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    Financing Solutions For Cosmetic Surgery

    Cosmetic Surgery Financing

    Going under the knife has become more common over the years. In the United States alone, the year 2017 saw the industry increases its revenue by 8.5 billion dollars. The next year, according to the American Society of Plastic Surgeons, 17.7 million cosmetic surgeries were performed. 

    Facial and bodily enhancements such as liposuction, face-lifts, nose-jobs, and so forth are incentivizing many people to look for easy financial solutions for long-awaited surgical procedures.

    Why Plastic Surgery Can Be Difficult To Finance

    Plastic surgery procedures can cost anywhere between $10,000 to $50,000. If you’ve been secretly gloating over your medical insurance to help you with this amount, think again. Insurance businesses are not typically keen on signing off big pay-outs.

    Insurance underwriters design their policies to keep any risk at bay amongst their pool of customers. Getting insurance companies to sign off pay-outs in cases of ‘necessary’ procedures is difficult enough; for ‘elective’ procedures it’s nearly impossible.

    Most insurance companies refuse to cover the costs of elective procedures that consist of any surgical or non-surgical cosmetic treatment.

    With insurance being no longer a viable option, you’ll have to look at other ways of breaking the bank. Luckily, there are some financing solutions that can quickly get the job done.

    Medical Loans For Cosmetic Surgery

    An efficient plastic surgery financing solution is to secure a loan from a recognized medical lender. Even better if the lender is endorsed by your surgeon.  Medical loans are like personal loans, but they only cover medical expenses.

    • Like personal loans, you have the option to borrow unsecured medical loans. To borrow an unsecured medical loan, you must have an excellent credit history
    • Several medical loan servicers offer easy repayment policies with low-interest rates
    • Lenders review your financial history and credit score before approving the loan
    • Medical loans can be secured online. Some can even get approved within minutes
    • Some plastic surgeons work with financial companies. If that happens to be the case, securing the right financial package may become easier

    One thing to consider with securing medical loans is the APR (annual percentage rate). The APR determines the exact cost of the monthly repayment. 

    Medical Credit Cards

    Medical credit cards are another easy financing option that you might want to consider.  Some medical cards offer zero interest as long as you pay back the procedure on time.

    • Medical credit cards, such as Credit Care, offer interest-free loans up to $200
    • A 0% medical credit card waives all interest within a promotional period
    • On the downside, the inability to pay back the card purchase within the period specified can levy an interest calculated retroactively from the time the amount was first borrowed

    Using Your 401(k) To Finance Cosmetic Surgery

    Your employer-sponsored retirement account can be used to finance your cosmetic treatment.

    • This is a serviceable option that can come especially handy if you have a bad credit score or financial history
    • Getting a 401 (k) loan comes with manageable interest rates. However, you must weigh this loan type against the catch of a reduced or altered retirement plan
    • Securing a 401 (k) loan may not always be possible for an elective procedure. On the other hand, accidental disfigurement, birth defects, and so on may be catered for

    Consult your retirement account administrator for all available loans.

    Drawing On Your Savings

    From the most discretionary plastic surgery financing plans available, savings perhaps tops the list. Whenever possible, set aside an amount as savings for your procedural expense.

    Building up enough savings is a completely debt-free way to finance your surgery. However, given the uncertain economic conditions due to COVID, it might not be possible to build up substantial savings.

    At most, you can save a considerable amount and service a medical loan for the rest.

    Choosing The Best Financing Option

    Before you opt for any one of the financing solutions, consider the following:

    • APR: Since the APR determines the cost of the procedure, it’s one of the foremost factors to consider when borrowing a loan. On a decent credit score, you may be able to secure a medical loan with an 18% APR. For an amount of $6,000, this APR requires a monthly payment of $217 with $1,812 as interest
    • Origination fees: This and other types of repayment fees can alter the final loan amount. Therefore, you must watch out for any such fee before securing a loan
    • Special loan features: Some lenders service loans with special features such as credit mentoring, one-time deferment, and so forth
    • Prerequisites for borrowing a loan: Sometimes borrowers are required to meet certain conditions to procure loans. These can include a fixed debt-to-income ratio, minimum credit scores, or some other income requirement


    If you’ve already decided to go under the knife, it’s time to think about the means of financing your procedure. While there are a number of financing solutions available, it’s always recommended to compare these keeping in mind the parameters discussed above. 

    Moreover, don’t shy away from getting your surgeon on board before opting for a payment method.