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How to pay for plastic surgery with bad credit

How To Pay for Plastic Surgery With Bad Credit

You will be happy to hear that there are bad credit options to finance popular plastic surgery procedures. Options like bad credit loans, insurance, medical financing, and payment plans with your plastic surgeon’s office may be available.

Plastic surgery is extremely common; in 2022, over 20 million cosmetic procedures were performed in the United States.1 Although common, it can be expensive! So, it shouldn’t be a surprise that most people use credit to pay for all or a portion of their surgery. However, suppose you don’t have the best credit history. In that case, you may be wondering how to pay for plastic surgery with bad credit. 

Below, you will find more information on these different ways to go about plastic surgery with less-than-perfect credit.

Determining the Cost of Plastic Surgery

Before you research how you are going to pay for your procedure, it will be helpful to know an estimate of what your surgery will cost; that way you can quickly figure out your choices for payment. 

To get a rough estimate, a Google search with your location will give you a range of what your typical surgery will cost. However, a closer, more accurate cost estimate will be more helpful. Usually, the most accurate estimate will come after a consultation with a surgeon. Here, they will assess what needs to be done and go over your goals. With this information, the surgeon will give you a very close estimate of what the total cost will be for your surgery. 

Will Medical Insurance Cover My Plastic Surgery Procedure? 

Most people pay for medical care today with help from insurance. If you have health insurance and need to pay for a procedure, your insurance may pay for a portion or the entirety of it.

In most scenarios, health insurance will not provide any funds for cosmetic procedures. 

On the other hand, health insurance covers medically necessary surgery to some extent. A medical professional will determine the medical necessity of surgery and bill insurance accordingly. From here, you will get a breakdown of insurance coverage and out-of-pocket costs (if anything). A few standard procedures typically covered by insurance are:

  • A nose job (rhinoplasty) for sinus issues and breathing problems.
  • Weight loss surgery when weight is harmful to one’s health.
  • Eyelid surgery when it impacts sight.
  • Breast reduction surgery to reduce back pain.

And so if medical professionals can verify an underlying medical issue, health insurance may cover costs. Therefore, if you have health coverage, let your healthcare provider know, as it could save you money.

In some scenarios, a second party’s insurance will pay for medically relevant plastic surgery. For example, if you get hurt at work, workmen’s compensation will be responsible for payment. Or let’s say that you need a surgical procedure because of a car accident caused by another person. Their car insurance will finance medical surgery.

When figuring out health insurance, also check out your HSA (Health Savings Account). An HSA is a savings account for various medical costs, including cosmetic or medical plastic surgery. 

Many people may automatically have a portion of their paycheck sent to an HSA. Still, they may have forgotten about it due to a change in employment. The good news is that any collected funds in an HSA usually rollover for use! And so, if you know you have an HSA account, be sure to check its balance. It could mean money towards surgery costs!

Potential Options With Your Plastic Surgeon’s Office

Your plastic surgeon’s office may provide patients with plastic surgery financing—essentially a payment plan. With plastic surgery financing/a payment plan, you pay fixed monthly payments over time instead of paying for the cosmetic procedure before the procedure.

Keep in mind that not all surgeons or medical institutions offer in-house financing. Instead, they may use a third party to collect payments. The most commonly used third-party medical funding is Care Credit. Care Credit is essentially a medical credit card. You will have to apply for it just like you would with a credit card. If you have bad credit, you may need a co-signer to the application for approval.

Finance Plastic Surgery With a Bad Credit Loan 

Bad credit loans are another option to consider when you need to pay for plastic surgery. Make sure to look at the interest rates, loan terms, and payment period. Also, consider whether taking out a loan will cover the costs you need without causing unmanageable debt. Below are some quick cash loans and bad credit loans to look into if you have bad credit:

  • Medical Loans and Medical Credit Cards — A medical loan is essentially an unsecured personal loan used for medical costs and elective cosmetic procedures. Unlike most medical credit cards or regular credit cards, medical loans are available for a wide variety of credit histories. Loan amounts range from a few hundred to hundreds of thousand dollars (dependent on income and ability to repay the loan). Keep in mind that you will pay interest on medical credit cards and loans when used for plastic surgery financing. However, some options may have a promotional period where you don’t pay interest (this promotional period is more common with a medical credit card).
  • Secured Personal Loans — Unlike an unsecured personal loan, secured options involve an asset as collateral. Instead of focusing on your credit history for approval, they will look at your income and your ability to repay a loan.
  • Installment Loans — installment loans come with fixed repayment terms and a fixed interest rate. These can occur weekly, bi-weekly, or monthly.
  • Title Loans — Title loans are a form of secured lending that uses the borrower’s vehicle as collateral. Although credit score or credit history is not an essential factor for eligibility, the interest rates for these loans can be high. Additionally, the funds may not be enough to cover all the costs.
  • Home Equity Loans — A home equity loan is a secured type of loan that helps homeowners borrow from their home’s equity. 

Most of these loans are online, while others can be available at banks, credit unions, or other financial institutions.

Also, before taking out a bad credit loan, consider improving your poor credit score. A good credit score can help you get credit approval with more lenders, increase loan amounts, and get better interest rates and loan terms.

Assistance With Plastic Surgery: Grants

When you need surgery, assistance programs from the government and non-profit organizations may help with grants or scholarships.

The federal government offers low-cost health insurance. Medicare, Medicaid, and CHIP. If you are having trouble paying for health insurance, this low insurance option is for you. Federally funded health insurance can offer similar benefits that come with private insurance coverage.

Non-profit organizations for specific procedures and causes may be able to help you pay for plastic surgery. Here are a few examples:

  • myFace
  • SmileTrain
  • Medical Missions
  • American Society of Plastic Surgeons
  • Mission Plasticos
  • FACE TO FACE
  • Face Forward International
  • My Hope Chest
  • Operation Smile

These nonprofits can help with all kinds of surgery procedures. For example, My Hope Chest helps with breast augmentation after breast cancer. Free to Smile Foundation takes care of surgery for children born with congenital disabilities.

Come Up With a Long-term Savings Plan

Another option to consider paying for surgery is through a long-term savings plan. Savings can be a great way to pay for surgery without incurring interest costs. Saving a portion of your income will be an excellent way to start saving. For those new to saving for financial goals, some techniques can help you save money so you don’t have to borrow money.

One option to consider is to budget. Budgeting involves tracking your income and expenses and then adjusting your expenses to fit your financial goals. Getting a side job is another excellent option to earn extra income to pay for your plastic surgery. On top of your full-time work, you may want to pursue a freelance career or a side job based on your skills and resources.

For some people investing their funds is another way to build their savings. High-yield savings bank accounts are one type of investment that doesn’t have huge risks. Another way to add to your surgery fund is to sell some of your stuff. Using the cash from these sales can be a great way to start saving for plastic surgery.

If you have existing debt, consider paying it off. Which debts to pay first will depend on the kinds of debt you have. Paying off debt can help open up your credit for use. Or it can improve your credit score for other financing options.

Ways to Save with the Actual Surgery

Regardless of how you plan to pay for plastic surgery, there are ways that you can save. Here are a few things you can do to save when finding a plastic surgeon:

Considerations for Plastic Surgery FinancingDescriptions


1. Low-Cost Clinics
– Explore the existence of low-cost clinics in your area for potential cost savings on plastic or cosmetic surgeries.


2. Look Around with Several Offices
– Investigate financing options with multiple plastic surgeons, as costs can vary between lenders and individual practitioners.
– Expect variations in pricing based on location, type of surgery, and the number of medical professionals involved.


3. Get a Breakdown of Medical Expenses
– Request a detailed breakdown or quote of medical expenses to avoid errors in billing and understand any codes or charges on statements.


4. Be Smart about Using Insurance
– Consult your insurance company to identify providers accepting your insurance, and focus on areas of practice covered by your insurance options.


5. Employer-Sponsored Health Plans
– Check if your employer offers financial support for medical procedures, even though coverage for cosmetic procedures may be uncommon.


6. Medical Tourism and Overseas Options
– Conduct thorough research on accredited doctors and facilities if considering medical tourism for safe and affordable options.
– Prioritize caution and diligence in the research process before opting for overseas medical procedures.
7. Crowdfunding and Fundraising– Explore crowdfunding or fundraising options to supplement the cost of surgery.
– Any funds raised, even if not covering the full cost, can significantly reduce out-of-pocket expenses.

FAQS: Pay for Plastic Surgery With Bad Credit

What are the risks associated with using a high-interest credit card or personal loan for plastic surgery financing?

Using a high-interest credit card or personal loan for a cosmetic procedure or otherwise can lead to significant financial strain due to accumulating interest, especially if the balance is not paid off quickly. This can result in long-term debt and negatively impact credit scores. Additionally, if the surgery does not yield the expected results, borrowers may face the stress of paying for a procedure they are not satisfied with.

Are there any specific credit unions or financial institutions known for offering personal loans with favorable terms for medical procedures?

Some credit unions and financial institutions may offer personal loan options with lower interest rates or favorable terms. However, these offers often depend on the borrower’s credit history and financial standing. It’s advisable to research and compare different lenders, including local credit unions, which may have more flexible terms.

Can I negotiate the cost of a cosmetic procedure with the surgeon or clinic to better manage my medical costs?

Yes, in some cases, it’s possible to negotiate the cost of cosmetic surgery. Prices may not be as fixed as they appear, and some surgeons or clinics might offer discounts, payment plans, or package deals. It’s important to approach this conversation professionally and respectfully and also to ensure that cost savings do not compromise the quality of care.

What are the typical repayment terms for medical loans used for this kind of surgery, and how do they vary based on credit scores?

Repayment terms for medical loans can vary widely based on the lender, the amount borrowed, and the borrower’s credit score. Generally, higher credit scores can secure lower interest rates and more favorable terms. Loan terms might range from 1 to 7 years, and interest rates can vary from single-digit percentages to much higher rates for those with poor credit.

Are there any patient advocacy groups or organizations that offer guidance or assistance in financing cosmetic procedures?

While there are patient advocacy groups that provide information and support for various medical procedures, direct financial assistance for cosmetic surgery is less common. These organizations more often offer guidance and advice on selecting a surgeon, understanding the risks, and navigating medical loans or insurance coverage.

How do personal loans compare to credit cards when financing cosmetic procedures?

Personal loans often have lower interest rates compared to credit cards, especially for borrowers with good credit. They also offer fixed repayment terms, which can make budgeting easier. Credit cards might offer rewards and shorter-term financing options, but they typically come with higher interest rates and can lead to a cycle of debt if not managed carefully.

What should I consider when choosing between a personal loan and a credit card?

Consider interest rates, repayment terms, and your ability to make monthly payments. Personal loans are generally more suitable for larger amounts and longer repayment periods, while credit cards might be better for smaller, short-term financing. Also, consider the impact on your credit score and the potential for accumulating debt.

Are there any special financial programs or personal loans designed specifically to cover the costs of cosmetic surgery?

Yes, there are financial programs and loans specifically designed for cosmetic surgery. These can include loans from financial institutions specializing in medical financing, as well as payment plans offered directly by some clinics or surgeons. These options often provide competitive interest rates and terms tailored to cosmetic surgery patients.

Key Takeaways with CreditNinja: Plastic Surgery Financing 

It is possible to pay for plastic surgery with bad credit. Loan options for a bad credit score, insurance, grants, shopping around, and a savings plan could be the solutions you need to pay for your surgery. To learn more about money, check out CreditNinja’s blogs.

References:
1. Plastic Surgery Statistics | American Cosmetic Association
2. Surgical Specialties | Great NonProfits

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