subject: Plastic Surgery Financing: Options To Consider [print this page] Most cosmetic procedures are considered "elective: by insurance companies because they are to improve one's looks, and not necessary for one's health. Unfortunately, this means that most cosmetic surgeries are not covered by insurance. Only re-constructive procedures are typically paid for by such companies.
The point is that if you want a cosmetic surgery done on any part of your body, you are probably going to have to pay for the operation yourself, out of pocket. For many people, this can be a struggle. Here are some things to consider when deciding how to pay for your surgical procedures.
Pay In Cash
Undoubtedly, the best option is to compensate in cash. That way you do not go into debt for your procedure and will not be paying for it for years to come. You should talk to your plastic surgeon about various ways to cut costs. For example, you will probably pay more to have your operation performed in a hospital than you would in an out-patient clinic, especially if you stay overnight. Find out if your surgeon will perform the operation in a cheaper location.
Be Careful About Credit Card Payment
Some patients choose to recompense for the surgeries on their credit cards when they do not have the money to pay for them outright. While this may work for some, the problem is that you end up paying a great deal of money in interest fees and huge penalties if you are ever late on your payments. This is a risky choice and you should know that before you take the credit card route.
Loans For Cosmetic Surgeries
There are actually plenty of lending companies out there that specialize in helping patients finance cosmetic surgery procedures. Most plastic surgeons even have companies or lenders that they frequently work with and they can arrange for you to set up a loan program with that specific lender.
As with any loan, however, it is important to use your due diligence and find out what the true costs will be in the end. This means learning what the interest rate will be, how long the term is, how much money you are actually borrowing, and what penalties are there for late payments. It is a smart idea to shop around among several lenders to see what kind of loan terms is available and to find the best rates and terms.
Who Pays For Revisions?
Also, if there is the need to be any revisions to your cosmetic surgery work afterwards, the costs can be very expensive. You may be able to find a surgeon who will guarantee your satisfaction or will absorb the cost of repairing the work. Whatever be the arrangement, make sure you get it in writing to know who is responsible for the cost of any revision procedures.
There may still be other options available to you. You might try asking your friends and family to donate to your cosmetic surgery savings fund for birthdays and Christmas in lieu of traditional gifts. You could also just ask family members for loans outright, but just realize that financial conflicts can put more strain on relationships than almost anything else.
In the end, the best policy may be the tried and true path of wait and save until you have enough in the bank to pay for what you want.
by: Abigail Aaronson
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