How Much is Gastric Bypass without Insurance – Overview
Being overweight brings with it numerous problems. Apart from the excessive weight your bones have to carry, it also results in developing some severe ailments, including high blood pressure, type-2 diabetes, heart problems and even cancer. Obesity is defined as having a BMI over 30.
According to the Centers for Disease Control and Prevention (CDC), nearly 42% of American adults had obesity in 2017-2018.
In most cases, bariatric surgery, such as gastric bypass, can make the difference between life and death.
Although gastric bypass is expensive, most health insurance companies offer to cover it. However, several health insurance providers do not support coverage for gastric bypass.
In addition, millions of adults and children in America lack health insurance. So, what should one do in such a situation? Let’s find out.
Gastric Bypass Surgery without Insurance
Weight loss surgeries are certainly expensive. These are quite complicated surgical procedures and usually require the patient to be under observation for a couple of days following obesity surgery. Several factors affect the total cost of bariatric surgeries.
According to Obesity Coverage, a renowned site for bariatric information, the average cost of gastric bypass surgery ranges from $15,000 to $35,000.
This price is liable to change from state to state. As you can see, this is an expensive surgery.
It becomes an even bigger burden for those individuals who do not have health insurance coverage.
However, the high cost is considered worth it because bariatric surgery is known to prevent serious health issues and help extend life.
So, if you do not have health insurance and need to undergo gastric bypass to lose excess, unwanted weight, then these are your best options:
1 – Hospital Payment Plans
Several hospitals offer payment plans to patients to make otherwise expensive healthcare treatment more affordable.
Such hospitals allow patients to stretch the overall cost of the treatment over several months and even years in some cases. These payment plans are offered with a significantly low interest rate.
If you want to know whether the hospital you’ve chosen to undergo bariatric surgery offers payment plans, contact the hospital’s billing department.
2 – Secured Loans
Secured loans are considered one of the most efficient ways to undergo gastric bypass surgery without insurance. A secured medical loan is offered instead of some collateral, such as your car or home.
You can even choose to borrow the total amount you need for gastric bypass surgery, which depends on the type of collateral you are putting up in exchange. As you need to provide collateral for this loan, you can also get an additional benefit through lowered interest rates.
In addition, secured medical loans are offered for long tenures, such as 5 to 10 years for repayment, which makes secured medical loans an excellent choice.
You can contact a reliable credit union or bank to find the best source to get a secured medical loan for your gastric bypass surgery.
It is strongly advised to consider whether the loan amount is easily repayable. The creditor will seize your collateral if you cannot repay the loan.
3 – CareCredit
CareCredit is a special credit card that can only be used to pay off eligible medical expenses. With CareCredit, you can pay the loan amount within promotional periods of up to 24 months with no interest charged if paid in full by the end of the promotional period.
However, if you fail to repay within the 24-month promotional period, the creditor will likely charge you interest from the original loan date.
On the other hand, you can choose to repay a CareCredit loan in a maximum of 60 months; however, you should be ready to pay the loan amount with interest, similar to conventional credit cards.
4 – 401(k) Loan
Although financial experts will advise you against touching your retirement funds, there are certain situations where this might be the best option, such as paying for expensive medical treatments like gastric bypass surgery.
You can quickly pay the charges for bariatric surgery using funds from your 401(k) program.
Taking out money from your 401(k) means borrowing from yourself. You can take out the amount you need and then make monthly repayments on the loan at an average interest rate.
Usually, you can borrow as much as 50% of your account balance, or US$ 50,000, whichever is less, from your 401(k) account. Be prepared to pay set-up and maintenance fees when you take a 401(k) loan.
5 – Personal Loan
Patients with good credit scores can also take a personal loan to pay for gastric bypass surgery.
Unlike secured medical loans, personal loans usually don’t need collateral in exchange. This helps avoid risk to your property and valuables.
Depending on your credit score, creditors can offer $1,000 to $100,000 with a seven-year repayment plan.
If you are eligible for low interest rates, a personal loan is considered the best option to undergo gastric bypass surgery without insurance.
Conclusion
It is vital to undergo gastric bypass surgery as it can drastically improve your health and quality of life.
Think of this as an invaluable investment in yourself. Make sure to check all options before deciding on the best option for undergoing gastric bypass without insurance.
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