Plastic Surgery Financing

Most cosmetic plastic surgery procedures are not covered by insurance, unless they are associated with a primary illness or an accident. In the past, having a life-changing cosmetic procedure was affordable to only a small percentage of the population.

Two female patients filling out paperwork in the Lampert MD waiting room

Today, it is easy to finance plastic surgery through established finance companies that specialize in providing funds for elective procedures not usually covered by insurance. The American Society for Aesthetic Plastic Surgery recently released statistics indicating that in 2014, Americans spent over 14 billion dollars on surgical and non-surgical cosmetic procedures. As a result of this increased demand for cosmetic enhancement, financing companies have hastened to create financing opportunities specifically directed for elective procedures.

CareCredit

Medical credit cards have become the first choice for many people when looking for financing options. Dr. Lampert accepts CareCredit, one of the leading medical credit financing companies in the country. This company was founded in 1987 and offers special financing with convenient payment terms.

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Prosper Healthcare Lending

Prosper Healthcare Lending is the premier financing company in the cosmetic surgery industry. With over $3 Billion funded and over 250,000 inquiries serviced, this is a name and a program you can trust. Here are some of the benefits you’ll receive with a loan from Prosper Healthcare Lending:

Immediate decisions for loans under $35,000
Term options out to 60 months (affordable monthly payments)
No collateral required
No prepayment penalties
Fast & easy loan inquiry process
100% Confidential

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Other options for financing are:

Consumer Credit Cards (Visa/MasterCard/American Express)
Personal unsecured bank loans
Savings Accounts
401 (k) loans
Personal loans from family or friends

Pros and Cons of Financing Options

Personal Bank Loans

Personal unsecured bank loans have a similar interest rate to a credit card. These loans have a fixed repayment period and can boost credit ratings, as long as all payments are made on time. This type of loan cannot be increased like a credit card balance can.

Home Equity Loan – Line of Credit

A better interest rate can be obtained by using collateral to back the loan, as in a home equity loan. This is a more affordable option than personal or medical credit cards, but it does tie up the equity of your home until the loan is paid. Interest is often tax deductible, which is an added benefit.

Consumer Credit Cards

Consumer credit cards often offer low APR or promotions with a 0 percent introductory period. If the cost of the procedure can be easily paid back within these terms, this can be a good option. Some cards offer cash back or travel miles which accumulate as the card is used. As with all consumer credit cards, including the strictly medical credit cards, missing a payment can result in forfeiting the introductory rate and can cost the consumer much more than expected. Caution when using this option is advised to ensure that all of the terms can be met.

401 (k) Plans

401 (k) loans often allow participants to borrow up to 50% of the vested balance, up to a maximum of $50,000. Repayments are automatically deducted from their paycheck. With this method there is no impact on credit rating, as there would be when applying for a consumer credit card. The interest rate is usually low and is paid back into the plan. As the loan is repaid with taxed money, consult your tax advisor or accountant to explore the feasibility of using this method to finance your procedure.

Family & Friend Loans

Loans from family and friends can be arranged more informally and will not impact credit ratings. Personal relationships can be strained if payments aren’t made on time or the terms are not honored. Borrowing from friends or family who are in a position to make the loan without incurring personal hardship may be a less stressful way of paying for cosmetic surgery.

Gift Funds

Setting up a fund to pay for medical procedures is becoming more and more popular. The idea is that family and friends can send a monetary gift to the fund instead of buying an unwanted birthday or holiday gift. That way funds accumulate over time to finance the procedure that is needed.

Savings Accounts

Using cash savings is an option, but not advised if the savings are your ‘rainy day fund.’ For security reasons, it may be better to use another financing option and leave the savings in place.

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There is no need to forgo the cosmetic procedure that you desire due to the lack of funds. A boost in self-confidence can lead to further career and social opportunities which can make cosmetic surgery a sound investment for the future. Our financing consultants will assist you to find your best option.