Gastric bypass surgery can be a life-changing procedure for many severely overweight patients that will help them live a longer and healthier life as a result of their weight loss.
Because this surgery has a very positive impact on other potential medical conditions that result from being overweight, many insurance companies are starting to cover this type of procedure. They understand that if they help the patient maintain better health now, it will lead to a longer and healthier life for the patient and less costly coverage for the insurance company.
Even though the trend is for more and more insurance companies to cover these costs, your insurance company may deny you all or a portion of the costs of this procedure. If this happens, you will have to cover some of the costs of the surgery yourself.
If your insurance company won’t cover the surgery, your first step is having your doctor plead your case. Their diagnosis is the key to coverage and in many cases if they can show other health related issues that are a result of your weight, you may win an appeal and be granted the coverage. If not, there are other avenues of financial assistance for gastric bypass surgery that you can pursue. Some of these are traditional financial alternatives and others are designed to help with the cost of specific medical procedures.
Credit Card Loan
Most patients that need financial assistance for gastric bypass surgery will look to cover the costs through traditional means. This may involve using a credit card to help offset the cost and then paying off the balance over time. While this may be the easiest solution, it can be the most expensive since this type of short-term debt has the highest interest rates of any loan. This should be a last resort for most patients as there are other, less expensive ways to secure financial assistance for gastric bypass surgery.
Financial Resources From Your Surgeon
Another option for financial assistance for gastric bypass surgery is to check with your surgeon. They normally have several financial resources that they can recommend. These financial assistance agencies will better understand the costs involved with gastric bypass surgery and will specialize in providing the help you need in covering the costs of your surgery. While these may be an easy option for you, be sure to fully understand the costs involved with any type of financial assistance for gastric bypass surgery you are considering.
Home Equity Loan
Another often-overlooked option for many patients is a home equity loan. These loans are granted based on the equity of your home and normally carry a very low interest rate. They are also typically loans that have a long payment schedule, which will allow you to spread the cost of your gastric bypass surgery over many years if needed. This allows you to have the surgery you need today and not have it dramatically affect your budget.
The key thing to remember with any of these financial alternatives is to understand what the terms of the loan are and what your payment schedule will be. This will enable you to find the perfect financial program for your needs that will also fit your budget.