Plastic surgery with financing: Worth it for a lift?

Plastic surgery financing

The cost of plastic surgery is rising, and more individuals opt for aesthetic operations. According to the American Society for Aesthetic Plastic Surgery, Americans spent more than $8 billion on surgical and nonsurgical cosmetic treatments in 2019.

With operations such as liposuction, stomach tucks, and facelifts costing thousands of dollars, it’s no surprise that individuals are seeking methods to pay for plastic surgery.

But what if you want or desire a cosmetic operation but cannot pay cash? If your health insurance doesn’t cover all or all of the charges, there are a few plastic surgery financing options to consider.

You should think about these carefully because they can make an expensive procedure much more expensive.

Let’s take a look at some plastic surgery financing possibilities.

Options for plastic surgery financing

There are a few options for financing your plastic surgery if you don’t have the funds on hand.

1- Medical credit card

Plastic surgery financing with CareCredit

Your surgeon may accept medical credit cards such as CareCredit or Alpheon Credit in addition to standard credit cards.

You would use the medical credit card to cover your cosmetic surgery fees and then make monthly payments to the credit card issuer, just as you would with a standard card.

On the other hand, medical credit cards are distinct from regular credit cards in that they may only be used to pay for medical treatments or other healthcare requirements and only within a specific network of healthcare providers that accept the card.

Like traditional credit cards, medical credit cards can have high-interest rates, though they may come with a promotional no-interest offer when you first sign up.

That means you won’t have to pay interest on a purchase for a certain amount of time before it accrues. You won’t have to pay any interest on the purchase if you pay off the balance before the deferral term ends.

But beware: surgery will become considerably more costly if you don’t pay off the remainder before the deferral term ends.

That’s because, unless you pay off the whole debt before the due date, you’ll be liable for paying all interest accrued from the date you made the purchase (rather than simple interest on the remaining balance). And all of this may quickly add up.

2- Personal loan


A personal loan from a bank, credit union, or internet lender is another way to pay for your cosmetic surgery.

Personal loans may be used for various things, including cosmetic surgery and other medical expenditures, depending on the lender.

If you get a personal loan to pay for plastic surgery, you’ll borrow a specified amount of money and pay it back in monthly installments over a certain period.

Many personal loans are unsecured, so they don’t require any security. When you apply for a loan, a lender will often look at your credit history and other financial data to establish your capacity to repay the loan.

Keep in mind that a credit review will need the lender requesting your credit reports, which will result in a hard credit inquiry that might harm your credit ratings.

3- Medical loan

Medical loan

You could also be able to get a loan from a medical lender who works with your surgeon. These are usually personal loans that are solely used for medical expenses. They might also be unsecured, much as other personal loans.

When you apply for a medical loan, the lender will look at your personal financial information, such as your credit history, to see if you qualify for the loan.

You may be able to apply for a loan online, and in certain situations, a financing decision can be made in minutes.

Also Read: Financing  for Dental Implants

Can I afford plastic surgery?

It’s critical to question whether you can afford plastic surgery before applying for financing.

Here are some things to think about.

Your credit

The strength of your credit history may influence your ability to get accepted for a medical credit card or loan – and at a competitive interest rate.

Check your credit reports and ratings before applying for plastic surgery financing to understand where you stand with your credit.

You should check your credit records for any inaccuracies, and if you find any, you should dispute them before applying for plastic surgery financing.

Credit Karma allows you to examine your Equifax and TransUnion credit reports for free.

APRs and fees

You will almost certainly have to pay interest on the amount borrowed when you borrow money. Your annual percentage rate, or APR, might add a significant amount to the final cost of what you’re financing, depending on the conditions of your loan.

If you’re thinking about getting a medical credit card, be sure you know how long the interest-free period will last and what the APR will be once it’s over. Some medical credit cards carry APRs as high as 30%, dramatically increasing the overall cost.

If you wish to apply for a loan, you should be aware of the loan’s annual percentage rate (APR) as well as any additional costs the lender may impose.

Inquire about prepayment penalties or origination costs. In addition to the interest, these costs might increase the expense of already costly surgery.

Your budget

While being approved for a credit card or loan to pay for your plastic surgery may feel like a relief, you’ll need to consider if you can afford the monthly payments. Calculate your monthly payment to verify that it will fit within your budget.

Silicone breast implants, for example, cost around $4,000 on average. If you want to pay off a credit card with a 12-month interest-free offer before the deferral period ends, you’ll need to make monthly payments of at least $333.

If you don’t pay off your debt before the deferral period expires, you’ll be charged a penalty; You’ll have to pay the complete $4,000 in installments, which will raise the price of your breast augmentation.

So, before you go into debt to pay for plastic surgery, make sure you can afford the monthly installments.