In the 2010 movie Repo Men, debt collectors–played by Jude Law and Forest Whitaker–“recover” artificial organs when recipients fall behind on their payments. We haven’t reached the 2025 dystopia depicted in the film–your breast implants won’t be seized if you default on a plastic surgery loan. Still, when paying later for today’s improvements means spending thousands on interest and late fees, you might still feel like a part of you has been ripped away. Do your research and take the time to learn about cosmetic surgery financial choices. Here are some options.
Cosmetic Surgery Growth
In 2019, the American Society of Plastic Surgeons reported that almost $17 billion had been spent on cosmetic procedures. Based on population, however, South Korea, Greece, Italy, and Brazil top the list for highest number of surgeries per capita. Although the 2020 COVID-19 pandemic impacted elective surgery of all types, as society slowly reopens, many are considering making a physical change. Unlike most healthcare costs, cosmetic surgery is generally not covered by health insurance. If you need reconstructive surgery and implants following a mastectomy, in the U.S. your provider is required to cover much of the cost. Similarly, plastic surgery for patients following accidents or other injuries along with correcting birth defects is also covered. But most elective enhancements and improvements must be paid for out of pocket. Cosmetic surgical procedures costs vary from nearly $4,000 for breast augmentation to over $8,000 for a lower body lift. Even minimally invasive procedures like laser hair removal or Botox can cost hundreds or thousands of dollars.
As with any purchase that isn’t immediately necessary, your best option is to save up and pay for it yourself. If you can wait one to two years, consider funding your own plastic surgery account. Set aside $50 to $100 per paycheck. While a savings account is your best option, if you’re willing to accept the possibility of losses, an index fund linked to the S&P 500 or similar diversified basket of stocks also works. Instead of taking a vacation, you can get the work done that you’ve dreamed of. Of course, lots of people combine the two into a “surgical vacation.” However, flying to a foreign country for lower-priced cosmetic surgery can be risky.
Putting Plastic (Surgery) on Plastic
For loans, your bank or credit union may offer the most competitive rates. Personal loans don’t require collateral and can be paid back over a period of two to three years (or more). Keep in mind that with a loan or a similar application, you will be submitting to a hard credit inquiry –– which can negatively affect your credit rating.
Many plastic surgeons offer in-house financing or partner with large loan providers. Some in-house programs don’t even charge interest or require a credit check. Along with using your savings, these programs can be your best option. Third-party lenders generally charge higher interest rates than banks or credit unions but they are more likely to extend credit to risky candidates. The most expensive option in general is credit cards. Besides putting the surgery on your own card or cards, companies like CareCredit® offer medical credit cards. These can only be used for medical expenses. Although some offer introductory rates for an initial period, your entire debt will usually convert to a higher rate if you haven’t paid if off within a certain period of time. So pay attention to the annual percentage rate or APR as it can often be over 25%!
The good news? Unlike most health care costs, the price of many elective procedures from LASIK to breast augmentation haven’t increased in price relative to inflation. Competition, innovation, and the generally less opaque pricing model for cosmetic procedures that aren’t covered by private or public insurance has kept their cost relatively stable. While you probably won’t be asking a cardiologist their rates while in the middle of a heart attack, you should feel comfortable not only asking your plastic surgeon how much a procedure costs but comparing prices with other area practitioners. In fact if you’re planning to finance the work with a doctor, it makes sense to compare the cost of the debt as well.
Of course the price of your well-being can’t be estimated. Take your time and do your due diligence, but if you want a procedure, chances are it will pay dividends in terms of improved body image, confidence and self esteem.
Written by John Bankston