Weight loss surgery, also known as bariatric surgery, can be a life-changing decision for individuals struggling with obesity and related health issues. However, the cost of these procedures can be a significant barrier, ranging from $15,000 to $35,000 or more. This article explores various financing options available for weight loss surgery, particularly for individuals with bad credit.
Understanding the Costs of Weight Loss Surgery
Several factors influence the price of weight loss surgery:
- Type of weight loss surgery: Gastric bypass, sleeve gastrectomy, gastric band, and duodenal switch all have different price points. The average cost for gastric bypass is $23,000, while a gastric sleeve costs around $14,900, and a gastric band averages $14,500. Revision bariatric surgery costs can vary, but may range between $10,000 and $15,000 depending on the procedure in use.
- Type of health insurance: Coverage varies widely, and many policies may not cover the full cost or may not cover bariatric surgery at all, as these surgeries are considered to be cosmetic procedures and so are not typically covered by insurance.
- Where you live: Geographical location impacts the cost of medical procedures.
- Method of payment: Paying out of pocket versus using financing options affects the overall expense.
Financing Options for Weight Loss Surgery
If health insurance won't cover the cost, several financing methods can help make weight loss surgery more accessible. Even applicants with low income and/or a low credit score can still qualify for some types of financing.
Personal Loans
A personal loan from a bank, credit union, or online lender provides a lump sum of money that you repay with interest in fixed installments over time. You may be able to borrow up to $100,000 with some personal loans. These loans are flexible and can be used for almost any purpose, including weight loss surgery.
Benefits of Personal Loans:
- Flexibility: Funds can be used for any purpose, including surgical fees, pre- and post-operative care, lab tests, and more.
- Potentially lower interest rates: If you have a good credit score, you may qualify for an unsecured personal loan, which doesn't require collateral and may offer lower interest rates than a credit card.
- Secured loans for bad credit: If you have bad credit, you may be able to get a secured personal loan, which requires collateral, such as your car. Having collateral reduces the lender’s risk and may result in a lower interest rate for you.
- Lenient loan requirements: Personal loans make a great way to finance major purchases and healthcare expenses due to their flexibility, easy access to funds online, lenient loan requirements, relatively low interest rates, and low monthly payments.
Considerations for Personal Loans:
- Interest charges and processing fees: Search for a personal loan with a low interest rate and reasonable payback terms.
- Risk of losing collateral: If you fail to repay a secured loan, the lender can seize your collateral.
Where to find personal loans:
- Lantern by SoFi: Lantern by SoFi can help make the process easier. By filling out one simple form, you can compare personal loan interest rates from multiple lenders in our marketplace and even get prequalified.
- Prosper Healthcare Lending: Prosper Healthcare Lending is a leading resource for weight loss surgery loans. Our 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.
- Online lenders: Online lenders like LightStream, Prosper, and SoFi.
Credit Cards
Using a credit card to finance weight loss surgery is another option.
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Benefits of Credit Cards:
- Promotional 0% APR: If you have good credit, you may be eligible for a card with a promotional 0% APR.
Considerations for Credit Cards:
- High interest rates: You'll need to pay off the balance of your surgery costs within 12 to 18 months, or you may have to pay a high interest rate on what you owe, and possibly deferred interest.
- Credit limit: Ensure your credit limit is high enough to cover the surgery costs. Keep in mind, though, that financing with a credit card can oftentimes be the most expensive form of financing.
Loans from the Service Provider
Some weight loss surgery centers partner with independent medical lenders for funding. They may be able to assist you in finding a loan you can repay over time.
Benefits of Loans from the Service Provider:
- Convenience: The surgery center may handle the financing process for you.
- Hospital payment plans: If your procedure is done at a hospital, you may be able to qualify for a hospital payment plan, offering low interest rates and allowing you to spread weight loss surgery costs over months or years.
Medical Credit Cards
Medical credit cards like CareCredit can help fill in the gap.
Benefits of Medical Credit Cards:
- Financing options: Easy options and reasonable finance charges.
Other Options
- Payment Plans: Many doctor's offices and weight loss clinics will offer in-house financial assistance such as cash discounts or payment plans to their patients.
- Weight Loss Surgery Foundation of America (WLSFA): There is a grant available from the Weight Loss Surgery Foundation of America (WLSFA) that awards recipients the funds they need for weight loss or reconstructive surgery.
- Home Equity Loan or Medical Loan: 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 or medical loan.
- Bayou Federal Credit Union, Campus Federal Credit Union and NOLA Lending: Woman's is pleased to announce financing options through Bayou Federal Credit Union, Campus Federal Credit Union and NOLA Lending.
Things to Consider When Choosing a Financing Option
With all the choices of financing for weight loss surgery, here are some things to consider carefully:
- Your credit score: This can affect what financing options are available and what interest rate you are eligible for.
- Your current debt situation: How much more debt can you realistically take on?
- Your financial situation: Do you have the means to pay off the surgical costs within a reasonable time? If not, some options, such as a credit card, may not be the best for you.
Pros and Cons of Financing Weight Loss Surgery
| Pros | Cons |
|---|---|
| You’ll get the funds you need so you can have the surgery as soon as possible. | You may end up paying more for the surgery over time. |
| Securing financing will help spread out the expensive surgical cost and make it more manageable. | Depending on your interest rate, the monthly payments could be high. |
| Having options for financing weight loss surgery means that even if you don’t have health insurance, you may be able to get a procedure that could benefit your health. | The downside of financing weight loss surgery is, depending on your interest rate and loan arrangement, you could end up paying significantly more for the surgery over time versus paying cash. And any missed or late payments could damage your credit. |
| You don’t have to come up with the whole amount upfront, giving yourself some breathing room to pay back what you owe over time. |
Process of Getting Financing for Weight Loss Surgery
Acquiring financing for weight loss surgery generally involves filling out a personal loan application, either online or in person. You will typically need:
- Proof of identity - passport, driver’s license, birth certificate
- Social Security number
- Proof of address
- Proof of gross annual income (such as tax returns)
- Proof of employment (W-2s or 1099s, bank statements, tax returns)
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