Financing cosmetic procedures: Nose job

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Rhinoplasty, more commonly known as a nose job, is a surgical procedure used to reshape the bones, cartilage, and tissues of your nose in order to improve its shape or function. While many people may be familiar with nose jobs done for cosmetic purposes, this procedure can also be done for medical reasons.

While insurance will likely cover a rhinoplasty done for medical purposes, it’s unlikely to cover it as a cosmetic procedure. For this reason it is important to do your research on the costs of the procedure before deciding if a rhinoplasty is the right choice for you.

Candidates for rhinoplasty

According to the American Society of Plastic Surgeons, a good candidate for rhinoplasty meets the following conditions:

  • Facial growth is complete
  • Does not smoke
  • Has good physical health
  • Has realistic goals about appearance

During your consultation, your surgeon will also ask about other factors of your health history, including pre-existing health conditions, drug allergies, and previous surgeries. Be prepared to discuss your medical history, have your face measured and photographed and to discuss your goals for the procedure with your surgeon.

Costs associated with rhinoplasty

As of 2018 the average cost for the procedure was $5,350 according to statistics from the American Society of Plastic Surgeons. This price is a baseline cost, however, and does not include other associated fees.

Factors that will affect the cost of the procedure include anesthesia fees, surgical facility costs, any necessary medical tests and prescriptions for medication. The total cost will also be greatly influenced by the geographic location of the procedure.

Paying for the procedure

When a rhinoplasty is done as a medical procedure, you may be able to use health insurance to cover it. When a rhinoplasty is done as a cosmetic procedure, it falls under the category of self-pay. This means that you will have to pay out-of-pocket. However, there are a variety of options for financing the procedure.

Credit card

Using a credit to make a large purchase, like a rhinoplasty, has its advantages and disadvantages. A big advantage is the possibility of getting cash back or rewards on your purchase. Check to see how your issuer categorizes medical procedures to see what you will get back by using your card.

A disadvantage might be the interest rate applied to your repayment. If you decide to go this route, make sure that the card you are using has a low interest rate. You might also consider opening a new card that starts you out with a zero percent interest rate. Some cards offer up to 18 months at this rate. That gives you 18 months to pay off your procedure, interest-free.

Personal loan

Going the personal loan route will give you control over the sum of money you will receive. This gives you the ability to factor in any outside costs of the surgery, such as transportation to and from the facility. Your credit score and annual income will be the main determining factors for the interest rate on your loan. Personal loan rates can be as low as 5.95 percent if you have good to excellent credit.

Health insurance

If you require a rhinoplasty to deal with an obstructed airway, you procedure may be covered by your health insurance. This kind of rhinoplasty is considered reconstructive and not cosmetic. To find out if your procedure will be covered, just check with your insurance provider. And be sure to ask if they will cover all or only part of the cost, and how the procedure will affect your deductible.

Patient financing plan

Most doctors are willing to work with patients to create a payment plan for their rhinoplasty. As medical facilities don’t have the infrastructure to handle these kinds of financing plans, they often work through third parties like Simple Select Patient Finance or ClearGage. These third parties provide you with payment options that will have little to no effect on your credit. You will also have the possibility of zero or low interest on your payments for up to 12 months. The terms will depend on what is offered by the provider of the procedure.

Bottom line

Whether you are doing a rhinoplasty for medical or cosmetic reasons, it is important to be informed about what the procedure entails. Take the time to identify the best surgeon for your budget and medical needs. And make sure to find a payment method that will keep you in good financial standing. When all is said and done, you want the end result of your procedure to be the best possible for you physically and financially.