In most cases, insurance won’t cover the cost of plastic surgery procedures done for cosmetic reasons. While you may believe that your facelift is necessary for your overall health and wellbeing, your insurance company likely doesn’t see it the same way. You don’t have to put your plastic surgery goals on hold because insurance won’t cover the procedure or because your current bank account balance isn’t large enough to cover the costs.
There are a few financing options available for plastic surgery and other non-surgical cosmetic procedures. Whether these options are a good fit for you depends not only on how much you want the procedure, but also on your financial status and outlook.
Financing Options
When it comes to financing your surgery or other cosmetic procedure, you have several options, from credit companies that specifically finance plastic surgeries to using your personal credit card or taking out a personal loan to cover the costs of the procedure.
The option that works best for you depends on what the surgeon’s office accepts and what your credit history qualifies you for. For example, if you have excellent credit, you might qualify for a personal credit card with an introductory rate of 0 percent. A program such as Care Credit is designed specifically for medical procedures and is accepted by a number of plastic surgery practices, including the Naderi Center in Virginia and Maryland.
Interest Rates
If you decide to use a financing option such as CareCredit, odds are that you’ll be given a pretty low interest rate. In some cases, interest might be deferred, meaning that you if you pay off the loan within a certain amount of time after the procedure, you can avoid paying any interest at all.
You might also be able to find a regular credit card that offers a great interest rate, if you have very good credit. You can use the card to pay for the surgery and enjoy paying either no or a very small amount of interest on the balance. The drawback of using a personal credit card to pay for the procedure is that the cost of the surgery can eat up your spending limit, which can affect your credit score.
A third option is to apply for a personal loan from your bank. You might face a higher interest rate on a personal loan than you would with a low-interest credit card or with a medical financing option, since the loan is unsecured. But, receiving a personal loan and paying it back as agreed can be beneficial for your credit.
Find Out If Your Surgeon Takes the Financing
Before you decide to apply for a program such as CareCredit, a new credit card or a personal loan, find out which financing options your surgeon accepts. Not every practice takes every type of financing. You don’t want to get a Discover card to pay for your surgery, only to learn after the fact that your surgeon runs a Visa and MasterCard only practice. In some cases, your surgeon will let you know which programs the practice takes and provide you with the details needed to apply for the financing.
Lets You Space Out Payments
One of the big benefits of financing your surgery is that you can space out the payments, so that they line up with your budget. If you are very concerned about avoiding all interest, you can pay off your loan before the promotional period ends and not have to worry about paying extra. Your payments each month will be bigger, though, and that might not work with your budget. If you don’t mind paying interest and would rather pay a smaller amount for a longer period of time, you also have that option.
Can Hurt Your Credit
The biggest risk or disadvantage of financing your plastic surgery or other procedure is that doing so can hurt your credit, if you’re not careful. You want to make sure that you’ll be able to afford the payments each month, even if you hit a rough patch financially.
Another drawback of financing is that you might be turned down if you don’t already have great credit. You might be able to negotiate with the company and pay a slightly higher interest rate or have someone co-sign with you.
Just like the decision to have a plastic surgery procedure, whether it’s a facelift or Botox isn’t one to be made lightly, deciding how to pay for it is something you want to think long and hard about. Once you’ve decided on the procedure and the surgeon, ask about financing options. Do your research so that you choose the one that best suits you.
Facial plastic surgeon and aging face specialist Dr. Jessica Kulak can recommend the right procedure for you. Once you’ve decided to work with Dr. Kulak and the Naderi Center, the practice can help you navigate the world of financing. To schedule your consultation, call (703) 481-0002 for an appointment in Virginia or (301) 222-2020 for an appointment in Maryland today.
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