Tips on Financing Weight Loss Surgery
Weight loss surgery is an effective way of achieving weight loss. It is also expensive. For instance, the cost of bariatric weight loss surgery is usually at least $25,000. Part of planning to have weight loss surgery includes finding a way to pay for the procedure. There are insurance companies that will cover or partially cover the procedure, but for those who do not have coverage, other financial means must be obtained.
There are some hospitals that have specialized in weight loss procedures and work with banks to assist a patient with acquiring funding. They can offer a number of finance options such as a home equity loan. As well, there are a number of alternative lenders that offer loan programs for the weight loss procedure. You have to make sure you are advised about such aspects as the interest rate (fixed or variable,) and the length of the repayment plan. There are also financial institutions that specialize in providing financing for healthcare expenses such as co-payments, deductibles, and procedures not covered by insurance, including weight loss surgery. Some of these finance companies will provide no-interest and extended payment plans.
The Internal Revenue Service permits deductions for those who pay for weight loss surgery that is not covered by their insurance provider. One can deduct the total of any medical expenses “that are more than 7.5 percent of their gross income.” You should consult with your financial advisor to learn what part of your expenses is deductible.
Before you seek out alternative methods of financing, make sure you check your insurance policy to see if you are covered. Under the heading that says, “What Is Covered” or “Covered Expenses,” there will be a list of what is covered and what is excluded. Look for a statement that says the provider excludes coverage for “weight control, for the treatment of obesity, for the surgery for weight control, or for the complications of the surgery for weight control.” Many insurance providers will cover weight loss surgery if it is considered a treatment that is life saving.
If you are considered obese, weight loss surgery can actually save your life. Diabetes, heart disease, high blood pressure, etc., are all conditions that can put your life at risk. It is important to make sure you can pay for the surgery by doing your research and consulting with the appropriate financial advisors.
