Bariatric surgery stands as a significant intervention for individuals grappling with obesity and related health issues. It is among the most common metabolic surgical procedures, addressing obesity and weight-related disorders for over 200,000 individuals every year. However, the financial aspect can be a major hurdle. This article explores various financing options available to make this life-changing procedure accessible.
Understanding the Costs of Bariatric Surgery
The costs of bariatric surgery vary greatly depending on which medical facility you select, the procedure that is performed, and the coverage options offered by your insurance, if any. The price of your weight-loss surgery will depend on what kind of surgery you’re having, your surgeon’s fee and the hospital you go to. For those planning to pay out of pocket, a Roux-en-Y gastric bypass costs approximately $19,000, while a sleeve gastrectomy or LAP-BAND surgery averages $17,000 to $18,000. Revision bariatric surgery costs can vary but may range between $10,000 and $15,000 depending on the procedure in use. Given these figures, exploring financing options is crucial for many individuals.
Insurance Coverage for Bariatric Surgery
Many insurance companies offer full or partial coverage of various bariatric procedures since morbid obesity poses a serious health risk to individuals. To ascertain the extent of your bariatric surgery insurance coverage potential, the best course of action is to directly contact your health insurance company and inquire whether they cover bariatric surgery and the specific procedure you are interested in. It is always a good idea to keep a record of who you spoke to as well as specific dates and times. Some centers also offer a free insurance check to determine eligibility for bariatric surgery.
Even with insurance coverage, it's essential to understand the specifics of your policy. Because every insurance policy is unique, it's important that you thoroughly understand your Certificate of Coverage. Some plans may require fulfilling certain conditions, such as completing a predetermined number of medical visits, before the procedure can be scheduled.
Navigating the Insurance Process
To navigate the insurance process effectively, consider the following steps:
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- Consult with Your Primary Healthcare Practitioner: Meet with your primary care physician to discuss your plan. Have your doctor weigh you and document your weight in your chart. Ask them to recommend an exercise and/or diet regimen and document this recommendation in your chart. Please follow this regimen closely.
- Document Your Progress: Go back to your physician’s office at least every four weeks and weigh in. At these evaluations, also have your physician note your progress and make recommendations about how to proceed with improving your progress. Documentation is critical. A full note must be written noting your progress and the recommendations given. If the diet and/or exercise regimen is not effectively helping you lose weight, go see your physician again and have them recommend an alternative program. Continue the weigh-ins. If your primary care physician has questions or concerns about this plan, please have them contact us directly. If this information is on hand at your consultation, the approval process and deciphering if you qualify for surgery is usually quite easy.
Weight Loss Surgery Loans
Weight loss surgery loans are available and can help to lower or completely cover the average cost of bariatric surgery. Several institutions offer loans specifically for medical procedures, including bariatric surgery. These loans can provide a manageable way to finance the surgery and associated medical care.
Prosper Healthcare Lending: Many medical practices have partnered with Prosper Healthcare Lending to allow out of pocket costs to become more manageable and affordable. Prosper Healthcare Lending is a leading resource for weight loss surgery loans. Patients who borrow money from Prosper Healthcare Lending report that the process is quick and easy, allowing them to focus on their medical procedure. As a recognized and trusted financing company within the healthcare industry, Prosper Healthcare Lending has made over $5,000,000,000 available to over 250,000 patients nationwide.
To apply for a loan through Prosper Healthcare Lending:
- Complete the questions provided, including the amount you wish to borrow, your credit score, contact information, and employment information.
- Prosper Healthcare Lending will run a soft credit check and provide you with an instant eligibility decision.
- You will have the opportunity to browse available offers, select terms, and finalize your loan agreement.
Prosper medical loans are available on both three and five-year plans and provide you with flexible options that allow you to save on repayment.
Self-Pay and FastTrack Options
Recognizing the financial challenges, some centers offer self-pay and FastTrack options to facilitate affordable payment plans. Through FastTrack/Self-Pay bariatric surgery programs, patients can undergo weight loss surgery in as little as 4-6 weeks from the initial consultation to receiving surgical or non-surgical treatment. These programs often commence with a new patient consultation, and the costs for each procedure are structured to be competitive.
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Alternative Financing Options
If traditional loans aren't suitable, alternative financing options can be explored:
- Home Equity Loans: You may feel surgery is worth the investment in your health and decide to use an alternative financing option such as a home equity loan
- Medical Loans: You may feel surgery is worth the investment in your health and decide to use an alternative financing option such as a medical loan.
- Credit Unions: Woman's is pleased to announce financing options through Bayou Federal Credit Union, Campus Federal Credit Union and NOLA Lending.
Considerations When Choosing a Financing Option
- Credit Score: Loan eligibility and interest rates are heavily influenced by your credit score. A higher credit score typically results in more favorable loan terms.
- Interest Rates and APR: Be mindful of the annual percentage rate (APR), which includes the interest rate and any additional fees. For example, personal loans through Prosper have an annual percentage rate (“APR”) of 8.99% to 35.99%, terms between two and five years, and an origination fee from 1% to 9.99%.
- Loan Terms: Consider the loan term and repayment schedule. Prosper medical loans are available on both three and five-year plans and provide you with flexible options that allow you to save on repayment.
- Eligibility: Eligibility for personal loans up to $50,000 depends on a number of factors, including (but not limited to) your financial history, credit score, monthly income, and monthly expenses. Eligibility for personal loans is not guaranteed, and requires sufficient investor commitments to fund. All personal loans made by WebBank.
Additional Resources and Support
Navigating weight-loss is a significant challenge, and the last thing you need is added stress about managing medical interventions. Several resources are available to help you make informed decisions:
- Free Insurance Check Tools: Many providers offer tools to check your insurance coverage for weight loss surgery.
- Financial Counseling: Some bariatric centers provide financial counseling to help patients explore and understand their options.
- Patient Resources: The HCA HealthONE Denver Center for Weight Loss and Bariatric Surgery is committed to transparent pricing so that patients are aware of the possible costs.
Making Weight Loss Surgery Affordable
The staff at Florida Coast Weight Loss Center strives to ensure that each patient receives the care needed at an affordable price, regardless of insurance coverage. At Florida Coast Weight Loss Center, they understand that every patient is in a different financial position, and paying for weight loss surgery can be a considerable expense. For those who don’t have health insurance or have plans that don’t cover weight loss surgery, they are proud to provide cash-pay discounts and financing options for bariatric surgery procedures. The staff at Florida Coast Weight Loss Center can make sure you have access to the best medical loan options and financing plans to make paying for care convenient and affordable for your budget. At Florida Coast Weight Loss Center, they firmly believe in making weight loss accessible for everyone, regardless of financial constraints. They are aware that some patients may find the cost of weight loss surgery to be prohibitive and firmly believe that life-saving bariatric procedures should be available to everyone. That’s why they’ve partnered with leading healthcare financing companies.
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