastic surgery services.