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Making Cosmetic Procedures Affordable

Apr 23rd 2012 at 6:42 AM

Despite many of the economic woes suffered by Americans today, the motivation to get cosmetic surgery is largely undiminished. Though most plastic surgery procedures are not covered by insurance, and many of them are fairly costly, patients are finding a way to finance the physical appearance that they desire. One of the keys to making cosmetic surgery affordable, according to experts, is to be creative and think outside of the box in terms of financing and other options.

According to the American Society of Plastic Surgeons, patients spent an amazing $10.7 billion dollars on plastic surgery in 2010. Most of the patients undergoing plastic surgeries paid for their procedures out of pocket (unless they were having reconstructive surgery done after an accident or a “medically necessary” procedure to correct a problem related to physical health and well-being). Many patients undergoing procedures did not have money saved to pay for the surgery up front. The perceived affordability of expensive cosmetic procedures has been enhanced somewhat by financing options like medical credit cards, regular credit cards, and bank loans, making it possible for patients to still have plastic surgery, without paying for the high cost all at once.

Medical credit cards are a recent new development on the market today. Many of them have an introductory zero percent interest rate for the first six months following surgery. Patients can often work with the bank to negotiate on a payment plan that works with them. Unfortunately, motivated patients need to read the fine print and make sure that the lending agency offers a fair payment plan that you can honestly live with. For example, if you miss a payment, you may suddenly go from zero percent interest to 30 percent, which is more than most people can afford. These predatory lending practices have to be taken into consideration before you sign up for a medical credit card.

Using a regular credit is, of course, another option if you can’t pay for a plastic surgery procedure that you desperately want. You could use a low-interest credit card or apply for a new card that has a zero percent introductory rate. Be wary of lowering your credit line though and make sure that you can pay the total amount down quickly. Experts recommend that you don’t charge more than 30 percent on a credit card for plastic surgery procedures and pay off the entire balance prior to the time when the introductory rate expires.

Finally, bank loans and home equity loans are another method used by some individuals to finance cosmetic surgeries. A bank loan is just a little different from using a credit card in that there is usually a fixed amount of time during which the loan must be repaid and you can’t add more to the total balance of the loan. Unfortunately, interest rates can significantly add to the bottom line of going with a bank loan. Interest, of course, can also add to the bottom line on a home equity loan as well. Interest rates on a home equity loan is usually based on going interest and current mortgage rates.

Of course, saving money until you  have enough to get your procedure done is always an option as well, though the idea isn’t particularly palatable to Americans who desire instant gratification. If you have your eye on a particular procedure, consider the various credit options available to you, If you feel you just can’t wait any longer to have the procedure done.

 

Source : This article is originally posted by cosmeticsurgerynews.

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