Although millions of Americans consider undergoing liposuction to remove unwanted fat and excess skin, many of them cannot afford the cost of the treatment. Liposuction is considered a cosmetic procedure which means that health insurance companies do not deem it a medical necessity so they will not cover the expenses. Since people do not generally have a surplus of funds sitting in their personal savings, this leaves possible patients very few options to pay for liposuction.
The most financially sound method for obtaining the funds would be to wait until you have saved enough money to do so. However, that can seem impossible for many people as it may take years to acquire enough money given that liposuction can cost in the range of $4000 to $10,000 depending on which technique is chosen by the doctor. Some patients seek a private loan with a friend or family member who may have the funds to front them the money. Since money doesn’t grow on trees, finding someone to lend a few thousand dollars doesn’t happen very often.
Maintaining a good report with your own bank can benefit you when seeking a personal loan. Most banks offer lower interest rates for outstanding customers. However, if your bank is not a good choice for a loan, a plastic surgery financing company might be a good option. National financing companies specialize in financing elective surgeries. These companies offer payment plans which range from 12 to 36 months. Applying for financing through one of these companies is as easy as filling out an online form and hitting the submit button. You will actually get an answer within minutes. Since the terms will vary depending on your financial and employment status, borrowers should pay close attention to the terms of financing. This includes the monthly payments, length of financing and interest rates. Once qualified, candidates can print out the company’s response letter and present it to the doctor.
Although the interest rates would be rather large, most plastic surgeons across the United States accept major credit cards. Credit cards can have high interest rates with high minimum payments. In fact, many patients need to make a monthly payment twice the amount of the minimum payment just to cover the interest fee and also make a dent in the actual balance. Otherwise, paying off a cosmetic surgery with a credit card can take many years and end up costing the borrower 3 times as much as the cost of the procedure.
Some surgeons also offer in-house financing when you go through them for the procedure. In-house financing is very easy to obtain but at a very high cost. This option should really only be considered if you have poor credit and other options are not available to you due to the fact that in-house financing is often the most expensive approach to financing.
Since cosmetic procedures can be expensive, you should weigh all the benefits and risks and this includes any financial obligations. One you determine all of your options, you can decide whether having liposuction is mentally, physically and financially right for you.