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Are you looking at having a facelift, reconstructive surgery, or another type of cosmetic procedure performed? Having cosmetic surgery can be costly, and in most cases, insurance will not pay for it because it is just that, a cosmetic procedure, and as such, it is deemed not medically necessary. So, how do everyday people pay for cosmetic procedures? There are several options when it comes to financing your surgery
Deciding on Cosmetic Surgery
A lot of people choose to have surgery for one reason or another, to look better, feel better about themselves, or in some cases, there are medical reasons behind it. Whatever the case, choosing to have cosmetic surgery is not a spur-of-the-moment decision. It is something to carefully consider before making the jump. When it comes to cosmetic procedures there are many different options out there such as facelifts, body procedures, reconstructive surgery, and non-surgical procedures. Places that offer a facelift in NYC, or your local area will first consult with you to decide if a cosmetic procedure is right.
Financing Options
Now that you decided what procedure you would like, it is time to look at the cost and finance your surgery. The price will vary depending on the procedure you choose, the specifics of your face or body, and whether or not anesthesia is used. The truth is cosmetic surgery is costly, it can easily cost thousands of dollars and up. A facelift could run you $25,0000. Most people do not have that kind of cash to pay upfront. That is where financing comes in. According to Erica Sandburg, “Plastic surgery financing affords consumers the ability to have procedures and pay overtime. Options include personal loans, credit cards and provider payment plans.”
Medical Credit
Most locations like New York Center for Facial Plastic Surgery offer plastic surgery financing through CareCredit. CareCredit offers no-interest payment plans for the first 6 to 12 months with low monthly fixed payments. There is no prepayment penalty and the application process can easily be done in minutes over the phone or online. However, there is a catch to the no-interest payments. You must pay the minimum amount due and pay off the bill within the time frame agreed upon. If not, the interest rate jumps to almost 30% and accrues interest from the full amount, not just the balance remaining.
Credit Cards
Another option is to utilize a credit card. While interest rates can be higher, most facilities will also accept Visa, MasterCard, American Express, and Discovery. Look for a card with a lower interest rate or one that offers cash back or points toward airline flights, travel, or something of interest. You can also look for a card that offers a 0% introductory APR. However, like CareCredit check to make sure the interest rate does not jump after the time frame is up. The best way to avoid high-interest rates after the time frame, usually a year, is to pay the credit card off like a loan otherwise you could be paying your surgery off for years down the road.
Personal Loan
Do you have equity built up in your home? Why not borrow on that and use it to finance your procedure. Other loans through credit unions, banks, and online lenders offer low-interest loans depending on your credit history. However, if your credit is not good, the interest could be high. When choosing a personal loan, it’s best to go with a short-term loan to help keep interest low. Be sure to pay attention to interest rates and fees before signing on the dotted line.
Insurance
While insurance will not cover most procedures, it is important to still check your policy. If you are having reconstructive surgery due to birth defects, injuries or diseases, breast reduction surgery, weight loss surgery, or rhinoplasty surgery, insurance may cover a portion of it if you and your doctor can prove the procedure is a medical necessity.
Bottom line, if you have been wanting to do some type of cosmetic procedure, don’t let finances hold you back. Feeling better about the way we look helps develop our self-confidence, so look at your options and go get that surgery.