Is Financing a Bariatric Procedure Worth It?

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Bariatric Procedure Financing

Bariatric surgery can rescue the obese from a lifetime of poor health and a lack of full participation in preferred activities. However, it can also cost an incredible amount of money, in excess of $20,000, depending on the procedure determined to be most likely to provide successful weight loss. Deciding if financing a bariatric procedure is worth it will really depend on your specific situation regarding health and finances.

Qualifying Health Parameters

Carrying around an extra twenty pounds does not qualify you for bariatric surgery. A good candidate for a bariatric procedure will have significant extra weight and a high BMI (Body Mass Index.) Different procedures have different requirements, but a qualified doctor will administer a screening to determine whether you should have a balloon, band, or bypass. 

Generally, a patient who qualifies for bariatric procedures will have at least some resulting medical conditions. A few of these include sleep apnea, heart disease, hypertension, type II diabetes, and even depression. The severity and type of health condition relative to your weight will greatly influence whether you decide that financing is worth a solution.

Financial Considerations

Deciding whether the juice is worth the squeeze when it comes to financing bariatric procedures requires that you consider whether the resulting weight loss will be worth the price and interest that you’ll need to repay. Consider your options for financing and the terms of your borrowing agreement to make sure that the squeeze hurts as little as possible.

Your options for financing are many, but you should always take note of the APR, or Annual Percentage Rate, and the term of repayment. The APR provides the interest rate, and the term will be the number of monthly payments that the repayment amount is divided into. Ideally, you’ll want as low a rate as possible and the lowest term possible with a payment that you can still afford to pay.

Consider these potential funding sources:

  • Care Credit card
  • Credit card
  • In-house payment plan with clinic
  • Home Equity loan or line of credit
  • 401k Loan
  • Loan against life insurance
  • Personal loan

Qualifying for Financing

Being able to finance on good terms is another element to help determine whether you will find that financing your bariatric surgery is worth it. Terms designed to fit your situation will be more likely if you can demonstrate good credit, adequate income, and additional assets. Some companies offer more flexibility than others, and collateral can make up for a lack of credit. Education and job history are also relevant to some lenders. However, if you plan to put up real estate or anther valuable possession as security, be prepared to make your payments or lose your property.

As pricey as a bariatric procedure may be, the cost doesn’t have to mean that it’s not a possibility for you. When diet and exercise simply don’t work, investing in your health and happiness is always a good decision. Most of us lack the needed savings to pay cash, and insurance often doesn’t cover bariatric procedures. That means financing is practically a given part of having bariatric procedures.

As you determine whether the weight you could lose from a bariatric procedure is worth the financing, you have to weigh the situation for yourself. Imagine yourself healthier and happier, and then decide how much you’re willing to sacrifice to achieve it. If you can make the payment comfortably without worrying about defaulting or struggling, go for it. You have one life to live, and you deserve to do so in a healthy, comfortable body. A bariatric procedure can help you achieve it. 

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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