The Lap-Band surgery is an increasingly popular weight loss surgery. In the United States, the average cost of a procedure can range anywhere from $15,000 to $25,000. With such high costs involved, it is no wonder that many people feel they cannot afford Lap-Band surgery.
Fortunately there are several options for those who wish to undertake this procedure. The first is to try and get your health insurance to cover the expenses. If that doesn’t work you can either opt to pay for the procedure out of pocket or seek Lap-Band financing options to fund the cost.
Health Insurance Coverage
There are several major health insurance companies that will cover the Lap-Band procedure but even among those it is common that there are some criteria the patient needs to meet in order to qualify for coverage. Some will require the patient to prove that they have tried and failed with other weight loss methods and that a weight loss surgery is deemed a medical necessity. The patient will also have to meet the Nation Institute of Health (NIH) requirements for bariatric surgery. It is not uncommon for some insurance companies to exclude all weight loss surgeries from coverage automatically.
Out-of-Pocket Cash Payment
The key thing to keep in mind when beginning the process toward the operation is that the paperwork is very different depending on your method of payment so it is important to determine whether you are going to be covered by health insurance or if you are going to be paying the cost yourself. If you do decide that you rather pay out of pocket or do not have medical coverage, be sure you understand the how the bill will be handled by the plastic surgeon and the hospital where the procedure will take place. It is normal for various charges and fee components to be billed separately so it is important not to forget that there are many fees that you will be responsible for.
Lap-Band Financing
Those who do not have health insurance or their health insurance won’t provide coverage and do not have the cash to pay upfront will need to find a source of financing. Fortunately, there are many systems in place to make Lap-Band financing widely available to many patients. Financing allows the patient to pay off the cost of the procedure in monthly installments. The actual monthly payment will depend on the amount borrowed, the length of the loan and the interest rate. It is normal for the lender to review your income, credit history and any assets or liabilities currently in your name.
There are many large companies that specialize in lending to plastic surgery patients including weight loss procedures like the Lap-Band. These include but are not limited to companies like Care Credit, Capital One, Citerra Financial, Credit Medical, eFinancing Solutions, and Reliance Medical Finance. We have no affiliation with any of these companies and they are listed simply as a resource. Contact several to shop around and see what options are available. Compare interest rates, terms and limits to find the best available package for you.
It is also possible to seek a loan from your local bank or credit union. Many will offer private personal loans which might come with better perks or lower interest rates. Ask you surgeon for recommendations since most plastic surgeons have working relationships with local financing companies and local branches of larger companies. These companies are used to receiving referrals from your plastic surgeon so they can quickly work out a Lap-Band financing plan to fit your budget.
Lap-Band System Patient Financing Program
Ask your plastic surgeon about the financing program offered by Inamed Health, the manufacturer of the LAP-BAND®. This program helps match patients with lending companies and your surgeon may already be part of this program.
Regardless of how you end up covering the cost of your Lap-Band procedure, be sure you understand the risks and benefits of both the surgery as well as the financial aspect of it all.
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