Financing Cosmetic Surgery: Is It Worth It?

PROMISES

If financing makes it possible to have a procedure that would otherwise be impractical - and repayment of that loan is within one's means - then financing makes sense. However, there are several issues that should be considered.
 

PITFALLS

• First and foremost, because the major benefit of cosmetic surgery is to improve one's self image, one should consider what effect additional debt would have on one's life. The negative emotional effect of added debt may outweigh any advantage of the surgery.
• What you need to know, as a patient, is that the physician is charged a percentage of his fee to subsidize your financing. Oftentimes, physicians will raise their fees for patients who finance in order to re-coup this expense.
• Most financing arrangements require a discount of the full surgical fee to the financing company. In other words, the surgeon underwrites a portion of the financing charges. Full disclosure of the financing should be available to the patient.
• "No interest loans" and "low interest loans" are helpful, making elective surgery more accessible. However, the patient should be aware that most loan contracts contain stiff penalties for payment delinquencies. One should read any contract carefully, obtain financial consulting when needed, and be able to afford any financial obligation.
• Cost of secondary surgery complications, though uncommon, can occur after any surgical procedure. Furthermore, in cosmetic surgery some added refinement might enhance the final result. The possibilities should be discussed with the surgeon when considering financing of a cosmetic procedure. Insurance plans may exclude complications of a cosmetic procedure. What is the surgeon's policy regarding surgical fees for the treatment of complications?