Today plastic surgery has become highly popular because now people are more aware of their appearance. But like other medical procedures, the cost of plastic surgery is not so cheap. In fact, many of the invasive cosmetic procedures cost thousands of dollars. It is nothing to say that most of the familiar people don’t have thousand dollars in their savings account to spend on a single procedure. That’s why some people choose to take loans for plastic surgery.
You have to take care of few things before taking loans for the cosmetic procedure. You must know is it a smart move for you???
- Here we will clarify some doubts of our audience like
- Should you use a loan to pay for cosmetic surgery?
- The best place to find cosmetic surgery loans?
- Consider some alternative financing options.
Should you take a loan to pay for your cosmetic surgery?
Your health insurance may cover your surgery bills if you undergo reconstructive plastic surgery to rectify developmental or traumatic defects. Before taking out a loan, you must review your health insurance policies because some policies are selective and restricted for traumatic reconstructive surgery.
If your surgery intends to improve traumatic or congenital disabilities, you may require a small loan to bear the procedure cost. The insurance policy will bear the partial cost of cosmetic surgery. However, you may require a bigger loan if your surgical procedure is entirely cosmetic.
For some elective cosmetic procedures like breast augmentation, arms lifting, facelift, mommy makeover, cosmetic rhinoplasty, breast reduction procedure, you should not take a loan to pay. Instead of taking a loan, we will recommend saving money in advance.
On the other hand, if cosmetic surgery is essential to improve quality of life by fixing a defect or rectify trauma, taking a loan can be worth the interest amount you will pay for. The practical procedures include breast reconstruction after chemotherapy, Cleft palate surgery, skin cancer removal treatment, cleft lip surgery. You can take a loan if the outcome of the surgery will save money for your future by bringing quality living. However, you may face a strong case where future savings may end up by paying interest in addition to the cost of the surgery. So, think before taking out a loan before cosmetic surgery.
In some eye clinics, the expenses of Lasik eye surgery could be outweighed by avoiding the price of contact lenses or glasses. So, check the type of your situation to observe if it is justified.
Alternative Finance option for cosmetic surgery
As per your financial status, you must check out the available options to choose the most possible financially valuable option. There are several measures to bear the expenses for cosmetic surgery apart from taking a personal loan.
Medical credit cards
The medical credit cards come with a limited period with no overhead interest from six months to two years. But here the thing is that many of these offers will wind up altering your interest from the initial of the loan if you won’t pay off the complete balance before the specific promotional 0%APR offer closes.
Here we would suggest choosing regular credit cards instead of medical credit cards because regular credit cards offer better terms.
Health Savings account (HSA) or Flexible Spending Account (FSA)
Commonly HSAs and FSAs will cover the medically essential procedures. That’s why you probably can’t use your HAS to finance the Botox treatment, arm lift, or breast augmentation. But you can opt for HAS or FSA for getting reconstructive plastic surgery. Please review your loan provider to see what facilities they covered. Even if the treatment is not covered, your FSA or HAS will cover some amount for medicines, antibiotics, and other expenses related to treatment.
Home equity line of credit
Home equity credit card is more secured than HAS. FSA and medical credit cards because of lower interest rates. For this particular reason, most of the patients are inclined to the equity in their home whenever they require money for the expensive treatment. A lower interest rate helps you to save your money. And you will get a comparatively long period.
Payment plans through the provider
Now multiple payment schemes are available from credit providers. Many providers provide financing for the cosmetic procedure through a well-structured payment plan. The provider can manage the payment plans in-house; they communicate with financing companies to provide these payment plans. Some of these payment plans do not claim interest, but it ultimately depends on the plan structure.
Save and pay cash
It is the best way if you are planning to undergo any type of cosmetic surgery. Save a good amount from your monthly salary for the cosmetic procedure until you have a good amount in a savings account for your required plastic surgery. It would help if you had a clear idea about the cost of the desired plastic surgery in your location.
If you are mentally prepared enough, you will save cash for your future. In this case, you first make an appointment with a reputed cosmetic surgeon from plastic surgery centre. Their medical team will list out the total expenses you have to bear. You have to wait for few months to one year to save money for your cosmetic surgery. But we would suggest you this save and pay cash option is better than loans and credits, because they use to claim a good amount of interest which just hammer your future.