Here in Australia, taking out a loan for cosmetic surgery is one of the only ways that many people are able to pay for such procedures. Cosmetic loans can help pay for various treatments, ranging from hair transplants, breast augmentation or reduction, cosmetic dental procedures such as orthodontics or periodontics, laser eye surgery, liposuction and more.
Generally, in Australia, health insurance policies and Medicare only provide coverage for medically necessary procedures, which typically exclude most cosmetic procedures. There might be some degree of limited support, depending on the policy. However, for the most part, cosmetic procedures need to be financed personally.
With that in mind, let us review some of the key risks associated with cosmetic surgery and cosmetic loans so that you can plan accordingly and ensure that you can afford to repay the loan and not end up in financial trouble.
The Cost Of The Procedure
The first thing that needs to be adequately considered is the overall cost of the medical procedure in question. Your surgeon or medical practitioner will provide you with a quote. However, this can fluctuate depending on certain circumstances, and should therefore be taken into account.
If you are taking out a loan to pay for your cosmetic surgery, it is highly recommended that you borrow enough to ensure that any unforeseen circumstances are covered. This buffer will ensure that you do not run into any trouble should unexpected events complicate things.
The Cost Of Consultations
Although the cost of the procedure in question is no doubt the biggest item to pay for, there are other costs that you need to consider as well. With most medical procedures, there will be a series of follow-up consultations to ensure that the treatment was effective and to assist with some aspects of recovery.
There are also numerous consultations leading up to the procedure that also need to be paid for. These consultations typically cost significantly more than regular doctor’s appointments owing to the fact that you are often dealing with highly qualified specialists who use specialised equipment, which is not cheap.
Most surgical procedures require a fair amount of recovery time. This might have an impact on your ability to earn during that time, which might impact your personal finances. You should have enough money to help you cover your bills and put food on the table during your recovery period.
In addition, you will probably need to pay for professional assistance to help with the recovery. This might include paying for sessions with physiotherapists and other medical practitioners to help ensure that you recover as quickly as possible.
If you are interested in pursuing cosmetic loans, we at iCREDIT can help you secure the best possible deals with fixed interest rates and flexible payments. Contact us today!