How to Finance Weight Loss Surgery

Weight loss surgery can have a tremendous positive impact on your health and body image. Unfortunately, it is very expensive because it requires lab tests, the actual surgery, a hospital stay and long-term follow-up. Even if you have insurance, you will most likely need to finance part of the surgery. If you are not insured or your carrier will not pay for weight loss surgery, you will need to finance the entire amount.

Instructions

1

Ask your insurance company if your weight loss surgery will be covered, and if so, how much you will be expected to pay out of pocket. Many insurers will pay at least part of the cost of weight loss surgery if you are considered seriously obese, as the health benefits of the surgery can reduce your future medical costs. If your insurance company says it will offer coverage, get an estimate of benefits that spells out what they expect to pay and how much you will need to pay yourself.

2

File an appeal if your insurance company denies coverage for your weight loss surgery. All insurers have an appeal process. Follow it through as far as you can before accepting a denial. Your doctor may be able to assist by providing documentation showing the medical necessity of the surgery.

3

Save up enough cash to be able to pay for the out-of-pocket expenses for your weight-loss surgery or to be able to significantly reduce the amount you will need to finance if your insurer will not provide any coverage. Weight loss surgery is expensive, typically costing thousands of dollars for the procedure itself and the follow-up care. The more money you can pay up front, the less you will pay in interest fees on the financed balance.

4

Find the lowest-interest source to get the additional money needed to pay for your weight loss surgery. You may be able to get a home equity loan or a loan that is secured with a bank account or certificate of deposit. If you don't have those sources, you may need to use your lowest-rate credit card. There are also finance companies that specialize in giving loans for elective medical procedures, and your doctor may be able to recommend one.