Smoothing out wrinkles is easy with the use of Botox® and other injectables. What’s not so easy is paying for the procedure that promises to give you a crease-free brow. Though some conditions may be considered medically necessary for Botox® treatment and covered by insurance, in most cases you’ll have to finance the procedure yourself.
The use of Botox® and similar products such as Dysport and Xeomin is extremely popular. According to the American Society for Aesthetic Plastic Surgery, the use of the key ingredient, botulinum toxin, has held the No. 1 spot for nonsurgical procedures since 2000. The good news is that it’s one of the least expensive nonsurgical cosmetic procedures you can get, averaging $382 per treatment, according to the American Society of Plastic Surgeons. You’ll need re-treatment every three to four months.
A variety of Botox® financing options exist. Which you choose will depend on your financial situation. There are even options for plastic surgery financing if you have bad credit.
Check with your insurance company
Before you pay for the Botox® procedure yourself, check with your insurance company. Circumstances in which you may get insurance to at least partially cover costs include if you suffer from chronic migraines or experience excessive sweating (hyperhidrosis) or uncontrollable eyelid twitching (blepharospasm).
Options to finance Botox®
You may save a considerable amount of money on your Botox® procedure by taking the time to carefully consider the following avenues to cosmetic surgery financing.
Inquire with the service provider
Many Botox® specialists offer payment plans, which can include allowing you to pay for your treatment in installments. The provider may also offer a financing program or have an agreement with a lender that will finance your treatments.
Rather than immediately signing up for their suggested financing, compare the interest rates and repayment terms with the following financing methods.
Use a credit card
Your simplest option may be to pay with a credit card. Most Botox® specialists take plastic. If you have an existing card that awards points, this could give you a good opportunity to earn cash back or mileage credit.
Even better is applying for a new credit card that offers a 0% introductory annual percentage rate (APR) and points. Pay the balance within the six- to 18-month grace period, and you won’t owe any interest. Breaking the cost of the treatment into payments will make it much easier on your budget. Just make certain to pay off the balance before the end of the grace period.
For example, the Chase Freedom Unlimited card has no annual fee and offers 15 months of 0% APR period. You also get 1.5% cash back on your Botox® treatment and a $150 signup bonus plus $25, if you add an authorized user. These financial perks can cover a portion of what you paid for the procedure.
Many 0% card offers require excellent credit. If your credit is poor, you probably won’t qualify for one of these cards. There are cards for those with bad credit, such as the Indigo Platinum Mastercard, designed to help borrowers rebuild their credit history. If you’re unsure of your credit score, you can check it here.
Medical credit card
Unlike general credit cards that can be used to finance just about anything, medical credit cards can pay for out-of-pocket healthcare costs. Use caution when applying for such a card. Though many offer 0% APR for six to 12 months, the payoff terms are significantly different than with regular credit cards. If you make a partial payment but don’t pay off the entire balance within the grace period, you will still owe all of the interest on the original balance.
Personal loans for Botox®
A personal loan to finance Botox® is another good possibility. While your credit union or local bank probably offers personal loans, online lenders have competitive rates and terms. Applying online is usually fast and easy.
A personal loan for a Botox® procedure would be an unsecured loan, which is also known as a signature loan. Personal loans generally have a fixed interest rate, which means the repayment amount remains the same throughout the life of the loan.
Many unsecured loans require that you have excellent credit and a solid history of paying your bills on time. If this isn’t the case, you’ll need a co-signer with good credit to get the loan.
If you take out a personal loan, you can stretch out the payments over several months, which is a plus for your budget. Different personal loans come with different rates, fees and requirements. Keep in mind that doing this will mean paying interest and other fees, so what you end up paying for the procedure is substantially more than the original cost. Once you understand that, check out what the best personal loans are to ensure that you choose the best option for you.
Julie Bawden-Davis is a widely published journalist specializing in personal finance and small business. She has written 10 books and more than 2,500 articles for a wide variety of national and international publications, including Parade.com, where she has a weekly column. In addition to contributing to SuperMoney, her work has appeared in publications such as American Express OPEN Forum, The Hartford and Forbes.