Lap Band surgery cost
Once you add up all the costs related to being seriously
overweight, you might think that you can't afford not
to have something done. It is estimated that the personal
cost of obesity can exceed $15,000 per year.
Weight-related
expenses |
Estimated
annual costs |
| Medical/drug costs (BMI>35) |
$5965 |
| Out-of-pocket healthcare expenses |
$2,182 |
| Employment inactivity costs |
$900 |
| Commercial weight-loss program fees |
$600 |
| Prescription co-pays (5 meds, $10 each) |
$600 |
| Grocery and dining costs |
$5,321 |
| TOTAL: |
$15,568 |
Think the table above doesn't apply to you? Are you
on any medicines? Have you ever missed work because
your back hurts or knees hurt or you just feel too tired?
Do you spend money on programs like Jenny Craig, Weight
Watchers, or special diets? Think of the money you spend
on groceries or eating out and imagine if you could
get by with eating less.
If your insurance company does not provide coverage
for the Lap Band procedure, there are several alternatives
that can be considered as viable payment options.
Cash
Options include using a 401(k) fund, savings or stocks.
Credit Cards
You may be able to take advantage of some low rates that
are available with many credit cards. Credit cards are
often as easy to qualify for as a loan; in addition, many
credit card companies offer flexible payments and faster
decisions. Please keep in mind, however, that their interest
rates are subject to change.
Loans
Options include loans from a financial institution
such as a bank or credit union. Loan approval and eligibility
is generally be based on credit history. Lenders often
take into consideration credit ratings, current earnings,
and assets owned such as a car or home. Multiple borrowers
increase the of loan approval. This means that you may
consider asking a loved one to co-sign or to apply for
the loan on your behalf. Here is a table with examples
of what monthly payments are for a loan of $10,000 for
various terms.
Monthly Payments
| |
3 Years |
5 years |
10 years |
| 5% |
$299.70 |
$188.71 |
$106.06 |
| 10% |
$322.67 |
$212.47 |
$132.15 |
| 15% |
$346.65 |
$237.89 |
$161.33 |
A few finance options (with links that you can click
on) are listed below:
Capital One Health Care Finance offers interest rates as low as 1.99% based upon your credit rating! You can apply online.
For the doctor code use 218711 for Dr. Ron Hekier or 157313 for Dr. Rachael Keilin.
Click here to apply online for Capital One Health Care Finance
SurgeryLoans.com also offers online financing.
SurgeryLoans.com
Potential Tax Savings
In the year in which you finance your Lap Band procedure,
you may be eligible to receive thousands of
dollars back in potential tax savings. Some people can potentially save over $2,000 from tax refunds!. Think
of this as a discount on your procedure! IRS Publication
502 states you can deduct your medical and dental expenses
when they total more than 7.5 percent of your adjusted
gross income. Speak with your tax advisor.
For more specific questions about Lap Band surgery costs contact Angie in our office. (Contact page).
| Click the image below for a pamplet
explaining the medical expense deduction |
Click the image below to view IRS
publication 502 |
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Adobe Acrobat is required for both files.
Click the icon below if you need to download Adobe Reader.
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