1. Talk to Your Health Insurance Provider
Because obesity surgery is relatively new procedure, many insurance companies still refuse to cover it. To find out if you are covered, check what procedures are listed under exclusions or talk directly to your provider. Even if the procedure is covered, it may be only under certain circumstances, such as obesity that is directly causing your life to be at risk (as in the case of heart disease or diabetes complications). Even if obesity surgery is covered by your insurance, you will still incur in some out-of-pocket expenses to cover deductibles and extras.
2. Consider a Medical Loan
Dozens of companies are now offering loans plans designer exclusively to cover medical procedures that are excluded by health insurances, with obesity surgery being one of the top five (along with plastic surgeries). Capitol One is the largest loan company in this arena, with others such as CreditMedical and SurgeryLoans following close behind. Standard contracts for this type of loans include fixed rates (anything from at 2 to 25 percent APR), installment payments for up to 5 years and no prepayment penalties.
3. Look Into Medical Tourism
Dozens of companies are now organizing overseas trips to countries providing a cheaper alternative to US healthcare. Some of the most common destinations include South America, Cuba, India, Thailand and Hong Kong. If you're considering medical tourism, keep in mind that you will also incur accommodation, flight and meal expenses while you're abroad, and that is on top of the cost of the surgery itself. You should also consider bringing along somebody else, in case you run into problems or have complications. Even with all these considerations in mind, you should still save about 30 percent when compared to US prices.
4. Think Twice Before Using Your Credit Card
Obesity surgeries can cost about the same as a new car, so charging one to a credit card is something that should not be taken lightly. Even if your credit card offers 0-percent financing for the first 6 months of use, it is unlikely that you will be able to repay the total amount in that time. If credit card financing is your only option, consider splitting the total into three or four cards or work out a way to transfer the balance when the 6 months of benefits are up.
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