Bariatric Financing

7 Ways to Pay for Weight Loss Surgery without a Loan

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7 Alternatives to Bariatric Surgery without a Loan

If you’re overweight and interested in pursuing weight loss surgery, taking out a secured or unsecured loan is always an option to pursue the surgery. However, if you lack the credit score or the desire to take out a loan, all is not lost. You can still access this life-changing surgery even if you aren’t independently wealthy. Consider these 7 ways to pay for weight loss surgery without a loan!

If you’re overweight and interested in pursuing weight loss surgery, taking out a secured or unsecured loan is always an option to pursue the surgery. However, if you lack the credit score or the desire to take out a loan, all is not lost. You can still access this life-changing surgery even if you aren’t independently wealthy. Consider these 7 ways to pay for weight loss surgery without a loan!

Crowd-Source Funding

GoFundMe and other crowd-funding websites are great places to start in your efforts to pay for your weight loss surgery. Many people have charitable inclinations and seek to provide help to those who truly need it. You’ll likely discover that plenty of those who give can identify with your struggle with obesity, and they’ll provide you with even more than financial help. They’ll also provide priceless words of encouragement along your journey to health. 

Gifts from Friends and Family

Close family members and friends are also sources of revenue for your weight-loss surgical goals. They’ve likely been on the front lines of your war with weight. They’ve witnessed your struggle with dieting and exercise and want your return to health to be as safe and quick as possible. Instead of allowing your pride to stand in the way of bariatric surgery, accept the gifts from family members and friends as they’re intended – a tangible way that those who love you can help you in your fight to live healthily.

Savings

You may have a savings account stashed to the side that you’ve earmarked for another purpose and stubbornly refuse to re-allocate. Please reconsider. Your dream vacation, home, or wedding can wait or be downsized, but your health shouldn’t wait another day longer than necessary. You’ll enjoy the hiking portion of your trip, decorating your home, and walking down the aisle far more when you remember it for the joy you experience instead of your struggle to breathe and the constant self-consciousness the weight creates. Take your savings and invest it where it can do the most good – your present and future health. 

Liquidating Assets

Another source of funding you may not have considered may be a valuable possession that you’ve been holding onto. Why not take that unnecessary asset and liquidate it? The money can then be used to transform your life for the better. You might feel that an heirloom piece of jewelry, art, or property should be passed down to the next generation of your family rather than sold, and in an ideal world you would be right. However, when the choice is between your health and a possession, the choice should be clear. Take the steps necessary to sell those expensive items and fund your weight loss surgery.

Payment Plan with Surgery Center

During your research into weight-loss surgery, have you taken the time to determine whether the surgical center offers payment plan options? Be aware of the interest rates and terms associated with the plan. These plans are often on par with unsecured loans where interest rates can be quite high. The repayment terms may not be the best, but when your health and life are on the line, this path may be the right choice for your specific situation. 

Credit Card

Whether you use a credit card for regular expenses or reserve its use for emergencies, your credit card can be a method of paying for your weight loss surgery. This financial product is intended to be used for situations where you’d rather not pay upfront for an item or for when you want the financial protection a credit card provides for your purchase. You may find that a credit card comes in handy whether you use it to pay for your bariatric surgery or keep it close during the following recovery period.

Health Savings Account (HSA) or Flexible Spending Account (FSA)

With a Health Savings Account (HSA) or a Flexible Spending Account (FSA), you can set aside funds at regular intervals to save for medical costs. Qualifying for an HSA requires that your insurance have a high deductible, but there’s no special qualifying measures to open an FSA. Both come with tax consequences, so you should carefully consider which is right for your weight loss surgery plans.

Borrowing from 401K

Your 401K can be another source of funding for your bariatric surgery. You can generally borrow 50% of your vested balance, up to $50,000. Your repayment terms will usually be better than taking out an unsecured personal loan, and you usually have up to ten years to complete the repayment process. 

Budget for All Potential Costs

As you plan to pay for your weight loss surgery without a loan, make sure to budget for all of the potential costs. These include the actual surgery, pre and post operation tests, nutritional consultations, psychological evaluations, anesthesia services, travel expenses, and recovery-related costs. You might be off of work longer than you anticipated and could require some assistance around your house. Consider all of these expenses as you determine how much funding you’ll need.

Whether you ultimately decide to accept help from others, use your personal assets, take out a personal loan, or employ a combination package of all options, do whatever is necessary to take that step. Bariatric surgery can truly save your life. Losing weight will resolve medical conditions, improve mobility, and transform your mindset as long as you follow the prescribed path including dietary restrictions, exercise requirements, and psychological counseling. It may not be easy, but when what you’ve done hasn’t worked, it’s the most viable solution you have to lose the weight and take back your life. 

Carol has been writing about financing and money related topics since 2009. Carol has written for some of the largest online publications and has a degree in Economics.

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