Plastic Surgery Financing for Your Breast Augmentation

Financing Your Plastic Surgery

We know that plastic surgery is expensive—we’ve had it too! But we also know that it’s well worth the cost. It improves the way we look and feel about ourselves. Fortunately, there are many ways you can pay for cosmetic procedure. Plastic surgeons will accept payment in the form of cash, credit cards, and loans from specialized plastic surgery lenders. The surgeons will also have office staff who will help you to understand the cost of your breast augmentation, liposuction, rhinoplasty, etc., and how you can pay for it.

Going Through Your Insurance

Generally speaking, insurance does not cover cosmetic surgery. But if the procedure corrects or improves a genetic deformity or traumatic injury, you may be reimbursed in part or in whole. Be sure to check with your insurance carrier for information on your degree of coverage. Also, since plastic surgery can affect your premiums, WebMD recommends asking your insurance carrier if your procedure will affect your coverage in the future.

If your health insurance considers it a reimbursable expense, the Healthcare Blue Book recommends asking in-network providers what their fee is for this service, since rates can vary even among in-network providers.

Paying with Cash

Paying for your plastic surgery with cash has both pros and cons. The biggest benefit is that you will not incur any debt if you have the cash to pay up front. This can be a great way to go, especially if you don't like the idea of paying off credit card debt or loans. Some plastic surgeons also offer discounts to self-paying patients. The negative to using cash is that you won't have it in the bank any more. You should always have a little cash in the bank for unanticipated emergencies. If paying cash will completely drain your bank account, think about paying for part of all or your cosmetic procedure with a loan.

Plastic Surgery Loans

Several lenders specialize in providing loans to people who want cosmetic surgery such as breast augmentation, liposuction, tummy tuck, face lift, eyelid surgery, nose surgery, and even cosmetic dental procedures (veneers, dental implants, etc.). A plastic surgery loan might be right for you if you do not have enough cash on hand. Even if you do, you may decide that you want to leave some or all of your cash in savings and use a plastic surgery loan anyway. If you decide to apply for a plastic surgery loan, keep in mind some of the following issues:
  • Your credit score will impact your ability to get a plastic surgery loan.
  • Your overall credit history and repayment ability also determine approval chances.
  • Are co-signer options available for people with bad credit or no credit history?
  • How much will the lender give you? Amounts can vary from $1,000 to $25,000.
  • Financing for multiple procedures at once or over time should be available.
  • What interest rate will the lender charge you?
  • Are there programs with interest free payments for short periods of time?
  • How long will you have to repay the loan? Loan terms may run from 6 months to 5 years.
  • Is there a penalty for early repayment?
  • Is there an application fee?
  • Does the lender charge for credit or background checks?
  • The lender must agree to complete confidentiality.

Paying with Credit Cards

Most plastic surgeons accept payment by credit card for part or all of your cosmetic procedure. You can even pay across more than one credit card. Credit cards can be simple to use because they are widely accepted, and you already have pre-defined limits. The downside to using credit cards to is that it is expensive. The interest rates on credit cards tend to be far higher than the interest rates on plastic surgery loans.

Other Ways to Pay

Think about getting creative to finance your cosmetic surgery. For example, do you have a birthday coming up? Tell your husband, parents, grandparents or friends that you don't want gifts but want cash instead so you can treat yourself to something big. You probably won't get all the money you need this way, but maybe you can combine it with other savings you have. Do you have a parent or friend who will loan you the money at a favorable rate (better than credit card rates)? Most parents have money saved for retirement and would be willing to loan their daughter a small amount as long as she promises to pay it back. Do you own a home or apartment? If so, you may qualify for a low interest homeowner's loan or small second mortgage. You can use the proceeds of this type of loan to pay for your plastic surgery. Homeowner's interest rates tend to be very favorable. Think about all the resources at your disposal - most people have more options available to them than they realize.

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