Who Should Consider Breast Augmentation Financing in San Francisco?
First things first: It's important to note that breast augmentation, like other cosmetic procedures, is never covered by health insurance, nor eligible for HSA programs. This means that you will be responsible for all of the costs of breast augmentation surgery. You can find out more about the cost of breast augmentation surgery in San Francisco here.
Breast augmentation financing may be worth considering if:
- You need financial help to cover the costs of the procedure
or
- You wish to preserve your savings.
Your Breast Augmentation Financing Options
Breast augmentation financing can help you achieve the look of your dreams without breaking your wallet. But like all financial matters, it's wise to understand your options as well as your responsibilities so that you can make the best choice and avoid any unpleasant surprises.
Here is a list of the 8 main ways to pay for breast augmentation surgery. Keep in mind that the methods of payment are listed in order from highest to lowest cost.
1. Your Surgeon’s Payment Plan
Some plastic surgeons offer financing options, but many doctors rely on third party financing companies to manage financing for them.
These plans can include low monthly payment options and extended payment options, making them appealing. Fees and interest rates are competitive, although they can sometimes be higher than conventional credit cards.
If you choose one of these plans, it's important to make all of your payments on time. If you miss a payment or are late making a payment, you can be liable for a higher interest rate or incur a penalty based on your balance.
2. Personal Credit Cards
Personal credit cards are a popular way to finance a breast augmentation procedure.
Try to find a personal card with a 0% APR offer to pay for your procedure. Or use a rewards credit card to pay for it and earn points or cash back.
Cons: Credit cards are known for their high interest rates. If you are unable to secure a 0% APR offer, you may end up paying a lot more for the surgery than you bargained for. Additionally, the large charge to your card is likely to tie up your credit, hurting your credit utilization, and possibly affecting your credit score.
3. Medical Credit Cards
Taking out a medical credit card is another popular way to finance breast augmentation. Like the other forms of financing, it's important to make sure that you don't miss any payments or make any late payments, or you can be liable for a higher interest rate or incur penalties.
4. Personal Loans
An unsecured personal loan, whether from your bank or credit union, offers an immediate and quick way to secure funds for your breast augmentation. for a surgical procedure. Personal loans have a fixed interest rate with a specified amount of time for repayment.
Pros: Compared with some of the other financing choices listed below, an unsecured loan could be the cheaper alternative to getting the surgery you desire. If you have a strong credit history, your interest rate on a bank loan is likely to be significantly lower than a credit card. Although you may not want to consider it, another benefit to an unsecured loan is that if you experience a financial disaster, your loan can be discharged in a Chapter 7 bankruptcy.
Cons: A personal loan is likely to add to the cost of your procedure from the interest you'll pay over time. So while you'll be able to enjoy the body you want today, you'll be paying more money for it over time. If your credit is less than perfect, you'll likely receive an interest rate close to a credit card, which isn't always the best deal.
5. Home Equity Loan (HELOC)
A home equity loan or home equity line of credit takes the equity you've accumulated in your home and converts it to cash you may use to pay for your breast augmentation procedure.
Pros: Interest rates are based on current mortgage rates, which means you're likely to receive a great interest rate right now. Your interest is also likely to be tax deductible.
Cons: No one likes to lose the equity in their home. Using up your equity is likely starting over with the purchase of your house. If the housing market were to take a turn, you could end up with negative equity in your home. In the sad case where this occurred and you had to sell your house, you could be looking at a very difficult financial situation. Consider this before using your home equity to finance your plastic surgery.
6. Family Loans/Gifts
Your relatives or friends might be interested in lending you funds for surgery. Some patients have successfully come up with sufficient breast augmentation funds by asking loved ones to contribute money to their surgery.
Pros: There are no interest rates. You also get social/emotional support from friends and family.
Cons: It might be difficult or embarrassing to ask for a loan or suggest plastic surgery as a gift.
7. Retirement Account/401(k) Loans
Pay by borrowing from your 401(k), if allowed.
Your 401(k) account may allow you to borrow up to 50 percent of the balance you have vested, up to a maximum of $50,000. Loan repayment is automatically deducted from your paycheck. The loan repayment period is up to five years.
Pros: Borrowing from your retirement account is usually quick and easy. Interest rates are usually low.
Cons: The choice to withdraw from a retirement account and rack up taxes and penalties is not a popular one. You'll essentially be taxed on your money twice. If your retirement plan doesn't allow contributions until the loan is paid off, you'll miss out on some asset growth until it's repaid. And if you choose to leave your job, or lose it for some reason, you'll have 60 days to pay off your loan, or you'll have to claim it as a distribution (more taxes and penalties).
8. Savings
Using the money you've saved to pay for your breast augmentation surgery is always an option if you have money in the bank.
Pros: No borrowing money or paying interest.
Cons: Many people are reluctant to use the cash they've saved for emergencies to pay for their plastic surgery. Having less cash on hand could put you at risk if a true emergency came up. If you have other financing options available to you, this risk may be mitigated.
Choosing the Right Financing Option For You
It’s a given that breast augmentation will require a significant amount of funds. You may hesitate at first and have a difficult time justifying the expenses on surgery.
But here’s the thing: there’s a huge difference in setting aside funds to make yourself feel more confident than postponing, or even dismissing, surgery altogether because some people think it’s not necessary.
You have to remember that it’s your body and this is something that you should be able to work out for yourself through careful research and planning. For some women, it may make sense to delay breast augmentation until you have enough savings. Others prefer to take on one of the financing options we’ve discussed.
Whatever you decide, it would be wise to schedule a consultation with a surgeon and/or patient care coordinator to discuss your reservations about paying for breast enhancement surgery.
If you’re uncomfortable with the idea, remember that every plastic surgery practice talks to patients like you every day. You’re not the first to have mixed feelings about financing your breast augmentation.
Your surgeon and patient care coordinator have seen thousands of women go through financing. They will be able to give you recommendations on the best options available to you.
Ready to Take the Next Step?
In the end, it is more important to find a knowledgeable, highly-experienced surgeon than to spend a lot of time finding a great deal on plastic surgery. The best breast augmentation outcomes are a result of working with a surgeon who understands that breast enhancement is not just about increasing breast size but about working towards achieving beautiful, natural curves.
Your breast augmentation surgery should be a positive experience, and you should not be worried nor feel uncomfortable about the financial aspect of the experience. There are many financing options available. At 77 Plastic Surgery, we will help you in any way we can in finding a good option for you, even if you don't have perfect credit.
