A guideline for financial cosmetic plastic surgery
Plastic surgery is thriving regardless of the pandemic. While many find the recovery process at home or behind a face mask a lot easier than it used to be, it can still prove costly.
If you take the average cost of each procedure into account, the numbers are still very high. For example, a procedure such as a breast augmentation or nose job can cost you an average of almost $5,000.
These expenses are typically not covered by insurance. “Consumers should know that cosmetic procedures are not covered by insurance.
The term “plastic surgery” is often used loosely, but the American Society of Plastic Surgeons states that there are two main categories of plastic surgery: reconstructive and cosmetic. Reconstructive surgeries are focused on restoring function, normal appearance, and correcting deformities. These types of procedures might be covered under medical insurance.
Core financial processing provides payment processing for cosmetic surgeons with flexible, affordable, and secure payment processing solutions.
The other side of the coin is cosmetic procedures. They are considered “reshaping and altering normal anatomy”, and are not considered medically required. You will likely not have your insurance coverage for these procedures. Talk to your healthcare provider or insurance representative to clarify the classification of your procedure to avoid any unexpected costs.
- Cards for medical credit and health care
Medical credit cards offer financing for health care, in the form and format of a credit card. Patients can use the medical credit card to pay for deductibles or other out-of-pocket costs. These cards are not available for cosmetic surgery patients and they are only used to pay medical expenses.
Benefits: Medical credit cards, like Care Credit, offer attractive 0% promos, as well as reasonable interest rates, and payment plans. Because they are limited to medical expenses, they can provide “a sense to control” if you overspend on regular credit cards.
Cons: There have also been allegations of predatory lending against health card lenders and lawsuits against medical professionals who signed patients up for cards. In deceptive practices, the cards were advertised as having no interest. However, accrued interest was applied to any balance that has not been paid by the end of the promotional period.
- Regular credit cards
To pay for your procedure you can either apply for a new credit card with a low-interest rate or use an existing card. If you are looking for lower interest rates and a shorter payment on your procedure, you might consider a balance transfer card. These credit cards often offer a 0% initial APR for anywhere from 12 to 18 months for an account you transfer from a credit card. This allows credit card debt to be paid down without having to fight interest.
Cons: If you have a low-interest rate, this card can pay for the procedure and help you build or maintain your credit. If you still have any balances from previous procedures, it is a good idea to either get a card with a low intro interest rate or transfer them to a card that offers a good balance transfer option.
- Bank loan
Another option is to apply for a personal loan through your local credit union or bank.
Benefits: Bank loans come with fixed interest rates and a repayment period. A personal loan can be a great way to improve your credit rating if it’s your first time. Remember to pay your monthly payments on time until the repayment term has ended. Contrary to a credit card, you will not be permitted to add to the balance or make further debt.
The cons: Unsecured Loan Interest Rates can significantly increase the cost (in terms of interest charges) for your elective procedure. Rates are typically similar to credit card interest rates but can vary depending upon the creditworthiness of the borrower.
- Cash savings
Use the money that’s not earmarked to be used for emergencies in your bank.
Advantages: It’s not necessary to borrow money or pay back interest. It is very simple and you can still enjoy the cosmetic results of your surgery without worrying about the financial implications.
Con: Your savings drop.
No matter how you finance your cosmetic procedure, you should make sure you thoroughly read the financing terms and your surgeon. Think about whether it’s worth paying extra for tucking in, trimming, trimming, and snipping. You should choose a plan that suits your needs so that you can enjoy your procedure without any financial regrets.