In-House Financing vs Outside Financing

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If your insurance is denying coverage of bariatric surgery or you fail to have substantial savings to pay cash, your situation shouldn’t negate your option to have bariatric surgery. Weigh the pros and cons of in-house financing vs outside financing to make sure that your weight-loss goals are realized. 

It’s difficult to afford bariatric surgery, especially if you don’t have insurance that covers weight-loss procedures. The cost can be prohibitively expensive, but you can choose to travel to a place like Mexico where safe surgeries are far more affordable. The cost will still be substantial, and you’ll need to find a solution in the form of financing. 

Why You Should Consider Financing a Worthy Idea

Procedures and surgeries designed to help with weight loss can completely change lives. Losing weight can reduce high blood pressure, alleviate the risk of heart attack and stroke, and even cure Type II diabetes. You will also experience easier mobility, less depression, and various other improvements to health – all gained by losing weight. 

Financing Options for Your Weight-Loss Surgery

Patients have two options for financing weight-loss procedures. They can either finance with an in-house payment plan agreed upon with the doctor and facility, or they can secure outside financing via a personal loan or a secured loan. Either way, patients should note the terms of the agreement, making sure that the cost of borrowing isn’t too high and that the payments are workable within their budget.

Whether you finance in-house or outside of your doctor’s facility, the lender actually providing the funds will pay for the surgery expecting repayment from you. Your monthly payment will include the principal and the interest, and you shouldn’t forget to also watch out for hidden fees or other costs. The total amount borrowed will cover every aspect of your procedure from visits with the doctor, to lab work, the actual procedure, and any required coursework related to your prescribed lifestyle changes.

Using in-house financing could result in a lower APR and a faster result. The convenience factor shouldn’t be underestimated either. Having surgery is stressful, so when you can take care of making appointments and payments at the same location, the ease of it all is worth considering.

How much your borrowing actually costs you is the interest. This percentage rate will depend on many factors, but your credit score is the critical factor. Other influencing factors include job history, education, income, assets, debt-to-income ratio, the number of payments, and the principal amount borrowed. If you use some form of collateral, that can also reduce the interest rate.

Savings as an Option

If you don’t have sufficient credit to finance your bariatric procedure, you might have to rely on savings instead. Some companies offer payment plans where you pay on the front end rather than the back end. You can make a deposit and payments until your costs are covered – consider it surgical lay-a-way. It might take longer to get started losing the wretched weight, but you’ll do so without debt.

Whether you go with in-house financing vs outside financing, make sure that you choose to go forward in life with your health and your future as the priority. Both options will allow you to afford bariatric surgery when you might otherwise be unable to pay for it in advance. Most doctor’s offices recognize that insurance coverage is sketchy and provide payment plan options, but you can also look into other forms of borrowing. The only thing that you stand to lose is a small sacrifice of time and money, but you stand to gain your confidence, health, and even your very 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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