How To Finance Your Cosmetic Surgery Procedure?
Plastic surgery/Cosmetic Surgery is an area that continues to go strong despite (or because of) the pandemic. While the recovery has become less of a concern now, with people having a considerable time to spend in the comforts of their home, the cost for the procedures may not be very easy to cover.
Figures revealed by the American Society for Aesthetic Plastic Surgeons show that a jaw-dropping $9.3 billion have been spent by Americans in 2020 on all aesthetic procedures. Surgical procedures alone hold a share that revolves around an incredible $6.3 billion, and non - surgical procedures account for about $3.1 billion.
If you were to break the amount to individual procedures also, they come to pretty steep figures. For instance, procedures such as a rhinoplasty or a nose job or breast augmentation alone can cost a customer an average of $5,000, as per reports by the society.
Typically, your insurance will not cover the costs of surgical or non-surgical procedures, and hence all expenses are expected to be borne by you.
Here it is also noteworthy that there are two broad categories of plastic surgery demarcated by the American Society of Plastic Surgeons - reconstructive procedures and cosmetic procedures.
While reconstructive surgery involves restoring function and normal appearance or even rectifying deformities, Cosmetic procedures imply reshaping and adjusting an individual's normal anatomy. These are not considered medically necessary. Hence although your health insurance may cover reconstructive surgery, cosmetic surgery in all likelihood will not.
So How Will You Finance Your Cosmetic Surgery?
Such cards are often offered for the sole purpose of financing cosmetic surgery patients.
If you have a low-interest credit card, you can use this or even apply for a card with a zero percent introductory period and pay for the surgery. You can also opt for a balance transfer card that lets you pay your debt without the worry of continually adding interest.
- Loans from financial institutions
You can opt for a personal loan from your bank or credit union. This process is clean and easy, but you will end up paying much more to the bank in interest. Unsecured loans have the feature of adding up substantially to the final cost.
If you have adequate cash saved up in the bank and if it has not been put aside there for an immediate emergency, you may consider using the amount for your cosmetic surgery. Although this would mean digging into your savings, it will give you the peace of mind of having no additional financial burdens.
This can be secured in the form of personal loans and can especially come in handy if you have a low credit score and are thus having difficulty finding an alternate source of financing. This method often involves brokering through a third party, and your doctor could also be your broker.
Although most doctors require full payment before starting the procedure, some may be willing to work out a payment plan with you based on your budget. Most of the time, these plans are interest-free and financing is done based on the individual patient's level of comfort.
Most 404(k) retirement savings accounts let the participants borrow up to half of the vested balance that can go up to a maximum amount of $50,000 over one year. The repayment scheme involves deductions from your paycheck for the subsequent five years. The rates of interest here are lucrative, and the process is quite simple. However, keep in mind that when you make the repayment, you do so with taxed money.
It is easier to borrow the fund from a known person, including a wealthy relative or a friend who may have come across a gig sum that he wants to invest. Here, you can set terms that work towards both parties' benefit and are comfortable to both. Moreover, one or two late payments can go without the added pressure of fines and late payment fees. Flexibility is key here.
There have been cases where patients have undergone plastic surgery with the help of money given to them as gift certificates or in the form of funds set up. Their dear ones have the option of making a contribution that can go towards financing plastic surgery.
Image Source - Pixabay
