|
Financing plastic surgery
Christy
Heady • Bankrate.com
After years of being perceived as something only for
the rich and famous, plastic surgery is now more prevalent than
ever. In fact, almost 700,000 men and women had some type of cosmetic
procedure done last year, up almost 10 percent from the year before,
according to the Association of Plastic and Reconstructive Surgeons,
Wake Forest, Ill.
Patients from all kinds of income brackets are undergoing
surgery, too. In fact, according to The Institute for Cosmetic Surgery,
Toronto, half of the patients who undergo surgery make about $25,000
a year.
Although it's getting cheaper -- prices on liposuction,
vein removal, breast augmentation and hair restoration are falling
because there are fewer requirements for overnight hospital stays
-- a $9,000 facelift is elective surgery, not a medical necessity,
and insurance companies consider you the person responsible for
the bill.
What are your options? Well, when you visit your plastic
surgeon's office for the first time to discuss the procedure and
the fee, you should still bring your insurance card with you. That's
right -- even though insurance companies consider cosmetic surgery
an appearance enhancer, there are times when you can get insurance
coverage for a procedure.
For example, eyelid surgery, which is a procedure
normally performed to achieve cosmetic improvement, may be covered
if eyelids are drooping severely and obscuring a patient's vision.
Or even breast reduction can be covered by insurance if your bra
straps are digging into your shoulders causing pain or you have
constant backaches. Ask your surgeon to send a pre-authorization
letter to your insurance carrier explaining the procedure, and listing
the diagnosis and surgical fees. It's possible that your insurance
company may give the go-ahead if they determine your procedure is
a medical necessity. Of course, deductibles and co-pays may have
to be met depending on your insurance policy.
But if you're looking to have a chemical peel ($3,000
average), a nose job ($7,000 average) or liposuction (anywhere from
$2,600 to $9,000), it all boils down to appearance, and you're stuck
with the entire bill. Most surgeons require you to pay 100 percent
prior to surgery, so unless you have Joan Rivers for an aunt, you
will have to add a nip or tuck to your bank account or perform a
bit of plastic surgery on your credit cards.
There are financing companies your surgeon can refer
you to. Just like getting a car loan or mortgage, you must qualify
for the financing. Make sure you understand all the terms -- how
long is the loan for, what is the annual percentage rate you're
paying, and the total interest costs. Your monthly payment will
be determined by the amount of your down payment. If you opted to
have a $4,000 rhinoplasty procedure, a no-money down, three-year
payback period at 18 percent APR means you'll pay $126 per month.
Your total interest costs are more than $500, making the final tab
$4,536.
Other things to keep in mind:
Find a surgeon -- and a fee -- you're comfortable
with. The American Society of Plastic & Reconstructive Surgeons
publishes a Web site listing basic facts and figures about what
to expect during your consultation. In addition, they provide a
plastic surgeon referral service that gives you the opportunity
to find a doctor in your area.
Understand all costs and fees. Do you know exactly
what the difference is between a $4,900 tummy tuck and a $7,800
tummy tuck? Ask each surgeon you interview the type of procedure
involved, the techniques used, how many sessions and follow-up visits
needed, and any other related costs.
Keep copies of all communications. Make a personal
file and note every conversation you have with your surgeon along
with any communications you have with your insurance company just
in case there is a glitch down the road.
-- Posted: May 11, 1999
|
