MEDICAL FINANCING OPTIONS
WE ARE HERE TO HELP
As you begin your wellness journey, you might be wondering about surgery costs and how much you’ll be expected to pay. About 88% of bariatric surgery patients are able to have their surgery covered through an insurance plan. Although this is a majority percentage, it means there are still 12% of patients eligible for surgery that must find a way to pay the expense out of their own pockets.
This possibility can feel overwhelming, but there are options out there for patients who do not have insurance coverage for weight loss surgery. Explore them below to figure out which one is right for you, and remember that in the long run, funding your surgery now can result in significant financial savings in the future. One analysis has shown that about one year after surgery, successful patients saw a savings of up to $900 per month compared to their healthcare expenditures prior to their weight loss surgery (Quinlan, 2019).
Whether it’s a routine checkup or emergency surgery, you shouldn’t have to worry about how to get the best medical care. That’s why we’re pleased to accept the CareCredit healthcare credit card. CareCredit lets you say “yes” to recommend treatment and pay for it in convenient monthly payments that fit your budget.
CareCredit is the healthcare credit card designed exclusively for healthcare services with special financing options.* With CareCredit, you can use your card for all of your follow-up care as well as annual checkups.
*Subject to credit approval. Minimum monthly payments required. Ask us for details.
Medical loans usually require a credit score of at least 620. There are two types of medical loans available – secured and unsecured.
Secured Loans are loans from a bank or credit union that require some form of collateral, such as your home. Unsecured Loans do not require collateral, but have a higher interest rate and could impact your credit.
Our practice works with Lending Club Patient Solutions. With attractive plans up to $50,000, terms from 24-84 months and low APRs, there is a plan for virtually any budget.
- The monthly payment is only $186 for a $10,000 case with a 9.99% APR Fixed Rate Plan over 72 months.*
- The monthly payment is only $344 for a $20,000 case with a 10.99% APR Fixed Rate Plan over 84 months.*
To learn more, call 800-630-1663, or visit https://www.lendingclub.com/patientsolutions/patients.
Medical Savings Accounts
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are two examples of medical savings accounts that are offered to subscribers enrolled in employer health plans. Funds can be contributed to the account by either the subscriber or the subscriber’s employer, and are not subject to federal income tax. The funds can be used to pay for qualified medical expenses, including those incurred for weight loss surgery. For more details regarding these and other medical savings accounts, visit https://www.irs.gov/publications/p969#en_US_publink1000204020
Retirement Plan Loan
Some retirement plans have hardship withdrawal provisions that allow you to take money from your retirement plan for unreimbursed medical expenses for you, your spouse or your dependents.
The IRS imposes a 10% early withdrawal penalty, and will apply your withdrawal amount to your taxable income. However, the 10% penalty can be waived in certain situations such as:
- Becoming totally disabled.
- Being in debt for medical expenses that exceed 7.5% of your adjusted gross income
If you feel this might be a good option for you, contact your HR department or your retirement plan provider to find out whether you plan allows hardship withdrawals.
Quinlan, J. (2019) Financing weight loss surgery – all you need to know. Bariatric Surgery Source. Retrieved from https://www.bariatric-surgery-source.com/financing-bariatric-surgery.html