Reconstructive surgery, also called plastic surgery, is a type of surgery designed to reconstruct parts of the face or body. Plastic surgery can address defects due to birth disorders, burns, diseases, or other trauma. Whereas cosmetic surgery is often designed to enhance one’s appearance, reconstructive surgery’s aim is to correct existing problems.
Figuring out how to finance either kind of procedure can be difficult, because it may not be covered by insurance. The costs can be thousands of dollars, but if the procedure is a high priority to you, there are options to pay for it.
How to pay for plastic surgery:
- Personal credit cards: Personal credit cards are one popular way to obtain plastic surgery financing quickly. You may have enough credit to cover the cost of the surgery, or you could apply for a new line of credit. This can be an especially attractive option if you open a line of credit with an initial 0% APR offer. However, if you exceed the introductory offer or finance your plastic surgery on an existing line of credit without such an offer, you could be paying significantly more in interest charges over time.
- Medical credit cards: Medical credit cards can provide an easy-to-obtain method of financing for qualified individuals, and they help to pay for procedures that are either not covered by a patient’s medical insurance or not entirely covered. However, as with all contracts, it’s important to read the fine print when obtaining a medical credit card. The terms of many of these types of credit cards may include harsh penalties for a missed payment. Additionally, interest can be applied to prior expenses if the balance of the card is not paid off in total by the end of the promotional period.
- 401(k) account loan: Many 401(k) accounts will let you borrow up to a certain amount of your vested balance with minimal difficulty and at low interest rates. Loan repayments are then automatically deducted from your paycheck until the balance is paid off. This can be an effective method to finance your plastic surgery. However, there are additional factors to consider. You will want to look carefully at any taxes or penalties that you may potentially encounter.
- Home equity loan: If you are a homeowner, a home equity loan is another possible financing option. It can offer significant credit over a long time at low monthly payments because the value of your home is used as collateral for the loan. Keep in mind that home equity loans may either use a fixed interest rate or a variable rate which is commonly based on the current prime rate (the index) plus a certain amount of percentage points (the margin). Having a variable interest rate means your interest rate and your payments can change during the course of your loan. Additionally, if your overall home value decreases significantly, you could end up with negative equity in your home. Still, financing through home equity may be an option to consider if you need more than $35,000.
- Doctor’s payment plan: Some plastic surgeons offer in-house financing options for their patients. Be sure to ask your doctor about the details and what interest charges may apply. Just remember that, if additional procedures are needed, you could be in a difficult position if you haven’t yet paid off your first bills in full.
- Savings: If you are able to pay out-of-pocket, you won’t have to take on any additional debt. You also won’t have to pay any extra in interest costs. You should consider how much of your savings you are willing to devote to the plastic surgery. Spending your savings means that you may not have immediate access to cash should an emergency occur.
- Personal loans: It is possible that you could get a better interest rate on a personal loan compared to a credit card. Additionally, some personal loans — including Discover personal loans — have fixed interest rates and terms. This means you will know exactly what your monthly payment will be for the life of the loan, making budgeting for this big expense a bit easier and more predictable. With a Discover personal loan, you can check your rate before you apply without affecting your credit score. If your application is approved, your funds can be sent as early as next business day after acceptance.
Like the procedure itself, deciding how to finance your reconstructive surgery is a highly personal process. There are pros and cons to each option. It’s important to weigh how each option will impact both your well-being and your personal financial situation.