Since it was approved in 2001 by the Food and Drug Administration, the Lap-Band procedure has become one of the most popular bariatric surgeries for severely obese people searching for an answer to their health problems. The Lap-Band procedure, though effective, is also somewhat costly. However, a variety of options is available for people with and without insurance--options that can give people their lives and health back again.
The Variables
According to Bariatric Surgery Specialists, the cost of Lap-Band surgery in the United States ranges from $8,000 to $30,000. This includes the fees of the hospital, surgeon and anesthesiologist. This rate is not always set in stone, though, and a variety of factors ultimately determines the cost of surgery. These variables include the type of insurance you have and whether your surgeon is an in-network provider. The cost also depends on the length of stay in the hospital; the surgery costs less if it is performed on an out-patient basis. Finally, the cost can vary from state-to-state and city-to-city. This depends largely on the surgeon you choose and the area where he practices.
Insurance
Due to the effectiveness and growing popularity of the Lap-Band procedure, many insurance companies are now willing to pay most, if not all, of the cost. Typically they have their own set of requirements you must meet before they will approve your procedure. You, along with the help of your doctor, must prove to the insurance company that you have serious health conditions stemming from obesity. If you are denied, your doctor may be able to get the decision reversed, depending on the initial reason for denial.
Your Alternatives
For those without insurance or whose insurance will not cover the cost of the procedure, various options can assist you in paying for it.
First, you could pay cash up-front. Though this is a lot of money for the average person, it may be feasible if you have stocks, bonds or a 401k to borrow against.
You also could use a credit card. If you do not already have a card, you likely will need a credit rating of about 650 to be approved. For those who do have a credit card, or multiple cards, it may require the use of more than one to cover the cost of the Lap-Band procedure. In some cases, you may need to combine payment methods.
The final option is financing. Companies exist for the sole purpose of extending loans to those who need them for medical or cosmetic procedures. One of the best known companies is CareCredit. INAMED is another company that offers financing specifically for Lap-Band patients. Ask your doctor if she participates in this program.
The Benefits
While the cost of this procedure may seem daunting, especially if you have no health insurance, there are tax benefits to paying out-of-pocket. So not only are you losing weight and getting healthy, you are also saving on taxes, because of the deduction.
IRS Publication 502 states that you are permitted to deduct your medical expenses when they exceed more than 7.5 percent of your adjusted gross income. These costs include payments to your doctor, payments for medical procedures, co-payments you make throughout the year, the cost of any medication you may have to purchase, hospital services and the cost of any weight-loss program you may have to join due to health conditions or obesity which places you at high risk for developing a medical condition.
Considerations
Aside from the cost of the initial procedure, you will incur a multitude of other costs following your surgery. These include follow-up care, nutritional counseling, regular medical visits to adjust your band and any psychological support you may need along the way.
Though the costs of these will vary, a typical follow-up visit with your doctor will cost about $100 a time; during the first year, you will need to visit your doctor every six weeks. For the next two years, you will need to visit your doctor every three months. These visits are vital to your overall health and weight loss success.
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