Cosmetic surgery has quickly become Americans’ top choice to help combat imperfections and signs of aging. While this type of surgery is popular, it is not necessarily affordable for all. In fact, many everyday people end up seeking cosmetic surgery financing in order to fund their chosen procedure.
You may be asking yourself this questions: How much will my insurance cover? The answer is simply: None. There is a difference between reconstructive surgery and cosmetic surgery, which is the fact that reconstructive surgery aims to correct an abnormality that results in improved function or a normal appearance. Cosmetic surgery alters a perfectly normal structure simply for the self esteem or appearance of the patient. Your insurance company may pay for reconstructive surgery, but they won’t pay for cosmetic surgery. That leaves you three options:
- Save up until you have enough to pay for the surgery
- Ask if your clinic offers a financing plan
- Obtain financing through a lender who specializes in medical loans
Saving up for a cosmetic procedure could be your best option, depending on how much work you want to have done. A more expensive procedure will obviously mean that you have to wait longer for your surgery, but in the end you can pay it in full and walk away without any kind of debt.
Some clinics may offer you the option to construct a payment plan, but this is not very commonly done. If you can’t wait to save up for the procedure yourself, your best bet at financing your surgery would be to get it done on credit. There are several companies which offer medical loans, some at 0% interest if you have good credit and can pay off the loan within a specific amount of time. The downside to this is that it works just like any other type of credit—you have to apply for it and be approved. The less pristine your credit score is, the more likely you are to have a higher interest rate (which can really hurt on procedures that cost thousands of dollars) or be turned down altogether.
If you decide to finance your surgery through credit, do be sure to take your time and look around. There are several companies out there who have medical loan programs in place, so just do a bit of comparative shopping for both your credit company as well as your surgery.
