Plastic Surgery Financing Options in 2021

Posted December 23, 2020
Options for plastic surgery financing

Patients that want to have plastic surgery are often concerned with how they will pay for their treatment. There are times when a portion of the cost of plastic surgery will be covered by insurance if the procedure is deemed to be medically necessary. If the procedure is for aesthetic reasons only, as opposed to medically necessary reasons, patients will have to pay for their plastic surgery out of pocket. Instead of having to pay for the treatment all at once, many patients often try to finance their plastic surgery procedure. Here is some important information about what goes into financing a plastic surgery procedure in the coming year.

Plastic Surgery Loans – Items to Compare

As recently as 2018, there were more than 17.7 million cosmetic surgery procedures performed in the United States. This statistic comes from the American Society of Plastic Surgeons. The cost of a plastic surgery procedure includes factors such as the price of the actual surgery, anesthesia fees, the area of the country where the plastic surgery is performed and any additional fees charged by the doctor or the facility.

Loans for plastic surgery, just like any other unsecured personal loan, are typically awarded in loan amounts that range from $1000-$50,000. In addition, the annual percentage rates for this type of loan can range anywhere from 6% to 36%. In general, patients that get a lower annual percentage rate are people that have very good credit scores of 690 or higher.

Patients need to make sure their unsecured personal loan option is not going to add a large amount of debt to their budget. Here are some items patient should compare when looking for more information about loans for cosmetic surgery:

  • Fees – Ask if the loan comes with any fees, such as an origination loan, that could reduce the actual amount of the loan received by a person. An origination fee is what the lender charges the person for the simple act of making the loan.
  • Annual Percentage Rate – This is the cost a person pays each year to borrow money and this includes any fees related to the loan. The annual percentage rate reflects the interest rate for the loan including the fees a person has to pay in order to get the loan.
  • Loan Features – There might be some special features included with the loan including options to defer a certain amount of payments.

Additional Ways to Finance a Plastic Surgery Procedure

Patients that are interested in financing their plastic surgery procedure should do some research and find out which plastic surgeons in their area offer the procedure and what the cost is for the treatment.

Payment plans are offered by some medical offices. The ability to schedule a payment plan that works with the budget of the patient can sometimes help a person avoid paying interest and fees associated with a loan.

Even if patients don’t think that their health insurance company will cover the surgery cost, it can’t hurt to give them a call. Some of the costs might be covered even if it seems like the procedure is nothing more than an aesthetic cosmetic procedure. For example, insurance might cover some of the cost of reconstructive surgery if the need for the surgery came about due to an accident.

If the need for the plastic surgery is not related to the immediate health needs of the patient, it might be best to wait for a little while before having the surgery in order to save money to pay for it. The ability to pay for the procedure, without having to get a loan, can be better for the finances of the person as they will avoid having to pay interest on a loan over a longer period of time.

Popular Plastic Surgery Loan Providers

Patients have many options when it comes to choosing a lender for their plastic surgery procedure such as breast augmentation or rhinoplasty. Some of the most popular plastic surgery lenders that patients can choose from include Lending Club, LightStream, Upgrade, OneMain Financial and Upstart.

Plastic Surgery Consultation Appointment

Before a patient starts to do research about plastic surgery loan providers, it is important to learn if the person is an ideal patient for the plastic surgery procedure of choice. The first step is to schedule a consultation appointment with a board-certified plastic surgeon that is experienced in performing the desired procedure. The doctor can examine the patient to make sure the person is healthy enough to undergo the desired treatment and if the desired results can be achieved by having the plastic surgery procedure.

It is also important for the doctor to discuss the reasons that the patient wants to have the procedure and the extent of the changes that the person hopes to see after the treatment. A patient needs to have realistic expectations set before the surgery so they will know what to expect and will not be surprised by the final results after the surgery is performed.



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