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How to Pay for Plastic Surgery Procedures
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Cosmetic surgery is considered an elective surgery, and insurance usually does not cover these procedures. Patients must pay cash or utilize another plastic surgery financing method to pay for cosmetic medical procedures like laser hair removal, Botox, breast augmentation or rhinoplasty, for instance.
Here are five ways to pay for plastic surgery and other elective cosmetic procedures:
- Enroll in a payment plan through the surgeon
- Utilize a medical credit card like CareCredit
- Use a credit card with an introductory 0% APR offer
- Take out a fixed-rate personal loan
- Budget and save up in advance
1. Enroll in a payment plan through the surgeon
When you’re researching plastic surgeons to complete your medical procedure, ask the provider if they offer any type of plastic surgery financing. You may be able to break up the cost of your cosmetic procedure into smaller monthly payments without paying interest.
Many surgeons avoid getting involved in the financial aspect of the procedure, though, and rely on third-party financing options like medical credit cards and plastic surgery loans.
2. Utilize a medical credit card like CareCredit
Your plastic surgeon may offer financing through a medical credit card like CareCredit. Medical credit cards are a popular way to finance plastic surgery because they usually offer promotional financing. During a certain promotional period, typically a few months to a few years, you can break up the cost of your procedure into smaller monthly payments at 0% APR or reduced APR.
However, some medical credit cards come with very high APRs. And if you don’t adhere to the payment plan outlined by the promotional financing offer, you may be stuck paying deferred interest from the original purchase date.
3. Use a credit card with an introductory 0% APR offer
Medical providers typically allow you to charge your elective procedure to your credit card. However, credit cards are renowned for their high interest rates.
One way to get around this is to use a credit card with an introductory 0% APR offer. These offers typically last up to 20 months and are reserved for borrowers with good credit. This can let you split up the cost of your cosmetic procedure into smaller monthly payments without paying interest, as long as the balance is paid in full by the end of the intro period.
If you’re unable to secure an introductory 0% APR offer, you may end up paying a lot more for the surgery than you initially thought. Additionally, the large charge to your card is likely to tie up your credit, hurting your credit utilization and possibly affecting your credit score.
4. Take out a fixed-rate personal loan
An unsecured personal loan is a quick way to secure money for a surgical procedure. Personal loans are lump-sum loans typically ranging from $1,000 to $50,000 that have a fixed APR and monthly payment.
Compared with some of your other financing options, an unsecured loan could be the cheaper alternative to getting a cosmetic procedure. If you have a strong credit history, your APR is likely to be significantly lower than a credit card. Borrowers with subprime credit might only find personal loans with high APRs, if they qualify at all.
As with most types of borrowing, a personal loan will add to the cost of your procedure since you’ll be paying interest. You can try to mitigate the cost of the personal loan by making extra payments toward the loan and paying it off early, as long as you’re aware of any prepayment penalties that the lender charges. Plus, you should shop around for the lowest possible APR for your financial situation using LendingTree’s online personal loan marketplace.
5. Budget and save up in advance
Borrowing money from a lender or charging a credit card comes at a cost, whether that’s in interest, fees or penalties. Since elective plastic surgery is typically an unnecessary expense, it’s best to pay out of pocket rather than to pay for financing options. Using the money you’ve saved to pay for your surgery is always an option if you have money in the bank.
If you don’t have the money saved up, you can create a budgeting plan to help you save up for the procedure. For example, if the procedure is $15,000, you could squirrel away $625 per month for two years to pay for the surgery with cash. Creating a monthly budget can help you realize your financial goals and get the cosmetic procedure you want without any financial consequences.