If you’re thinking about buying a car, getting a mortgage, going to school, saving for retirement, etc. there are some prescribed financing options. However, when it comes to plastic surgery, companies aren’t advertising their “Cosmetic Surgery Loan” on the radio every day. Nearly 10 million Americans undergo plastic surgery a year, spending over $12 billion. Plastic surgery isn’t cheap — and insurance companies aren’t quick to foot the bill. In fact, unless you are getting reconstructive surgery after an illness or accident, you probably will pay for your reconstructive surgery out of pocket.
The national average for popular surgeries are as follows:
- Breast augmentation: $3,541-$3,860
- Blepharoplasty (Eyelid Surgery): $2,717
- Breast Reduction: $3,294-$5637
- Facelift: $6,881
- Hair Transplant: $5,218
- Liposuction: $2,803-$3,095
- Rhinoplasty: $4,493
- Tummy Tuck: $5,381
These are surgeon fees only. Additional fees may incur from anesthesia, facility fees, implant costs, medical tests, etc. If you are planning a cosmetic surgery in the near future, below are six different financing options.
Credit Cards
It is possible to pay for your plastic or cosmetic surgery by putting the procedure on a credit card. It can also help you build up your credit if you make regular payments. However, it can also tie up your credit and take a take a long time to repay. If you have a high interest rate though, this may not be a good option.
Bank Loan
It may be a good option to work out a loan with your bank to pay for your cosmetic surgery. Just make sure that you pay off the loan timely — or it will reflect poorly on your credit score. However, some bank loans, especially for first time borrowers, can come with a high interest rate.
Home Equity Loan
Another way to finance your cosmetic surgery is to take a loan against the equity of your home. Your interest rate will reflect your mortgage rate. This may be an extremely affordable option for some homeowners, but can get you in hot water if you ever are forced to sell your home. You should probably use this option as a last resort.
Savings
The best way to pay for your plastic or cosmetic surgery is to save up for it — and then pay in cash. You won’t have to borrow, pay interest, or worry about whether or not you can afford it. After the surgery, you won’t have to worry about paying it off.
Payment Plans
Some doctor’s offices will allow payment plans to finance your cosmetic surgery. Usually, those payment plans do not include interest. Most of the time though, doctors require you to pay up front for the procedure. Quite often, the office will have prefered lenders that will give you better rates than other methods. At Barr, we offer ZionsMed Teleloan Service and Lifestyle Lending.
Loans from Family and Friends
If you cannot obtain a loan from a bank or use a credit card, you can ask your family or friends to help finance your surgery. Typically, the terms of the loan are great, most friends won’t charge interest, and will be forgiving if you accidentally miss a payment. However, this can harm your relationship if you never pay them back or pay them back too slowly.
Gifts
Consider asking friends and family for money or gift cards instead of things that you may not want. While it may be embarrassing to tell them that you are saving to undergo cosmetic surgery, you may be able to get enough money to pay for your procedure. If you feel comfortable, you can set up crowdfunding to get donations for your surgery.
