Paying for Weight-Loss Surgery: Medical Loans - My Bariatric Life

My Bariatric Life Health Guide
  • There is no doubt about it -- weight-loss surgery is expensive! Even with discounted rates, the procedure only becomes less expensive. Less expensive is still expensive.  Pricing adjustments to lower costs are always useful, buy lowered costs can still add up to multiple thousands of dollars. Even those who have a health insurance company that is willing to pay for weight-loss surgery may find that the co-payment is something of a strangle hold. You may need some help paying for weight loss surgery. A medical loan may provide the help you need.

    Financing helps provide for those who cannot otherwise afford weight-loss surgery by breaking down patient costs into manageable monthly figures. The amount of these monthly installments will depend on how much has been borrowed, the interest rate, and how long the loan is for.

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    A Good Place to Start

    Your bariatric surgeon is a good resource for exploring financial options. It is not unusual for the doctor's office to have an existing relationship with healthcare companies who are willing to finance weight-loss surgery. More than one option should be available.

    Your bank or credit union may be able to provide a medical or personal loan. Options include secured loans, unsecured loans, home equity loans or lines of credit.

     

    Both gastric banding device manufacturers, the LAP-BAND and the Realize Band, have patient financing programs in place.


    The Internet

    The Internet is a good avenue for finding lenders. You should be able to find enough lenders to allow comparisons of options and offers. You are of course seeking the best terms and interest rates possible.

    The Next Step

    Once the companies have been weighed against one another and you have made the choice that is best for you, you will need to fill out an application. Your credit history, income, assets and liabilities will all be taken into consideration as well as the amount of your request. Applications can often be filled out online at the lender's website. Be sure that the website is secure before giving personal and financial information. Eligibility is dependent on how well you meet the criteria.

    Unsecured Medical Loans: Be Careful

    Unsecured medical loans are loans that do not require collateral to support the loan in case of default. The best place to start here is with a word of warning; be alert to changing interest rates with these loans. Low introductory rates can transition to much higher rates once the introductory period is done. Interest rates may also skyrocket if you are late with even one payment. Find out all the details of the loan before committing. Default or late payment of these loans can harshly affect your credit and the interest rate you pay on future loans.

    If you are denied, some lenders may allow a cosigner. Regardless of how the loan is had, be alert for pitfalls. Do not fall into the habit of paying only the minimal amount. You can wind up paying a much greater amount using this approach.

    Unsecured medical loans are normally secured directly from lenders or from brokers who will investigate multiple lenders and present you with the best transaction they can arrange.


  • If used responsibly, unsecured loans can be a good option but one must be diligent about the responsibility.

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    Credit Cards

    If you have a credit card with a high line of credit, you can finance your weight-loss surgery using your card. The rate of interest can be extravagant and financing under these terms can be risky and very expensive in the long run. You might want to rule this one out!

     

     

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    My Story...

     

    You can read about my decision to have weight loss surgery back in 2003 and my journey to maintain a lifetime of obesity disease management since that time. My wish is to help you on your own journey of lifetime obesity disease management with shareposts along the way to help you navigate that journey successfully.

     

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Published On: March 19, 2012