Several bariatric weight loss surgery financing options can help patients with bad credit to begin their procedure right away. Start enjoying better wellbeing and a more slender profile without waiting to accumulate savings.

Borrowing money does increase your costs. The operation also has risks, which can affect your ability to repay your loan. Consider all your options.

Explore how insurance works for cosmetic and medically necessary procedures. Learn about government tax saving grants and subsidies for low-income families.

  • Loan options for people with bad credit
  • Health and disability insurance secrets
  • Government financial assistance and private grants

Financing Bariatric Surgery with Bad Credit

Financing bariatric weight loss surgery with bad credit is often very challenging. It could be very difficult to find a lender willing to approve your application – given the very high costs of many procedures.

  • Gastric bypass – $24,000
  • Gastric balloon – $8,150
  • Gastric sleeve – $19,000
  • Lap band – $15,140

You may want to skip down to the next sections if you have a poor credit history, or your earnings are too low to support the monthly payments. The other options often prove more fruitful than personal loans, payment plans, or credit cards.

Personal Medical Loans

Apply for a personal medical loan to fund your bariatric surgery. The online lender will pull a copy of your consumer report, and ask about your earnings and job history on the application form.

Sub-prime lenders specialize in working with people with bad credit. Expect to pay a hefty upfront origination fee along with a higher interest rate on the loan. The sub-prime lender will charge these higher fees to offset your greater risk of default.

  • Unsecured medical loans are risky to lenders. They have no collateral to repossess in the event of default.
  • Borrowers undergoing a major operative procedure often encounter side effects that increase other health care expenses, and interfere with work. Temporary income loss during recovery is very common.

Your monthly installment payment will reflect the interest rate charges, the original principal amount you borrow, plus the term of the loan. The term is the length of time in months you have to repay the obligation.

High approval rates could mean that the lender funds 20% of requests rather than 10% of applications with marginal credentials. Your odds of getting the money you need are much better. However, the odds are still stacked against you.

Credit Cards

Paying for bariatric surgery with a credit card is yet another alternative. People with bad credit will find it difficult to gain approval for a new account with a sufficient borrowing limit. Here are two options.

  1. Increase the open to buy on existing credit card accounts. The open to buy is the difference between the account limit, and the current balance. Reducing the balance is always the best first option. Requesting a line increase puts the bank in control of the decision.
  2. Open a medical credit card. Several companies specialize in this area. Many offer a zero interest rate offer during the introductory period (6, 12, or 18 months). You will need to complete an application. However, the limit may be too small if your qualifications are poor.

Payment Plans

Patients looking for in-house payment plans are spinning their wheels. Most surgical centers want nothing to do with performing bariatric surgery upfront, and then collecting payments over time. Surgeons want to practice medicine. They are not bankers.  Doctors dislike administrative functions.

Therefore, the centers often refer clients to third party finance companies who specialize in this area. Walk into almost any practice and you will find brochures from other companies promoting payment plans that are either personal loans with monthly installment payments, or credit cards with an introductory period.

Help Paying for Bariatric Surgery without Insurance

Finding help in paying for bariatric weight loss surgery without insurance is another important option to consider. Only patients seeking cosmetic benefits should pay for the procedure completely by themselves. Every little bit helps with these large out-of-pocket costs.

  • Gastric bypass – $24,000
  • Gastric balloon – $8,150
  • Gastric sleeve – $19,000
  • Lap band – $15,140

Government and private grants programs can help. You may be able to find state-based financial assistance depending on where you work. Raising money is yet another alternative.

Government & Private Grants

Both the federal government and private organizations provide grants to help pay for bariatric surgery without insurance. An open mind will yield the greatest savings.

The federal government provides grants to help pay for medically necessary procedures in the form of tax savings and subsidies. Patients seeking cosmetic benefits are not eligible.

  • Request a health care quote. If you are uninsured, purchasing a new plan helps pay for your operation in three different ways. You can begin coverage in January of each year.
    1. A new plan covers preexisting conditions with no waiting period.
    2. The government offers premium subsidies to low-income families.
    3. The government offers cost-sharing subsidies to very low-income families.
  • Flexible spending accounts offer first dollar tax savings up to $2,550 per year. Pretax contributions for eligible medical expenses minimize what you pay in FICA, state and federal income taxes.
  • Deduct all your eligible medical expenses on Schedule C. Amounts above 10% of adjusted gross income reduce the taxes you owe. Given the high average costs, most people will find significant assistance from this deduction.

The Weight Loss Surgery Foundation of America provides grant opportunities. You may be eligible to apply for this private grant. You must complete a financial questionnaire, a verification of insurance denial, verification of personal loan denial, verification of public assistance denial, and provide references.

Financial Assistance

State-based financial assistance programs can help pay for bariatric surgery recovery. Patients experiencing a successful outcome need time to heal before returning to work. Every curative procedure entails risks and complications. People dealing with complications often need a longer recovery before returning to work.

The longer your recovery is, the longer you may be unable to work. Your level of financial assistance with income replacement depends on your state.

  • Five states offer temporary disability that covers medically necessary losses.
  • Six states allow workers who quit their job due to their own health issue to collect unemployment benefits.
  • Twenty-two states allow workers who quit their job in order to care for a sick family member to collect unemployment benefits.

Raising Money

Finally, you can raise money online to help pay for weight loss surgery without insurance. Many crowdfunding websites offer this service. They help patients connect with their extended network of family, friends, coworkers, neighbors, etc. They provide a platform where you can tell your story and solicit small donations from many different people.

Weight Loss Surgery Insurance Secrets

Learning bariatric weight loss surgery insurance secrets is a great way to finance your procedure. In fact, even patients with a perfect credit history prefer having a third party cover a portion of the cost.

By knowing the inside information, you can get health and disability programs to cover the costs of your operation and its downstream consequences.

Health Insurance

Here is an open secret. Most health insurance plans will cover the costs of medically necessary weight loss surgery. They will deny any claims for patients simply wanting to improve their physical appearance. The desire for a smaller pant or dress size does not make you eligible.

Morbidly obese people often have other comorbid conditions that the surgery might alleviate. Your plan may approve the claim if you suffer from any of these common health conditions associated with corpulence.

  • Diabetes
  • Kidney disease
  • Hypoglycemia
  • High blood pressure
  • Heart disease
  • Respiratory problems
  • Sleep disorders

Weight-loss surgery is not an essential health benefit. You must establish necessity first. Work with the practice manager or billing specialist in your surgical center to get a preapproval from the carrier. They will help you document the medical reasons, and apply the appropriate billing codes.

  • Medicaid provides health care for low-income families at no cost. Approvals follow the same logic; they do not cover operations that address appearance exclusively.
  • Medicare provides health care for citizens over age sixty-five. Again, claims approvals require medical necessity.

Disability Insurance

Learning disability insurance weight loss secrets are equally as important. You may be unable to work while you recover from the procedure. Borrowing money in advance of making less money is a recipe for financial hardship.

Short-term disability covers surgery recovery when the operation is medically necessary. Use the proceeds to stay current on your loan payments and other obligations.

Here are two pieces of inside information you must know.

  1. Your state probably does not offer a temporary disability program. Only five states do. They are California, Hawaii, New Jersey, New York, and Rhode Island. Patients working in the forty-five other states must purchase a private policy.
  2. Purchase a private policy at least one year prior to your surgery. Private policies contain a twelve-month exclusion period for pre-existing conditions. This requirement works well with scheduled elective operations.

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