Financing Cosmetic Surgery – What are my Options?

July 29, 2016

Financing Cosmetic Surgery – What are my Options?

Every year, thousands of people wish to undergo cosmetic surgery, but because of the costs associated with such surgeries, they are reluctant to follow through. What many of these people are unaware of is that there are financing options available for those who are unable to front the total cost of a cosmetic procedure at once.

A common question we get from prospective patients at The Plastic Surgery Clinic is: how much does a breast augmentation cost?

The truth is, the cost of each cosmetic procedure can widely vary depending on a number of factors. For example, for breast augmentation surgery, the overall cost greatly depends on the following: silicone vs. saline, sizing, etc.

Thankfully, when it comes to the cost of cosmetic surgery, there are many options available:

Third Party Financing for Cosmetic Surgery

Generally, cosmetic surgery is not covered by health insurance, however many patients will work with an outside financing company because it allows them to set up affordable monthly payments they can manage. Third-party financing can be a convenient payment option for many people. However, financial stability is always necessary, even when considering third-party financial support.

Health Coverage for Cosmetic Surgery

Traditionally, most procedures we perform are considered cosmetic. Cosmetic surgery refers to changes in the aesthetics of anatomy that doesn’t alter with the body’s function. Cosmetic surgery can be confused with reconstructive surgery, which, unlike cosmetic surgery, aims to improve the function of a body part.

There are some cases however, where surgical procedures can be seen as more of a reconstructive procedure, in which case, the procedure may be covered by your provincial healthcare system. In Ontario, for example, there are some procedures that are covered by OHIP, and this usually occurs on a case by case basis. If you live outside of Ontario, refer to your provincial healthcare system for a list of cosmetic procedures covered by the province.

Such procedures that are covered by OHIP include:

1. Breast reduction: case by case (health concerns, not cosmetic).

2. Gynecomastia: case by case (medical complications, not cosmetic).

3. Keloid surgery: covered by OHIP for the face.

4. Otoplasty: covered by OHIP up to age 18.

Additionally, breast reconstruction after mastectomy is also covered by your provincial healthcare system. In fact, many women are not aware they can have reconstruction covered, which can also include an implant for the other breast for single mastectomy. This can also include reconstruction for preventative mastectomy for those women with a family history of breast cancer.

Flexible Spending Accounts for Cosmetic Surgery

There are many companies that offer its employees the ability to participate in a health flexible spending account. This type of account is a newer health benefit being offered alongside employee health insurance. One of the primary benefits of a flexible spending account is that it gives people tax advantages to offset healthcare costs.

Certain companies give their employees the option to set aside a percentage of their income before taxes. Many people use this type of spending account to pay for surgical procedures that are not covered by their health insurance, and although you cannot use these funds for cosmetic surgery in particular, you can cover costs related to cosmetic surgery, such as the fees or co-payments for blood tests, physicals, or prescription antibiotics prescribed by your plastic surgeon.

Is Cosmetic Surgery Worth it?

Those who are not approved for OHIP or company insurance plan coverage typically find that the cost of these surgeries is in fact very manageable, especially with the help of financing plans we offer. When they experience an improved quality of life post-operation, many patients have told us they now consider cosmetic surgery to be a worthwhile investment in their comfort and confidence as opposed to a burden in expenses.

To learn more about the price of cosmetic surgical procedures offered at The Plastic Surgery Clinic, please contact us by phone or e-mail. The cost of each procedure can vary due to the specifics of each patient’s particular needs, but a more exact estimate will be given to you by your surgeon after your free consultation.

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• posted by The Plastic Surgery Clinic Staff