An individual’s inability to make full payment upfront for bariatric surgery should not prevent them from receiving a life-changing procedure to restore their health and wellness. Patients should explore various financing options so that they can pay for the procedure in convenient monthly installments.
Board certified surgeon and fellowship trained bariatric surgeon Dr. Wiljon Beltre provides weight loss surgery to patients in Orlando, Tampa, Maitland, Central Florida, and surrounding communities in the amazing state of Florida.
Common Financing Options
There are various options to finance a bariatric surgery procedure such as:
- A payment plan offered by the surgeon
- Secured medical loan
- Life insurance policy loan
- A private loan from family or friends
- Unsecured medical loan
- Medicare or Medicaid
- Retirement plan loan
- Private insurance
Most patients (88 percent) may get coverage through Medicare, Medicaid or private insurance for this procedure. While it does seem that 88 percent of patients receiving insurance coverage is a high number, it still means that 12 percent of the remaining patients had to pay out of pocket. Financing bariatric surgery may be useful in such instances.
Key Aspects to Consider
Check Insurance Coverage
It is entirely possible that you will still incur some expenses personally if you finance bariatric surgery through Medicare, Medicaid, or your private insurance (small business, employer-paid, or a personal policy). Regardless, such options will likely be your most cost-effective option.
You could also consider financing bariatric surgery if you need assistance paying out of pocket expenses such as co-pays or deductibles. Additionally, you might be eligible to collect disability insurance payments during the recovery phase for stomach surgery.
It is essential to be cognizant of tax angles while financing bariatric surgery. Bariatric surgery is tax deductible, and this can significantly affect the overall surgery costs. In the US, tax subsidies decrease medical expenses for the non-elderly by more than $208 billion every year.
As per official IRS rules, you can deduct medical expenses till the costs exceed 1o percent of your adjusted gross income. To receive the deductions, you will need to complete Schedule A of the IRS Form 1040. Furthermore, you need to retain your medical bills and payment statements as proof.
Notably, any reimbursed amounts (such as the amount paid by insurance) cannot be included. According to your employment status, the money accrued in special savings accounts (or even your IRA) may be a bariatric surgery financing option as well.
The Advantage of Unsecured Loans
While secured loans require collateral, an unsecured loan enables a person to borrow money without proffering any collateral. The trade-off is in the interest rate that you will need to pay the bank through the loan term.
There are 3 methods to acquire an unsecured medical loan, including:
- Brokers (they work with multiple lenders on your behalf)
- Lenders (directly)
- Credit cards (this is typically the most costly form of an unsecured loan)
Consider a Loan from Family or Friends
This alternative will differ vastly between individuals, but you should nevertheless evaluate it. Borrowing money from friends and family to finance bariatric surgery can help you save the bank interest on the loan which can add up to thousands of dollars. The willingness of your loved ones to help may surprise you, especially once you inform them on bariatric surgery’s effect on your obesity-related health problems.
Reliable bariatric surgeon Dr. Wiljon Beltre receives patients from Orlando, Tampa, Maitland, Central Florida, and in communities and suburbs in this part of the southeast for weight loss procedures.
Important Note: If the weight is regained, diabetes and other conditions could return.
To find out more about the procedures & treatments performed by Orlando Bariatric Surgeon, Dr. Wiljon Beltre, at The Center for Metabolic and Obesity Surgery Call 321-499-6505 or Click Here to Schedule a Consultation.