ExecutiveChronicles.com | Nip and Tuck: All About Cosmetic Surgery Financing | As you scroll through your social media feed, chances are, you have come across a lot of celebrities, famous people, or even friends who have gone under the knife to change their appearance. While the majority undergo plastic surgery for aesthetic reasons, some do it for medical purposes.
Back 20 or 30 years ago, not all people are open to the idea of cosmetic surgery for enhancing one’s appearance. But nowadays, the once-taboo subject has become increasingly popular, particularly in countries like Singapore, Thailand, and South Korea.
However, even with the growing popularity and more people going under the knife, cosmetic surgery still is expensive. The work done, the pre- and post-surgical care, and the steep marketing competition are factors why the cost of procedures is still high.
Most cosmetic surgeries cost thousands of dollars. The ballpark figure of common surgical procedures such as rhinoplasty and liposuction costs around $7,000 to $20,000. Since not everyone has that amount of cash at hand, the various cosmetic surgery financing options is something to look into.
Financing Options for Plastic Surgery
Having an informed choice is crucial in any major life decisions we make. This includes deciding what type of financing option you will choose to fund your beauty enhancement procedure. Thus, here are six payment methods you should explore.
Medical Credit Cards
Similar in concept to traditional credit cards, medical credit cards are used to pay for cosmetic surgery. Afterwards, you make monthly payments to the credit card company. However, with a medical credit card, you can only use it to pay for medical procedures and other healthcare needs. Furthermore, medical credit cards are only accepted within a specified network of healthcare providers.
One of the upsides of using medical credit cards is that it gives you a sense of control in your spending habits since it is limited to medical expenses. If you stick to the payment terms of your medical credit card, it can be a great option for you. Without any interest being added, as long as you make your payments on time, it lessens the financial blow of any procedure.
Credit card payment is another option to fund your cosmetic surgery procedure. Most credit card companies offer an interest-free grace period of 21 days and have a reasonable interest rate. Utilising your regular credit card is an affordable way to pay for cosmetic surgery whilst maintaining or building your credit.
One downside of using a regular credit card to pay for your surgical procedure is that having a balance on your card would mean you will lose your grace period. You could avoid this by opting for minimum payments on your credit card, but the final cost would be pretty much expensive.
Qualified borrowers can opt to avail of low-interest loans from qualified money lenders, banks, or credit unions. However, be mindful of the varying interest rates, fees, and terms, which largely depend on the amount you are borrowing and your credit score.
Good credit means a low-interest rate, but bad credit could mean paying over 36 percent interest. Financial experts suggest selecting the shortest amount of time to repay the loan. The ideal payoff time should not be longer than a year. If it takes you a long time, that means you cannot afford your chosen procedure.
Another viable option to pay for your cosmetic surgery procedure is by using your cash savings. On the bright side, you do not have to borrow money from anyone, and you do not have to pay any interest. However, using your own money could significantly decrease your savings. It can also be daunting to wait for a couple of months or a year before you can raise enough money for the procedure.
Doctor Payment Plans
If you do not want to use loans or credit cards to pay for your cosmetic surgery procedure, you may opt for a payment arrangement. Some cosmetic surgery doctors are willing to create a payment plan that works with their patient’s budgets. In most cases, though, full payment is required before the operation.
An advantage of this payment option is that it usually does not include interest. Missed or late payments would not even affect your credit score. However, your unpaid surgery loans could still be collected by a collection agency, and failure to make payments could significantly affect your relationship with your doctor.
Can You Afford Plastic Surgery?
Before saying yes to any financing option for your plastic surgery procedure, you need to consider not only your credit score but your budget as well. Although credit cards and loan financing makes it easy for you to avail of a procedure, you need to figure out how you can afford the monthly repayment. With all these in mind, surely you can make an informed, wise decision.