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 35.
According to reports by the Centers for Disease Control and Prevention (CDC), over 1/3rd of American adults today suffer from obesity. In most cases, bariatric surgery, such as gastric bypass, can make the difference between life and death.
Although gastric bypass is the expensive majority of health insurance companies offer to cover its cost. However, there are several health insurance providers who do not support coverage for gastric bypass.
In addition, there are millions of adults and children in America without any health insurance. So, what does 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. There are also several factors that affect the total cost of bariatric surgeries.
According to Obesity Coverage, a renowned site for bariatric information, the average cost of gastric bypass surgery is around US$ 23,000 on an average. This price is liable to change from state to state. This is an expensive surgery as you can see.
It becomes an even bigger burden for those individuals who do not have health insurance coverage. However, the high cost is considered to be worth it because bariatric surgery is known to prevent serious health issues and helps extend your life too.
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
There are several hospitals that offer payment plans to patients for making otherwise expensive healthcare treatment more affordable. Such hospitals allow patients to stretch the overall cost of the treatment over the duration of 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 offer payment plans, you need to contact the hospital’s billing department.
2 – Secured Loans
Secured loans are considered to be one of the most efficient ways to undergo gastric bypass surgery without insurance. A secured medical loan is offered in lieu 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 in the form of 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.
To find out the best source to get a secured medical loan for your gastric bypass surgery, you can contact a reliable credit union or bank. It is strongly advised to consider the fact whether the loan amount can be easily repayable by you. If you are unable to make repayment of the loan, then the creditor is liable to seize your collateral.
3 – CareCredit
CareCredit is a special credit card and can only be used for paying off eligible medical expenses. With CareCredit, you can choose to pay the loan amount within 24 months or less and you will not be charged interest on the loan amount.
However, if you fail to make the repayment within the 24-month promotional period, then the creditor will likely charge you interest from the original loan date.
On the other hand, you can choose to make repayment on 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 easily pay the charges for bariatric surgery using funds from your 401(k) program.
Taking out money from your 401(k) means you are borrowing from yourself. You can simply take out the amount you need and then choose to make monthly repayments on the loan, at a normal 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 a good credit score can also choose to take a personal loan to pay for the cost of gastric bypass surgery. As opposed to secured medical loans, personal loans usually don’t need collateral in exchange. This helps avoid risk to your property and valuables.
As per your credit score, creditors can offer you anywhere between US$ 1,000 to US$ 100,000 with a seven-year repayment plan.
If you are eligible for low interest rates then a persona loan is considered to be the best option for you to undergo gastric bypass surgery without insurance.
Choosing to undergo gastric bypass surgery is a vital decision as it can improve your health and quality of life drastically. Think of this as an invaluable investment in yourself. Make sure to check all options before deciding the best-suited choice for undergoing gastric bypass without insurance.