It is no surprise to anyone that medical debt continues to be one of the most common causes of bankruptcy in the country. But, generally, when we talk about these costs, we mean the costs we incur for medicine and treatment of emergencies, chronic diseases, and other unnecessary costs. But how about medical expenses that are not necessary and are rather elective? Elective medical procedures are also high and, in most cases, not covered by your health insurance. Most worryingly, they can become a financial problem if you don’t carefully manage them.
The Cost Of The Most Common Cosmetic Surgeries
Although these types of elective surgeries have gained popularity, they are not cheap. Here is a list of the average cost of the most popular cosmetic procedures:
- Breast Augmentation: $ 3,681
- Liposuction: $ 2,815
- Tummy tuck: $ 5,381
- Breast lift: $ 4,174
- Blepharoplasty (Eyelid Surgery): $ 2,726
- Lasik (per eye): $ 2,073
- Tooth alignment: $ 4,800
- Professional teeth whitening: $ 650
- In Vitro Fertilization Cycle (IVF): $ 12,400
- Artificial insemination: $ 4,174
The best recommendation to pay for your elective surgery
Our best recommendation is that instead of borrowing, negotiating, or paying with your credit card, you simply plan and save for your procedure. It is an ultra-conservative recommendation, especially for these times that as a society, we want and expect instant gratification in all aspects of our lives. But let us give you several suggestions so you can see that learning to save and prepare for one of these procedures is not as difficult as you imagine, even on a small monthly budget.
Step 1: Set A Date To Get Your Procedure
Like any large purchase decision, setting dates and goals for when to do so is very important. If you decide to get cosmetic surgery in two to three months, that doesn’t give you enough time to prepare financially. But if you consider your procedure as a goal to be reached within 12 or up to 24 months, saving to cover the procedure becomes easier.
Step 2: Reduce Expenses
When you are clear how much you need to save monthly to be able to pay for your surgery, you can then evaluate your monthly budget. If you don’t have $ 227 left (to continue with the previous example), it’s time to start reducing some expenses in your budget. Now, you have to be realistic, and if you are living from paycheck to paycheck and you spend your salary before receiving it fulfilling your obligations, this is not the right time for you to have any elective procedure.
Step 3: Consider Other Sources
Do not forget to check what your health insurance can offer you and see how far you can negotiate the cost of the procedure with your medical provider. Even if your health insurance does not cover this type of elective procedure, find out about your coverage so that you do not overpay. Also, just as you would to buy a car, compare prices.