How to Finance Weight Loss Surgery
Weight loss surgeries such as Gastric Bypass, bariatric, and lap band surgery are not only an important life decision for you to make, but also an important financial decision. Surgeries are expensive, and although the price varies by state and most are covered by insurance, the cost can be from 14,000 dollars to around 25,000 dollars.
Once you’ve answered the questions of why you need the surgery, you need to figure out exactly how you will start financing weight loss surgery. The surgery can be funded with private insurance, Medicare, payment plans, and loans from various sources, and most patients use private insurance about eighty-eight percent of the time. However, the remaining patients need to use different ways to pay for their surgery.
Other payment plans● Tax deductions: Bariatric surgery, in particular, is tax deductible, and a few filled out forms will allow you to deduct anything higher than 10% of your income.
● Medicare: Medicare can work for anyone 65 and older or people under 65 with certain health issues
● Payment plans through surgeons: Most surgeons will allow you to charge the cost of your surgery at a low interest rate or no interest at all, and a rare few will even give you a steep discount on fees and payment for follow-up visits.
● Permanent life insurance: This is a bank of cash that is deposited monthly to your life insurance policy. The money can be taken and used for surgery, but must be paid back with interest.
Understand the cost
Considering the cost of financing weight loss surgery, it’s important to know is how much your insurance and other payment plans will cover and take that into account before you make your decision. Once you know how you will pay for the surgery, that will help you better prepare for life after the procedure is complete.
Once you’ve answered the questions of why you need the surgery, you need to figure out exactly how you will start financing weight loss surgery. The surgery can be funded with private insurance, Medicare, payment plans, and loans from various sources, and most patients use private insurance about eighty-eight percent of the time. However, the remaining patients need to use different ways to pay for their surgery.
Other payment plans● Tax deductions: Bariatric surgery, in particular, is tax deductible, and a few filled out forms will allow you to deduct anything higher than 10% of your income.
● Medicare: Medicare can work for anyone 65 and older or people under 65 with certain health issues
● Payment plans through surgeons: Most surgeons will allow you to charge the cost of your surgery at a low interest rate or no interest at all, and a rare few will even give you a steep discount on fees and payment for follow-up visits.
● Permanent life insurance: This is a bank of cash that is deposited monthly to your life insurance policy. The money can be taken and used for surgery, but must be paid back with interest.
Understand the cost
Considering the cost of financing weight loss surgery, it’s important to know is how much your insurance and other payment plans will cover and take that into account before you make your decision. Once you know how you will pay for the surgery, that will help you better prepare for life after the procedure is complete.
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