Most financial experts agree that it’s important to approach the cost of liposuction as you would any major medical expense. Although liposuction is less expensive than many other types of surgery, depending on your financial situation, the cost can still be quite overwhelming. And since liposuction is usually regarded as luxury surgery, going into debt to have it performed requires careful consideration.
Personal savings, credit cards, in-house financing, specialist medical financing, bank loans, and even personal loans are all potential options–making it all the more imperative that you do your homework and be aware of the potential pitfalls of each. (There is no one perfect choice.)
While some types of plastic surgery are covered under some health insurance plans, liposuction is considered a purely cosmetic procedure, and will therefore require some kind of direct payment or financial arrangement. Although a patient certainly has the option of paying for their surgery in cash, since liposuction typically costs between $4000 and $10,000, most people are not in a financial position to do so. That’s why most plastic surgery facilities cross the US accept major credit cards, and a great many even offer in-house financing. However, most such plans come with extraordinarily high interest rates and should only be considered if you have particularly bad credit.
Among the more popular options is financing through a national financing company such as CareCredit, SurgeryLoans.com, Chase Health Advance, Patient Source, CosmetiCredit, and MedicalFinancing.com who specialize in financing elective surgeries. These typically offer financing plans ranging from 12 to 36 months with varying interest rates and terms–depending on your financial and employment picture. However, if you are in good standing with your own bank, it’s often better to consider a personal loan as most banks offer lower interest rates for valued customers.
For those considering applying for financing, most financing companies today provide an online application that will give you a decision within minutes. Once qualified, all you need do is print out the company’s response and present it to your doctor. You will, however, want to pay close attention to the terms of such financing (length of financing, interest rates, and monthly payments) as small details can make a significant difference in what you pay in both the short and long run. Comparatively, many find they can get a much lower rate by taking out a personal loan or using a credit card.
For those for whom savings, credit cards, specialist medical financing, and bank loans are beyond reach, in-house or private loans may be the only options left. Generally, since in-house financing is quite easy to get, it’s often the most expensive. Thus, many opt to approach friends or family for a private loan instead. While private loans may not be the ideal situation, for those without other options, it’s often considered better than no option at all. And depending on your relationship, private loans can sometimes be gotten with very low or no interest at all.
In the end, the choice of payment is a personal one–with some people feeling it’s better to wait until they can pay cash. Others feel that the physical and emotional benefits of surgery are worth the expense of financing–especially if their physical complaint is causing emotional or self-esteem issues. In any regard, experts stress that it’s important to shop around and consider all options before deciding.