Bariatric Financing

Financing for Bariatric Surgery in Mexico

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The choice to participate in medical travel to undergo life-changing bariatric surgery is a significant one! For those who have a great deal of weight to lose and the rest of their lives to gain, the relatively low risk and cost make the decision easy. After researching and determining that the high degree of safety and the likelihood of successful weight loss are motivation enough to pursue surgical solutions to obesity, financing your bariatric surgery in Mexico will be the next concern.

Since most insurance companies don’t cover weight-loss surgery out of the country, you’ll need to find appropriate resources to pay for the procedure. Consider the following list of potential sources to make your trip to Mexico for a bariatric procedure possible.

Health Savings Accounts

A Health Savings Account (HSA) operates as a personal savings account designated specifically for medical care. Qualifying for such an account requires that you have an insurance policy labelled as a High-Deductible Health Insurance Policy. 

Financing your procedure with an HSA makes sense because the savings are distributed to the account before taxes are taken from your paycheck, so your taxable income is less. The interest earned on the savings is also free from tax liability, and when you withdraw funds for medical costs, those are similarly free from tax obligation. 

You can also roll money over from year to year with a Health Savings Account, so it’s a great tool when saving up for a high-cost procedure or just want to be prepared for unexpected medical challenges. 

Flexible Savings Account

Another method of saving funds without tax obligation is a Flexible Savings Account (FSA). Anyone with an employer-based insurance plan can employ this type of savings method, but you’re allowed to save less than with an HSA each year, and you can’t roll the money over to the next year. 

Care Credit Accounts

A care credit card is a credit account used specifically for health care expenses. You can use this credit to pay for your bariatric surgery – up to the available credit on your account. Your interest rate will depend on your credit score and income, but you’ll often find that if you can repay the balance within a promotional period, you can avoid paying interest on what you borrow.

In-House Financing

Financing your weight-loss surgery with the clinic or organization in Mexico is a possible option as well. If seeking a payment plan with the facility seems like the best option for you, communicate with the billing department to see if your chosen doctor offers the option and how the application process should proceed.

Personal Lending

Taking out a signature loan is another option for financing your bariatric procedure. This sort of unsecured borrowing relies simply on your promise to pay, and you’ll likely have to demonstrate good credit and a qualifying income. 

Borrowing on Retirement Funds

Taking money from your retirement plan isn’t usually a good idea, but when your goal is to lose weight and regain and extend your life, it could be well worth it. Your 401k rules will usually allow you to borrow up to half of the vested balance up to $50,000. 

Home Equity Loan or a Home Equity Line of Credit

As a homeowner, you have a valuable asset that you can use to secure your funding. The equity in your home is the difference between its value and the balance on your mortgage. You can usually borrow up to 80-90% of the equity. For a lump sum, a home equity loan is best, but if you prefer to have a line of credit upon which you can borrow as needed, a HELOC, or Home Equity Line of Credit, puts your equity to use. You’ll borrow no more than you need and can continue borrowing up to your balance in a cyclical fashion. The risk with borrowing against your home’s equity is that if you can’t repay the loan, you could lose your home. Be sure of your ability to pay before taking out this type of loan or credit line.

Crowd-Funding Options

If you’d rather not borrow money or have checked into every avenue possible and still are falling short, why not consider crowd-funding or borrowing from family members or friends? Sites like GoFundMe allow charitable givers the opportunity to find the right recipient for their well wishes. If you post your story and your goals, you’ll likely find that sympathetic readers will donate to your cause.

Accept Help from Loved Ones

Compassion is a strong motivator, and your family and friends are right on the sidelines of your life. They see firsthand how your weight causes health complications, obstacles in your career, and physical impediments to enjoying your family and special occasions. Once you give them the cue that their help is welcome, you will definitely find many among your circle eagerly willing to assist you with your bariatric surgical goals.

The expense of having bariatric surgery without insurance coverage is the prime motivating factor to consider traveling to Mexico for the procedure. The average weight loss surgery in Mexico can cost between $3,500 and $10,000 while in the United States, procedures will range between $8,250 and $24,300. 

Whether you ultimately take 100% of your bariatric surgery costs out of the equity of your home or compile a combination of funding sources to engage in your medical travel, finding financing for your bariatric surgery in Mexico is an item on the checklist. Don’t let the funding needs overwhelm you and prevent you from endeavoring to have the surgery. You deserve to live well, and when obesity is choking off your enjoyment and your health, it’s time to do something about it. When you can’t afford weight-loss surgery at home, a short trip to Mexico for a safe and affordable procedure may very well save 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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