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Paying for weight loss surgery: Financing options for high medical bills

Lana Bandoim's picture

Weight loss surgery can dramatically improve your quality of life and give you back energy, vitality and motivation. However, the average surgery costs $20,000 to $30,000, and you may have additional follow-up medical expenses. Your insurance company may not cover the surgery, or you may have a high deductible. Nevertheless, you can still obtain this procedure by using the right financing options to pay for your medical bills.


Understanding the source of medical bills

Weight loss surgery, which is also known as bariatric surgery, can leave you with large medical bills, and your insurance company may not cover everything. Although the majority of your bills will be for the actual surgery, you will notice other fees. They can include surgeon’s fees, anesthesiologist’s fees, consultation fees and lab work.

Before you can even schedule your weight loss surgery, you will have to go through multiple consultations and have several tests to make sure you are a candidate for the procedure. You will meet with doctors, surgeons, dietitians, nutritionists, cardiologists and others, but each appointment will have its own cost. In addition, you will need to have lab work, blood tests, EKGs and other procedures. After your surgery, you may see additional charges for hospital, device or operating room fees.

Paying for medical bills

First, you want to check how much your insurance company will cover and what your deductible will be for the surgery. Depending on the type of surgery, which includes the gastric band or lap band, gastric bypass and gastric sleeve, your costs can vary. In addition, individual hospitals may charge different fees, so it is important to obtain an accurate estimate.

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If you need loans for an emergency, then you already know you can turn to lenders that can offer a payment plan. However, you should not overlook this option for weight loss surgery. Your health and future depend on getting the necessary procedures to reduce your risks of cardiovascular disease, diabetes and other chronic problems.

If you decide to obtain a personal loan to finance your surgery, you will want to consider several important factors. You want to get the details on the loan terms before you get the procedure at the hospital, and you should focus on the interest rate, loan origination fees, monthly payment requirements and payment plans.

Looking for funds

Insurance and personal loans are two common methods that are used to pay for weight loss surgery. In addition, individual payment plans set up with hospitals, clinics and doctors may be an option. It is important to check if your doctor or hospital offers this alternative. You may be able to set up a payment plan with the hospital or doctor and extend it over a long period of time.

Some patients also resort to using their credit cards or draining their pension and investment funds to pay for surgery. Before you make these drastic moves, you may want to explore if obtaining a personal loan would be cheaper and wiser long-term.

Weight loss surgery can be one of the most expensive medical procedures you obtain during your lifetime. However, the benefits of the surgery easily outweigh the costs, so you want to explore financing options before turning the idea down. Your life may depend on getting this surgery, and you do not want to miss the opportunity to improve your health.

Image from Pixabay.com and used with permission.