Cosmetic surgery has become a popular option for many people who want to enhance their physical appearance. However, the cost is one of the biggest concerns for those considering a procedure. In many cases, medical insurance will not pay for cosmetic surgery, and the costs can be a burden if you aren’t prepared for them. Fortunately, there are several ways to pay, and here are a few of the available options:
1. Cash payment
Paying the entire amount upfront is the most straightforward way to pay for cosmetic surgery. This option is ideal for those who have saved up for the procedure or have access to enough cash to cover the cost. Budgeting your income or taking on a side job until you reach the amount of money needed for surgery can save you money in the long run.
“One of the biggest concerns for those considering cosmetic surgery is the cost, but there are options.”
2. Medical credit cards
These are similar to regular credit cards but are specifically designed for medical expenses. They offer special financing options and low-interest rates. CareCredit is a popular medical credit care and ASI offers a 12-month 0% APR promotion with them. Incurred interest will be added to the total if not paid off by the end of 12 months. CareCredit.com is a great resource to learn about different repayment plans if you want to learn more about this option.
3. Credit cards
This is another option for those who cannot pay for the procedure upfront. Many credit card companies offer promotional financing for medical procedures. These promotions typically offer low or no interest for a specific period. Make sure to read all the fine print and rules of paying off the credit card. Paying off the balance in the promotional time period is the best way to use these promotional credit cards. Nerdwallet.com or lendingtree.com compare credit cards and are great resources if you want to learn more.
4. Personal loans
These are typically unsecured, meaning they do not require collateral. However, they do require good credit to qualify for a low-interest rate. These loans typically have a fixed rate APR and require monthly payments. Shop around and research loan terms and interest rates that will best fit your needs. These loans typically require a good credit score, so that is something to consider.
5. Home Equity Loans
These loans are for people that own their house and want to borrow money or a line of credit against the amount they’ve already paid toward their home mortgage. These loans typically have lower interest rates and are a great option if you have paid off a significant portion home mortgage and/or your house has greatly appreciated. A home equity loan allows you to use your house as collateral, which is a high-risk loan if defaulted, you could lose your home. You should only use a home equity loan if you are confident and financially secure to repay it.
Some insurance plans will help with the cost of certain procedures. It’s best to contact your insurance and inquire with them what your individual plan will cover, as each insurance company is different. ASI is out of network with all insurance so you’ll want to ask your insurance if they will work with a surgeon out of network. Everything must be paid out of pocket and you will have to work with your insurance company to get money back from them.
There are several ways to pay for cosmetic surgery, so it is essential to research and compare the options available to find the best solution for your needs and budget. Make sure you read all the fine lines of any financing option and plan a budget for repayment. Remember, any cosmetic surgery (facelift, rhinoplasty, liposuction) is an investment in yourself, and it’s worth exploring all the payment options available to make it a reality. If you have any questions, reach out to us. We are here to be a resource for you, so call or email us anytime.