How to Pay for Plastic Surgery

Plastic surgery is a procedure that involves reshaping or restoring parts of your body, including your face, breasts, limbs, and more. It helps improve the appearance and function of a body part. You may undergo plastic surgery for cosmetic or medical reasons to repair problems caused by illness, trauma, or injury.¹

Research shows that Americans spent over $9 billion on aesthetic plastic surgery in 2020.² With a high demand for plastic surgery, the global plastic surgery market is expected to grow from $55.65 billion to $71.93 billion from 2022 to 2029.³

Although plastic surgery is a commonly used elective procedure, its high cost can be a huge deterrent for most people. However, there are many ways you can cover these costs. 

Here’s all you need to know about how to pay for plastic surgery. 

What Is the Cost of Plastic Surgery?

Plastic surgery costs can vary based on the following factors:⁴ 

• Doctor: The plastic surgeon’s qualifications, board certification, expertise, and experience affect the cost of your procedure.
• Location: Surgical costs can vary with the location of the clinic or hospital. 
• Procedure: The cost depends on the type of procedure or treatment you need, whether a facelift, eyelid surgery, breast lift, or body augmentation. 
• Technique: With the type of procedure, the approach or technique involved affects the cost. For instance, a surgical procedure like a facelift is more expensive than injecting fillers. 
• Treatment areas: The body parts to be treated and the number of treatment areas can affect the cost of your procedure.
• Sessions: Based on the procedure you opt for, the cost may increase depending on the number of sessions you’ll need. 
• Additional clinic fees: The procedure may include added costs like the surgical fee, anesthesia fee, facility fee, medical test fees, surgical garments, prescriptions, and other material costs.

According to the 2020 Aesthetic Plastic Surgery National Databank Statistics, the average cost of breast implants is $4,866, whereas that of breast reconstruction is $49,489. A surgical facelift can cost up to $9,025, while a non-surgical facelift using fillers can cost about $2,872.⁵ The procedure costs may vary depending on the abovementioned factors. 

How to Pay for Plastic Surgery

Here are eight ways to pay for plastic surgery:

1. Credit cards

Most plastic surgery clinics accept major credit cards. So, you can use your credit card for the payment and possibly earn rewards like cash back. If you have good credit, you may get a 0% APR offer to avoid interest payments for some time. However, not all borrowers qualify for this offer. Also, using a credit card for your procedure means you’ll have a high charge, affecting your utilization rate and credit score.⁶

2. Medical credit cards

A convenient option to finance your plastic surgery is a medical credit card. It is designed to cover your medical expenses at reduced or no interest rates. Medical credit cards like CareCredit offer 0% APR if you repay your balance within a specified period. However, if you have a balance remaining at the end of the 0% APR period, you may have to pay deferred interest with more interest charges.⁷ 

3. Health insurance

If your plastic surgery is an elective procedure for cosmetic reasons, it won’t be covered by health insurance. Some medically necessary procedures may be covered by insurance. For instance, if you have a medical problem and need to undergo reconstructive surgery to restore body function, the procedure cost is covered by health insurance.⁸ However, check with your insurance provider whether they cover your procedure.

4. Financing plans

Plastic surgery centers often provide financing plans in-house or through third-party lenders or credit card companies. They offer loans for medical procedures. But the terms and interest rates may vary based on the lender and your credit score. This can allow you to split the procedure cost into smaller installments and pay over time without interest on the amount. However, if you fail to repay the loan in time, your bill may go to a debt collection agency.⁹

5. Personal loans

If you don’t wish to go through a lender, you can take out an unsecured personal loan to pay for plastic surgery. It will provide you with sufficient money to cover your costs. It is a flexible option with no collateral, enabling payment in installments over a few years. But it may be more expensive than financing plans. Also, you may be charged a penalty if you repay your loan early.¹⁰

6. Home equity loans

Home equity loans allow you to pay for any costs. They offer fixed rates with predictable payments and lower interest rates than credit cards or unsecured personal loans. However, you’ll have to pay the interest on the entire loan amount and pay closing costs. Also, the loan is secured using your house as collateral. So, if you miss payments, your house can be at risk.¹¹

7. 401(k)

If you have a 401(k) or a workplace retirement plan, you can withdraw up to 50% of the balance for your plastic surgery. With a 401(k), you can avoid interest rates and never miss payments, as the amount is automatically deducted from your salary. However, it can affect your taxes, and you may lose some tax benefits. Consult your accountant before withdrawing money from your 401(k) plan.¹² 

8. Cash

To avoid the risk of debt and paying interest, you can save enough money to pay for your plastic surgery with cash. If you can’t save enough money, you can borrow it from your friends and relatives. Plastic surgery clinics may offer you a discount for complete cash payment.¹³

The Bottom Line

Plastic surgery can be a massive expense. So, ensure you perform proper research and understand your payment options and their risks. If you opt for a bank loan or financing plan, check the eligibility requirements, including the credit score, income, etc. Read reviews and compare interest rates to ensure affordable repayment. Also, check your lender’s repayment terms and watch out for additional fees.¹⁴

If you can’t decide what option to choose, speak to an experienced doctor. Their team will help you find the best options to ensure the procedure goes well and you meet your goal. 

To know more about plastic surgery and other cosmetic treatments, visit My Body Treatment.

SOURCES:

1. University of Rochester Medical Center: “Overview of Plastic Surgery.”
2. The Aesthetic Society: “The Aesthetic Society Releases Annual Statistics Revealing Americans Spent Over $9 Billion on Aesthetic Plastic Surgery in 2020.”
3. Fortune Business Insights: “Cosmetic Surgery Market Size, Share & COVID-19 Impact Analysis, By Procedure (Surgical Procedures and Non-surgical Procedures), By Gender (Females and Males), By Provider (Hospitals & Specialty Clinics and Spas & Cosmetic Surgery Centers), and Regional Forecast, 2022-2029.”
4. The Aesthetic Society: “What Are The Average Costs For Plastic Surgery Procedures?”
5. The Aesthetic Society: “What Are The Average Costs For Plastic Surgery Procedures?”
6. Lendingtree: “Plastic Surgery Financing: How to Pay for Your Procedure.”
7. Forbes Advisor: “Best Plastic Surgery Financing Options of 2023.”
8. Creditcards.com: “A financial guide to cosmetic plastic surgery.”
9. Creditcards.com: “A financial guide to cosmetic plastic surgery.”
10. Lendingtree: “Plastic Surgery Financing: How to Pay for Your Procedure.”
11. NerdWallet: “Getting a Home Equity Loan in 2023: What It Is and How It Works.”
12. NerdWallet: “401(k) Withdrawals: Penalties & Rules for Cashing Out a 401(k).”
13. Lendingtree: “Plastic Surgery Financing: How to Pay for Your Procedure.”
14. Forbes Advisor: “Best Plastic Surgery Financing Options of 2023.”