Plastic surgery is expensive, especially because most health insurance plans do not offer coverage for cosmetic surgeries unless the surgery is due to an accident, such as a car accident or house fire that caused significant physical damage.
Without the aid of insurance, the idea of paying for cosmetic surgery out of pocket can keep people from even considering the idea. However, there are financial options that are available for cosmetic surgery so you can afford the plastic surgery you have been wanting.
Plastic Surgery Center
When looking for a plastic surgeon, make sure to ask them if they offer any financial options, such as payment plans, discounts, or credit. Due to the fact that most plastic surgery centers recognize that insurance does not cover cosmetic surgeries, many have financial plans in place for their patients. As an added bonus, many centers do not include interest on their plans, which can help you save money.
Medical Credit Cards
There are health and medical credit cards you can apply for, as they cover medical expenses. Most of these cards have extremely low interest rates, which can make paying them off much easier. Additionally, since these cards are only for medical expenses, it can keep those who are prone to overspend in check. However, be sure to research beforehand and read the fine print. Some medical credit card companies will charge people the full balance of interest they have accrued if they miss a payment.
Credit Cards
If you are not interested in using a medical credit card, consider using a regular credit card that provides you with low interest rates or a low annual fee. If the credit card is a rewards card, using it to pay for a large surgery can help you start racking up points for travel and hotels or even cash back. Most financial advisors suggest that those using a credit card specifically for cosmetic surgery should not pay more than 10 percent interest on the balance. Cards that have a high interest rate attached to them can leave you in a lot of debt if you cannot pay off the balance before interest begins accruing.
Bank Loans
Securing a personal loan can be a viable option for financing your cosmetic surgery. A small credit union or local bank can offer you a good loan with low interest rates, for most bank loans have a fixed interest rate, offering you the security that the rate will not increase. Moreover, if this is the first personal loan you have taken out, it can actually raise your credit score. Many credit lenders like seeing different types of loans that have been paid off.
Home Equity Loan
Taking out a home equity loan can be a smart way to pay for cosmetic surgery, especially if mortgage rates are low, since interest on home equity loans is based upon current mortgage rates. Plus, for most people, the interest accrued can be written off as a tax-deductible.
Savings
Many people have savings set aside. While some savings are designated specifically for emergencies, college funds, or retirement, there is usually some money leftover. Even though it would mean your savings would deplete, you do not have to worry about interest or having to pay back the loan in a timely manner. Or, find out the cost of surgery first, then begin saving little by little. Once you have reached the designated amount, you can get the surgery done. Though it may take a while, it is a smart financial decision.
Family and Friends
While it can be awkward to borrow money from family and friends, if you have a close relationship and establish a financial plan, it can be a simple way to borrow money without racking up any debt.
There are options available if you are considering plastic surgery. Do your research and due diligence to find the right plan for you so you can enjoy the benefits of the surgery.
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