If you're thinking about getting lap band surgery or an adjustable band surgery or any type of weight loss surgery, you're probably wondering what it costs and how you're going to finance or pay for it.
First, if you're insured now or have a health insurance policy either through your private health insurance company or through your employer, contact them and ask if weight loss surgery is covered. If it is you want to know what your co-pay costs will be or what other costs you'll be responsible for or what your deductibles will be to prepare and in case you need to arrange financing for it.
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Keep in mind there may be complications and there may be more hospitalizations than you planned, more follow up appointments, diet changes, etc. So keep this in mind.
Assuming you don't have insurance and need to finance your weight loss surgery there are a few options to consider. If possible, save up cash to pay for your out-of-pocket expenses, to reduce the amount that you'll need to finance.
Weight loss surgery, lap band surgery and other adjustable band surgeries are expensive. Costs can range from $10,200 to $30,500 depending on your situation, your geographical location (in some cities it can cost more), and whether or not you need extensive follow-up care.
Now you want to find the best source of financing with the cheapest interest rate. If you own your home you may be able to get a home equity loan to pay for it. A loan can also be secured by your checking or savings account or any certificates of deposit you might have.
A few finance companies specialize in giving loans for medical purposes such as weight loss surgery and other elective procedures. There are medical financing companies that specifically finance lap band surgeries only. Ask your bariatric (weight loss) surgeon for some recommendations. He or she may be able to recommend a particular company or may have a list of medical financing companies.
Credit unions and the bank you do business with are good sources for medical or personal loans. Consider a personal loan if you're not able to arrange a medical loan. They offer secured and unsecured loans, home equity loans and lines of credit. I wouldn't use a line of credit unless you know you'll have enough money in a short time to pay it back.
Then there is the almighty credit card. Yes, people have used one or more credit cards to finance surgery. Make sure you're in a situation where you can pay it back on time however.
If you have to take out a loan that carries a high interest rate, you may be able to refinance the loan later at a much lower rate by transferring the balance depending on the market.
In some cases, people have traveled out of the United States to have weight loss surgery in Mexico, Brazil or other countries. Yes, it may be a lot cheaper but you may have a problem finding a surgeon in the U.S. to do follow-up care and if you have complications, it may be a problem.
These are just a few of the ways you can finance weight loss surgery including lap band surgery and other adjustable gastric band surgeries. Take time and do a lot of research and you can save yourself a lot of money. Make sure you understand weight loss surgery and all it entails in terms of complications and risks and have your financing all in place before you commit.
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