Some Facts On Plastic Surgery Financing

by : Devora witts
Plastic or Cosmetic Surgeries are elective treatments and therefore not covered by most health insurances or the NHS with few exceptions. Moreover, these practices tend to be quite expensive and thus, it is not strange that the financial industry has found a niche and created products to aid those who want these treatments but can not pay for them in full and need financing in order to afford them.

It is important to note though that plastic or cosmetic surgery financing is not widespread and therefore it is not as easy to get financing for these medical procedures as it is to obtain financing for making home improvements, buying a car or a home. However, there are alternatives that are widespread and easy to obtain and that can also be used to finance plastic or cosmetic surgery too.

Financing Through The Physician

Some physicians are willing to finance their fees so you can pay for their services in small installments rather than with a lump sum. This of course needs to be discussed and agreed prior to any treatment and the terms need to be clear to avoid legal problems. Depending on the agreement, there can be a charge for financing or not. Bear in mind though that most of them include the costs in the installments even if they claim not to charge for financing. There may be a discount for paying in full in advance.

Medical Loans As An Alternative

Medical loans are specially tailored for financing plastic surgeries and other elective procedures not covered by the NHS and sometimes not even by health insurance. Often, the physicians or the clinics they work for, agree with a particular lender for providing financing to potential clients/patients. These loans are personal unsecured loans that feature more advantageous terms and that are granted for the sole purpose of paying for the medical procedure. Thus, in most cases, the money will never be in your hands.

Personal Loans Other Than Medical Loans

Though medical loans are special personal loans, if your medical loan is not available through your clinic, physician and/or local lenders, you can always resort to traditional forms of financing. Personal loans can be used for any personal purpose and therefore, they can also be used for financing a plastic surgery or other elective treatment. There are different personal loan types and depending on your needs you should consider one or another:

Personal unsecured loans do not provide high loan amounts. Therefore, you can resort to them only for small plastic surgeries or cosmetic treatments that are not too expensive (Botox, nose job, lifting, etc.). Also, the repayment programs for these loans are not that flexible, you can obtain a five year repayment plan at most and the interest rate charged for financing is significantly higher than that of secured loans though lower than what it costs to finance with credit cards.

Personal secured loans are the right option for higher cost surgeries or cosmetic treatments. The money you can obtain when you offer collateral is significantly higher and therefore it is easier to afford more expensive treatments and operations.