Plastic surgery was once regarded as the stuff of the rich and famous. Today, it’s more popular and accessible than ever.
The major reason why “ordinary people” used to undergo medical treatments as soon as they are free of constraints is due to finance. It is now possible to finance as well as pay for your cosmetic surgery, just like you would with any other costly item that you could not afford to pay for all at once.
Some plastic surgeons have financing options through their clinic, although all of the other usual funding options are also available. Facelifts, liposuction, breast augmentation, lifts or reductions, butt, upper leg and arm lifts, nose or ear contouring, facial implants, and injectable treatments are just a few of the procedures that customers consider financing.
Many cosmetic surgery procedures aren’t cheap, and unless you have a medical justification for doing so, your insurance coverage is unlikely to help. A credit limit, standard credit card, particular medical credit card, and a repayment strategy direct from the cosmetic surgeon’s workplace are a few of the common methods of funding plastic surgery. You may also receive a regular loan from the bank and pay for the treatment that way.
Of course, financing your cosmetic surgery offers advantages as well as disadvantages. Here are some of the benefits and downsides to help you decide before your procedure.
Table of Contents
Pros of Financing Plastic Surgery
The most obvious advantage of financing your cosmetic surgery is that you won’t have to wait to get started. Regardless of the treatment you want, chances are you want it because you have a current concern with your body or face that you want to have treated as soon as possible. Waiting is no longer an issue when you finance it.
Here are a handful of the benefits, which are further broken down by financing method:
Credit Card
You may often get low-interest cards and build your credit history while repaying them. If the card has a rewards program, you may also take advantage of it.
Medical Credit Card
While medical credit cards are widely accessible, they don’t come with perks or incentives, and may also create a feeling of cost control, since they can only be used for one purpose.
Credit Line
A revolving credit line from your bank usually has very low interest rates, and in certain situations, your payments are interest-only, which is a particularly tempting feature.
Surgeon’s Settlement Plan
Surgeons want your business and will often collaborate with patients to design an approach specific to their needs.
Bank Loan
Bank loans will typically have lower interest rates, and a loan can be taken out for medical procedures.
Cons of Financing Plastic Surgery
One of the most obvious disadvantages of financing your cosmetic surgery is that you now owe a few to several thousand dollars, with an interest rate attached. The following are a few of the others:
Credit Card
You could not have enough credit on your regular card to cover the medical care you need, and you’ll be tying up a number of thousand dollars in provided credit scores till you pay it off.
Medical Credit Card
Some believe that these cards are linked to high-pressure sales tactics and interest rates that are substantially higher than advertised. In reality, if you pay off the entirety of the borrowed money before a predetermined date (which is usually 18 to 24 months after the card is issued), there are no additional fees or interest charge. Be sure to check the fine print on the card you select, should you choose to use this method of financing.
Line Of Credit
Just like with a credit card, using a credit line to pay for cosmetic surgery will eat up available credit score space that you won’t be able to utilize if an emergency circumstance arises.
Payment Strategy For Surgeons
It’s important to read the small print to understand how the rate of interest changes over time, and even if your credit score isn’t harmed, missing payments might result in the medical professional not doing any more operations in the future.
Privacy isn’t always a priority when taking out a loan, and many consumers don’t want anybody to know what they’re doing when it comes to cosmetic surgery. There’s also the possibility that you won’t be able to collect enough to cover the complete process.
At the end of the day, it’s about balancing the benefits and drawbacks, as well as determining the best repayment approach for your financial condition. Keep an eye on interest rates and how they fluctuate over time, since this is what will cause you to spend significantly more than the true cost of cosmetic surgery procedures after everything is said and done.
