Insurance plans typically don’t cover cosmetic surgery, which can make paying for one of these pricey procedures a challenge. But if cosmetic surgery is a priority for you, there are ways to make it more affordable.
If you’re ready to get some work done, here are financing options to consider and tips to help you take the next step with confidence.
Key Points
• Cosmetic surgery is typically not covered by insurance, necessitating alternative financing options.
• Personal loans for cosmetic surgery require good credit for favorable terms.
• Medical credit cards offer 0% APR for a limited period, with deferred interest risks.
• Understanding total costs, including interest and fees, is crucial before committing to financing.
• Responsible cost management involves evaluating financing options and considering savings strategies.
Understanding the Costs of Plastic Surgery
The cost of plastic surgery varies widely and is impacted by a number of factors. These include:
• Location: Where you get the surgery can make a big difference in how much you end up paying. Surgery in big cities tends to cost more than in smaller towns, often due to demand and higher living costs.
• Surgeon’s experience: Newer surgeons may charge less, but as they gain experience and recognition, their prices can go up. It might be tempting to save money by choosing a new surgeon, but it’s important to select a surgeon who’s certified and has extensive experience with the procedure you want.
• Medical facility and anesthesia: Besides paying the surgeon, you’ll also have to pay for the operating room and anesthesia, and these costs can vary based on the facility.
• Type of surgery and materials: Some surgeries are more complicated and require more materials, so they tend to cost more. For example, a lip implant might cost $2,500, while a full facelift can be well over $11,000. Generally speaking, the more complex the surgery, the higher the cost.
Common Cosmetic Procedures and Their Average Costs
As you think about budgeting for a cosmetic surgery, it helps to know how much you might be expected to pay. Here’s a look at the average costs of some popular procedures, according to the 2023 Plastic Surgery Statistics Report from the American Society of Plastic Surgeons:
| Procedure | Average Cost |
|---|---|
| Noninvasive Fat Reduction (ex. CoolSculpting® or Emsculpt®) | $1,157 |
| Buccal Fat Pad Removal | $3,142 |
| Upper Blepharoplasty (Eyelid Surgery) | $3,359 |
| Breast Implant Removal | $3,979 |
| Liposuction | $4,711 |
| Breast Augmentation | $4,875 |
| Mastopexy (Breast Lift) | $6,816 |
| Rhinoplasty (Nose Reshaping) | $7,637 |
| Breast Reduction | $7,800 |
| Abdominoplasty (Tummy Tuck) | $8,174 |
| Facelift | $11,395 |
Insurance Coverage for Plastic Surgery
Your health insurance plan is usually meant to cover procedures and treatments that are needed for health reasons. Often, coverage doesn’t extend to elective surgeries, including most plastic surgery.
Because of this, using health insurance for plastic surgery can be tricky. For example, rhinoplasty isn’t typically covered because it’s often done for cosmetic reasons. But if you have trouble breathing due to a deviated septum or another health issue, nose surgery might qualify for coverage.
When Insurance Might Cover Cosmetic Procedures
Whether or not insurance covers your procedure really depends on the situation. Here are some common surgeries that might be covered, though you’ll want to speak with your insurer about costs associated with your procedure:
• Breast augmentation or reconstruction after breast cancer surgery (mastectomy)
• Breast implant removal for health issues related to implants
• Eyelid surgery (Blepharoplasty) for vision issues
• Rhinoplasty for breathing or sleep issues
• Skin removal surgery for ongoing rash, infection, or similar conditions
Navigating Insurance Claims for Reconstructive Surgery
Ultimately, the decision to cover your reconstructive procedure or any cosmetic procedure rests in the hands of your insurance provider. But the good news is, there are a few things you can do to increase your chances of getting your plastic surgery covered.
• Take photos and jot down notes about your condition.
• Keep a record of every doctor visit, hospital trip, or treatment you’ve tried, including any products or therapies.
• Make sure you can show that you’ve tried everything else and that surgery is your last option.
• Get letters from your doctor and other medical professionals stating that the surgery is needed for medical reasons (known as a Letter of Medical Necessity).
• Choose a skilled, certified surgeon and a trustworthy treatment center.
Self-Funding Options
If your insurance doesn’t cover your plastic surgery, one of the best ways to pay is by saving up. Since surgeries are often scheduled months after your first consultation, you’ll have time to make a savings plan and consider other financing options. Putting money into a high-yield savings account savings account can also help, as you may earn extra money through interest.
Keep in mind that using tax-advantaged health care accounts like flexible spending accounts (FSAs), health savings accounts (HSAs), or health reimbursement arrangements (HRAs) to pay for cosmetic surgery is usually not allowed. This is because most cosmetic procedures aren’t meant to treat a medical problem or improve the patient’s health.
However, there are some exceptions. If a cosmetic procedure is needed because of a congenital disability, injury, or severe illness, you may be able to pay for it with your FSA, HSA, or HRA. To do this, you need a Letter of Medical Necessity explaining why the procedure is medically needed and how it will help with the issue.
Recommended: How to Set up a Health Savings Account
Financing Options for Plastic Surgery
Along with saving up for your surgery, there are a few other ways to help you cover your cosmetic surgery cost.
Payment Plan
Some surgeons offer payment plans that let you break up the cost of plastic surgery into smaller payments. Sometimes, these plans don’t charge interest or require a credit check. Just keep in mind that some doctors might suggest a medical credit card or a third-party lender that can come with interest and other requirements. It’s a good idea to ask your doctor about all available options.
Medical Credit Card
Designed to cover medical expenses, medical credit cards may come with 0% APR or a reduced APR if you pay off your balance within a certain period of time. For example, CareCredit offers 0% APR on eligible charges of $200 or more if the charge is paid back within six to 24 months.
But here’s the catch: If you don’t pay off the balance by the end of the 0% APR period, you may have to pay deferred interest. And those rates are usually 15% or higher.
Credit Card
Some credit card companies offer 0% APR for qualifying purchases (like plastic surgery) or for transferring a balance from one credit card to another if you pay off the balance within a set time. Usually, this time frame runs up to 21 months. But if you can’t pay it all off by then, you’ll likely face extra interest charges once the promotional period ends.
To qualify for this kind of card, you usually need a credit score of 670 or higher.
Personal Loan
Personal loans lets you borrow a specific amount of money, which you then pay back over time in monthly payments with interest. You can use the funds for things like debt consolidation, home renovations, and even plastic surgery procedures.
Plastic surgery loans are usually unsecured loans, which means you don’t need to put up collateral, like your house or car. Because of this, lenders often have stricter approval requirements than they do for secured loans.
The average interest rate on a personal loan can vary widely, depending on the lender, your credit, and financial situation. As of October 30, 2024, the average interest rate on unsecured personal loans was 12.40%. But also remember that some loans come with extra costs, like origination fees (usually a percentage of the total loan amount), which can increase the overall amount you’ll pay back.
How difficult is it to get a personal loan? If you have a good credit score and proof of income, you may find the process fairly simple and straightforward. However, there are steps you can take to improve your chances of getting approved, including working to reduce existing debt and checking your credit report and credit score regularly and addressing any errors you see.
Recommended: How to Apply for a Personal Loan
Evaluating Financing Options
If you’re considering taking out a loan to finance plastic surgery, here are some key things to look for:
• Fees: Watch out for extra fees, like origination fees, which can add to your loan costs. Also, see if there are any penalties for paying off the loan early.
• Interest rates: A lower interest rate usually means smaller monthly payments and less interest to pay overall. Having good to excellent credit (among other factors) can help you qualify for the best rates.
• Monthly payment: Check how long the loan term is. A longer term can mean lower monthly payments, but it might also mean you’ll pay more in interest over time. A personal loan calculator can give you a sense of how your monthly payments can change based on interest rates and payment terms.
• Prequalify: Some lenders let you see the rates you might qualify for without impacting your credit score (this is called a “soft pull”). This step gives the lender a chance to estimate your rate based on your finances. Comparing rates from a few lenders can help you find the best terms.
• Financial hardship protection: If you miss or delay loan payments, your credit score could be negatively impacted and you may have to pay late fees. If you’re struggling to make payments, ask your lender what options are available to you.
Risks and Considerations
As you weigh your cosmetic surgery financing options, keep in mind a few key factors:
• Timing needs: If you need money quickly, a personal loan could be a good choice, as many lenders offer fast funding.
• Affordability of payments: Make sure you can comfortably afford the monthly payments. Creating a repayment plan can help you stay on track without putting unnecessary strain on your budget.
• Current debt: If you already have a lot of debt, adding a personal loan or credit card debt will stretch your finances even further and impact your long-term savings. It will also raise your debt-to-income (DTI) ratio, which lenders often consider when reviewing loan applications.
• Credit: If your credit score is lower (FICO considers 579 or below “bad”), it might be harder to get a good interest rate or to qualify for a loan at all. It could be a smart move to work on improving your credit before taking on new debt.
The Takeaway
Cosmetic surgery can be pricey, but plastic surgery financing options can help make this big expense a little more manageable. Comparing different financing choices can help you determine what works best for your budget and your financial health.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
FAQ
What are the common financing options for plastic surgery?
Some common ways to finance cosmetic surgery include taking out a personal loan, saving up the money, and using credit card or medical credit card. As you compare your options, consider things like interest rates and repayment terms so you can pick the best choice for you and your budget.
Does insurance cover any cosmetic procedures?
Insurance usually only covers surgeries that are needed for health reasons. Cosmetic surgeries, like most plastic surgeries, are usually not covered. So, before you schedule anything, check with your insurance provider to find out what is and isn’t covered.
Are there any risks associated with financing plastic surgery?
Yes, financing your plastic surgery can come with some risks. For example, using a personal loan or credit to pay for a procedure usually means you’ll pay interest, and over time this adds to the overall cost of the surgery. Plus, if you miss a payment, your credit score may be impacted. It’s a good idea to make sure you can handle the payments and understand all the terms before you commit.
Photo credit: iStock/Nastasic
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