After doing some research online, you may have discovered that weight loss surgery is the next step you want to take in your weight loss journey. But now, you may be worried about how to afford bariatric surgery without insurance coverage. You are not alone. Medical bills are the third leading cause of debt in the United States, besides divorce attorney fees and job loss.
Because weight loss surgery is an elective procedure, it’s easy to decide not to have the surgery if you don’t have bariatric coverage in your insurance plan. Unlike being diagnosed with cancer or having a heart attack, your weight isn’t going to kill you…yet.
Many overweight and obese people do not recognize the danger of living with obesity and its impact on their overall health and quality of life. Similarly, over time, carrying excess weight will lead to health complications that need to be addressed. this will ultimately force you to rack up those medical bills in the future.
Would you rather pay a larger lump sum now to treat your obesity or continue to pay medical bills over the years to treat your health complications?
We recognize that finding ways to pay for weight loss surgery can be difficult and that not everyone will have the same options. But before you settle for the option of continuing to live with obesity, take a deeper look at your payment options. If you are interested in speaking with our team about payment options for bariatric surgery, you can schedule an appointment on our website.
1. ask for a personal loan
Consider getting a personal loan from the bank. Although you will have to pay interest on this loan, the total interest paid may be insignificant relative to the amount you would have had to pay in late payment penalties.
2. use a personal line of credit
A personal line of credit will allow you to make withdrawals up to a certain amount. The benefit of a personal line of credit compared to a personal loan is that you only pay interest on the amount you withdraw instead of the lump sum.
3. borrow against the equity in your home
If you have about 15-30% equity in your home, you may be able to get a loan while securing your property as collateral. The downside to this option is that if you can’t afford the loan payments, you risk losing your home.
4. partner with a health care finance company
apply for a health care credit card, like carecredit, to help pay for your medical expenses. This option, if you qualify, is a great option because most health care financing companies offer shorter financing options with little or no interest payments. however, please make sure your provider accepts carecredit or other health care financing services before applying.
5. withdraw funds from your retirement plan
If you have a 401k with your employer, you may be able to withdraw funds from these retirement savings. It is important to note that the IRS will limit the amount you can withdraw to $10,000 or 50% of the amount purchased. therefore, you should proceed with caution. you may be facing a large tax bill at the end of the year due to early withdrawal from your 401k.
6. ask your family or friends to be lenders
Embarrassment can often surround the topic of communicating, but it never hurts to ask for help. Explain to your family and friends the importance of bariatric surgery for your health and quality of life. Even if they can’t afford it all, a little help is better than no help.
7. take advantage of your savings
If you have the financial means, we always recommend this option to pay for weight loss surgery. By using your savings, you won’t have to pay interest, risk losing your assets, or be penalized for an early withdrawal.