Cosmetic Surgery Financing

Determination of what cosmetic surgical procedure to undergo and which surgeon you can trust mean little if you cannot afford the surgery to begin with. Cosmetic surgeries, particularly major ones, tend to be rather expensive. Moreover, as most such procedures are elective and not necessary to preserve the health of a person, medical insurance and health care providers will not cover the costs of the operations. If the prospective patient does not have the financial resources to pay for her desired procedure, she may wish to consider the different professional financing options that are available on the market today.

The first option would be to approach the physician himself. Doctors provide their patients with a number of options to pay for the surgery, by cash, check or credit card. More importantly, these doctors are well aware that not all of their patients can immediately afford their rates, and may provide arrangements with prospective patients to allow them to pay off their medical bills on an installment basis. In this manner, the patient gains the immediate benefits of the surgery, and the financial burden can be spread out over a period of months or even years to soften the impact. Some surgeons work in conjunction with local financing companies to assist patients in sourcing funding for their treatments.

A second option would be to avail of the payment plans provided by a financing company or group, which can be found online or in the local area. Typically, the loan amounts available range from about US$1,500 to US$25,000, with variable interest rates and loans of up to 60 months in duration. Some companies offer zero interest plans if full repayment is made within 6 to 12 months. You may wish to check your credit rating before you avail of these financing plans, however, as these companies may either refuse a loan or require a co-signer for individuals with poor credit ratings. Some more prominent health care credit companies include Capital One Healthcare Finance, Care Credit, Health One and MyMedicalLoan.com.

As with an application for any loan, a person should be as comprehensive as possible with the filling out of the relevant forms. All sources of income, no matter how seemingly insignificant, should be included as they will be considered as a package in determining the viability of the person’s ability to repay the loan. In these economically trying times where companies are becoming increasingly wary of defaults, it is up to the applying individual to convince such companies that they are worthy credit investments.

Prospective loan applicants should research their options thoroughly and weigh the various plans available to choose one that will not hamper them severely while still providing them with the necessary cash to pay for their desired procedure. Loan firms that do not deal exclusively with cosmetic surgery may be a more solid alternative, as they may have a more extensive portfolio and a wider range of financial products, and are more likely to possess a track record and established reputation.

If you are planning to use a credit card to finance your cosmetic surgery, you may want to consider this option only as a last resort. Interest charges on credit cards can accumulate to a substantial amount, burying you in the relentless quicksand of recurring interest and penalty surcharges that overshadow the principal.

At the end of the day, it is critical that a patient realize financing options can only stretch one’s present and future resources so far. A person whose steady income only approaches a certain level, for example, should think twice about trying out some terribly expensive operation.