Cosmetic surgery is typically considered an elective surgery because in most cases, the patient doesn’t need a procedure done to improve their health. An elective surgery usually means that your procedure won’t be covered by insurance. However, you should always double-check with your health insurance company first to determine what might be covered.
Patients undergoing facelifts, tummy tucks, and other elective surgeries must find financial solutions to pay for plastic surgery. If you’re considering having cosmetic surgery in Orange County, but don’t know how to finance it, here are seven ideas.
A loan from your bank or credit union serves as a quick way to secure money for a plastic surgery procedure. Personal loans usually have a fixed interest rate with a specified amount of time for repayment. An unsecured loan could be the cheapest option for you. If you have a history of good credit, your interest rate should be lower than a credit card.
Keep in mind that with a personal loan, you’ll end up paying more than the cost of your procedure because of interest. While you’ll be happy with the results of your cosmetic surgery, you will be paying more money over time. If your credit is less than ideal, you may receive an interest rate close to that of a credit card, which may not always be the best deal.
Home Equity Loan/HELOC
A home equity line of credit or home equity loan uses the equity that you’ve accumulated in your home and converts it into cash that you can use to pay for your cosmetic procedure. The interest rates of this loan are based on the current mortgage rates, which means that your interest may be tax-deductible.
Using up your equity may start over with the purchase of your house. If the housing market takes a turn, you could end up with negative equity. This type of loan might be best for those who can’t take out a personal loan for whatever reason. However, it’s important to ask yourself if the risks of a home equity loan outweigh the rewards.
Personal Credit Cards
To pay for your cosmetic surgery, you can use a personal credit card with an active 0% APR offer to finance the procedure. With this option, you won’t end up paying any interest. Also, you can use a rewards card to pay for it and earn points or cashback.
Credit cards typically have high-interest rates. If you can’t secure a 0% APR, you may end up paying a whole lot more in interest than you initially thought. Also, a large charge to your card will tie up your credit and hurt your credit utilization, two things that can affect your credit score.
Medical Credit Cards
Healthcare credit cards are a popular way to finance plastic surgery. It’s typically easy to qualify for this type of financing, and it can only be used for medical expenses. Some cards may offer introductory interest rate offers that include no interest for the promotional period and fixed payments.
Always make sure to read the fine print on these contracts. In some cases, if the balance is not paid in full by the end of the promotional period, interest will be applied retroactively on the entire balance. You’ll also have to make sure to stay up to date on payments so that you don’t lose your promotional rates.
If you have a 401 (k) account, you may be able to borrow up to 50 percent of the balance up to a maximum of $50,000. The loan repayment will be automatically deducted from your paycheck. The repayment period will be up to five years, so borrowing from your retirement account is usually quick and simple with low-interest rates.
Withdrawing from your retirement account may mean that you rack up taxes and penalties. You’ll be taxed on your money twice. If your plan doesn’t allow contributions until the loan is paid in full, you will miss out on some asset growth until repayment. Also, if you choose to leave your job to get laid off, you’ll have only 60 days to pay off your loan.
Dipping into the money you’ve saved to pay for your plastic surgery is always an option if you have money available. By using your savings, you won’t be borrowing money or paying interest.
Many people don’t feel comfortable taking money from their savings that are typically for emergencies or important life events. Having less cash available could put you at financial risk of a true emergency arises. If you have other financing options available, you may want to search around and determine which is best for you.
Your doctor may offer payment plans in-office. CosmetiCare has four cosmetic surgery financing options that help ensure each and every patient has the opportunity to get the plastic surgery they desire. These loans can cover either a portion of the treatment or an entire procedure depending on the needs of our patients. You can apply for financing in our offices during your visit or online before you arrive and get a response immediately.
Here are the financing options we offer:
A 0% interest plan with low monthly payments to those who qualify.
GreenSky Patient Solutions®
This option offers flexible financing that gives patients an affordable and easy way to get approved for care.
This financing option provides credit lines available exclusively through board-certified plastic surgeons, ophthalmologists, and dermatologists. You can potentially receive up to $25,000 in credit.
When other financing options just won’t work for you, we offer this financing solution to do our best to help every patient in need.
Which Option is Best for Me?
The option you choose will depend on many factors. The best advice we can give you is to make sure you can afford the cosmetic surgery and don’t push your finances to extreme limits. If reducing the number of procedures done makes financial sense, then you may have to pick and choose what is able to get done at the moment.
Before you make your final decision, make sure to consider all of your options. Always remember to read and understand the fine print of any financing you choose.