3 Ways to Finance Your Plastic Surgery

The advent of plastic surgery has definitely added more pressure to modern society in terms of staying “in style” or up to date with fashion. With a myriad of plastic surgery procedures available, it’s hard to decide which one will benefit you most, let alone how you will pay for these procedures.

If you are a female looking for breast enhancement procedures, chances are it will run you an average of $6000 at the least. Depending on the implant or surgeon you choose, that number can easily double. For males, pec implants will run an average of $8000. Not everyone has thousands of dollars sitting in their savings.  Most cosmetic surgery procedures are not covered by health insurance. So if you’re someone who is looking to get plastic surgery but don’t have the money, here are some things you can do to help finance your next cosmetic procedure.

1.     Medical Credit Cards

The latest payment option available to patients is health care or medical credit cards. Sometimes offering an attractive 0% interest, these specialized credit cards will only cover medical expenses and is definitely a reasonable option for patients who don’t want to overspend. Think of it as an alternative financing option.

However, precautions should be taken since there have been a few lawsuit cases of predatory lending allegations against some health care card lenders.  It’s important to choose your lender wisely. Another important thing to note is that some contracts default to 30% APR for missing a single payment so make sure you always read the fine print.

2.     401k Loans

If you have a 401(k) account, you may be able to borrow up to 50% of your plastic surgery bill up to a maximum of $50,000. With low interest rates and virtually having no impact on your credit, this financing option is quick and easy with minimal risks.

One downside when using 401(k) loans is that repayment will be deducted directly from your paycheck which means that you are repaying the loan using taxed money. This is known as “double taxing” since you will have to pay another tax when you decide to withdraw your 401(k).

3.     Home Equity Loans

If you are a home owner then this financing option might be the best for you. The loan will be against the equity of your house with the interest varying depending on current mortgage rates. This option is easily accessible and with mortgage rates at historic lows, it might be a good idea to consider using home equity loans to pay for your plastic surgery.

Perhaps the only downside to this option is that mortgage rates fluctuate over time.  You could be paying more if interest rates take a sudden jump. Not to mention you may end up in an even bigger debt if you are unexpectedly forced to sell your home.

Be Patient

You always have a choice of actually saving up for the operation instead. This is perhaps the least expensive and least complicated method of paying for cosmetic surgery.  It is also the most time consuming option. In today’s “I want it now” society, it is definitely a good thing to have alternative payment options for aesthetic surgery besides running up your credit.

But what’s the hurry? We’ve all seen botched plastic surgery cases so it might be wiser to take time to save up.  This gives you the time to research and find the best surgeon for your needs. It’s also important to consider that advances in plastic surgery are happening every year.  It might be beneficial to wait for a new technique or procedure to come out first to give you a safer and more reliable alternative. 

- KT