Monday, May 7, 2012

Financing Breast Enhancement Surgery

Breast augmentation has become incredibly popular among women of all backgrounds and social standing. Since the cost of breast augmentation surgery can be expensive, many individuals use cash, credit cards, and loans to finance the surgery.

The cost for breast enhancement, which can be between 00 and 00 dollars, includes surgeon's fees, hospital or clinic costs, prescriptions, anesthesiology costs and taxes. In addition the patient might endure indirect costs, such as loss of earnings, and the cost of home help over the surgery and recovery period.

Since most plastic surgery is for cosmetic purposes, health insurance usually will not cover the cost of the procedure or any related expenses. Many individuals may elect to pay cash for the surgery and others may save up by eliminating unnecessary expensive activities or getting a part time job.

Most plastic surgeons also accept credit cards as a way to pay for breast augmentation. Using credit cards to financing plastic surgery can be a very expensive, especially if the amount can not be paid off quickly. The patient can accumulate a lot of interest.

An applicant can also approach a bank to ask for a personal or home equity loan for the procedure. This should only be done if the bank offers them a favorable interest rate and terms and conditions. But, what happens if an applicant needs additional funds to finance the surgery?

- Using a Finance Company to Finance Breast Enhancement

There are many companies that specialize in financing plastic surgery. Individuals who use these specialized loans usually do not want to tie up traditional credit sources with medical debt or usually can't afford to pay out-of-pocket health care charges.

Finance companies offer several different kinds of loans, such as fixed rate financing, (with payments staying the same during the duration of the loan) or variable rate finance (where the interest rate follows the levels of interest in the economy during the period of the loan.)

Loan terms are usually between 24 and 60 months. While some companies do not require down payments, most doctors will require a minimum deposit. Most companies will not charge a pre-payment penalty if you decide to pay the loan off early.

Unlike home loans, plastic surgery loans are unsecured personal loans, which mean individuals do not offer collateral for the loan and nothing can be repossessed.

If you do not pay, then there is nothing to take, therefore leading to high interest rates. Interest rates can range from 5.99% to 29.99%, depending on your assigned level of risk.

Most finance companies will require the patient to fill out an application and will conduct a credit check. Most people with high credit may be approved for higher amounts with more favorable terms and conditions.

However, if the patient has bad credit, the terms and conditions may be less favorable and the interest rate may be high. To decrease the interest rate or to increase the chances of being approved, applicants may need a cosigner for the loan.

Many loan companies can refer you to a physician for a free consultation. Most cosmetic loan companies not only make money on charging you interest, but they also charging physicians a fee for referrals.

If your goal is to get breast augmentation, then there are ways of financing your procedure, even if you do not have cash available. Investigate your options carefully and make sure you apply for a loan with favorable terms and conditions.

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