So you’ve taken the time to research your procedure and you’re ready to take the next step. But how do you pay for it all? Financing your plastic surgery procedure can be one of the most difficult decisions you’ll have to make prior to surgery.
Unless you’re seeking out reconstructive surgery following a traumatic accident or illness, it’s unlikely that your insurance will cover even a small portion of your procedure.
“Consumers should be aware that cosmetic surgery is not covered under insurance, so all of the expenses must be paid out of pocket,” says Kevin Kautzmann, a certified financial planner.
Fortunately, when you can’t technically pay out of pocket, there are options, according to Fox Business.
If you’re willing to shop around, a credit card can end up being a savvy choice. Health care or medical credit cards, which can only be used to cover medical expenses, have seen a recent surge in popularity for plastic surgery patients.
These cards often come with 0% interest promotions, as well as reasonable interest rates and payment plans. Additionally, these cards often give lenders “a sense of control if they tend to overspend,” because they are limited to medical purchases, according to Billy DeFrance, a financial planner in El Paso.
Taking out a personal loan to cover expenses related to your procedure may also be a good option. Bank loans often have fixed interest rates as well as fixed repayment periods. This can add up to less interest, and build your credit at the same time.
Though most doctors request payment in full prior to surgery, it doesn’t hurt to ask if you can setup a payment plan. In some cases, doctors provide patients with repayment plans that offer more flexibility than other payment methods.
If all else fails, saving up the cash for your procedure may just be smartest choice. “It may not be sexy, but the best answer for most people is to save each month until you have the bill covered—then get the procedure done,” says financial adviser Michael Masiello.