Bariatric Surgery Financing

While bariatric surgery can change your life for the better, it’s not cheap. It may be anywhere from $15,000 to $25,000 and there’s no guarantee your insurance company will cover all or some of the procedure.

Using an unsecured personal loan to finance your bariatric surgery can alleviate some financial stress and help you achieve the weight loss you’ve been longing for. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded.

Best Loans for Bariatric Surgery in 2023 - Full Overview

How to Choose the Best Bariatric Surgery Financing

When you do your research, you’ll find that there are many ways to finance your bariatric surgery. Our expert team considered these parameters during our search for the top lenders.

• Loan Features: Weight loss surgery is expensive. That’s why we gave extra points to lenders that offer large loan amounts and flexible loan terms. Rest assured we made sure they allow borrowers to use their loan proceeds on medical expenses.
• Interest rates and fees: High interest rates and fees like origination fees, late fees, and prepayment penalties can quickly increase the overall cost of your bariatric procedure. Our experts prioritized lenders with competitive rates as well as minimal to no fees.
• Application process: It takes a lot of time and effort to get approved for and prepare for a bariatric surgery so a quick, seamless, online application process is ideal. We gave bonus points to lenders that offer prequalification tools you can use to compare offers without any impact to your credit score.
• Qualification process: We believe that bad credit shouldn’t stop you from undergoing a life changing procedure but good credit should reward you with favorable rates and terms. Therefore, we looked at lenders with both lenient and stringent eligibility requirements.
• Customer support: Since bariatric financing usually comes with longer terms and you’re sure to have questions or concerns while you repay your loan, excellent customer support via phone, email, online chat, and other channels is important.  
• Online user reviews: Online reviews on independent review sites like Trustpilot and Better Business Bureau (BBB) gave us non-biased insight into each lender’s reputation and customer satisfaction ratings.
• Perks and Bonuses: We looked at extras like hardship assistance, credit score monitoring, repayment flexibility, and unemployment protection as they can make a bariatric surgery loan more attractive.

Best Bariatric Surgery Loans - Feature Comparison

Why Should I Finance Bariatric Surgery? 

Not only can bariatric surgery help you lose weight, it may reduce your risk of a variety of health problems related to obesity, such as high blood pressure, type 2 diabetes, sleep apnea, unhealthy cholesterol, joint pain, and urinary incontinence.

Therefore, it’s important to move forward with the procedure if your doctor recommends it, even if you have to finance it. A bariatric surgery loan may be essential if you’d like to improve your mood, move around easily, reduce the need for prescription medications, and even extend your lifespan.

How Much Does Bariatric Surgery Cost?

Bariatric surgery is expensive and usually costs between $15,000 and $25,000. There are a number of factors that will determine what you’ll pay for it, including where you live, your health insurance plan, your payment method, your surgeon’s fee, and the hospital you choose.

Anesthesiologist fees, surgical assistant fees, device fees, and follow-up procedures may play a role in the cost as well. Before you commit to bariatric surgery, be sure to meet with an office or insurance coordinator at the hospital or practice where you’ll be receiving it. They can help you understand your insurance coverage and potential out-of-pocket costs.

Does Health Insurance Cover Bariatric Surgery?

If you have a health insurance plan, read your policy carefully and collaborate with your insurance company and doctor to find out what’s covered. To cover the cost of bariatric surgery, most insurance providers will require proof that it’s a medical necessity. They will ask your surgeon to share your medical history and provide any documentation that shows your weight loss has led to health problems.

You may also need to complete a 6-month weight loss program before your insurer grants coverage for bariatric surgery. This program typically involves monthly visits to your doctor or surgeon’s office for a 6-month period. During this time, insurance companies hope your weight is stable and you can demonstrate your commitment to a healthy lifestyle, which will be important after the surgery.

In addition, you might have to go through a psychological evaluation that allows you to understand the procedure and how it will impact your lifestyle. The evaluation may also look for binge eating and other psychological issues that may exist. Lastly, your insurance company will require that you work with a nutritionist to pinpoint any dietary habits that must be changed.

Keep in mind that even if your insurance company does cover your bariatric surgery, there’s a good chance you’ll still have to pay your deductible as well as other out-of-pocket costs that warrant financing.

Qualifications for Bariatric Surgery

According to the American Society for Metabolic and Bariatric Surgery (AMBS), you must meet these requirements to be eligible for bariatric surgery:

• Be between 14 and 75 years of age.
• Have a body mass index (BMI) of 40 or higher, or a BMI between 35 and 40 and a condition related to obesity, such as heart disease, diabetes, high blood pressure or severe sleep apnea.
• Show an inability to achieve a healthy weight loss through diet plans, behavioral changes, and medical therapy.
• Have plans to make healthy lifestyle changes following the procedure, which include  diet, vitamins, an exercise program and follow-up visits with a nutritionist, an exercise physiologist, and a mental health professional.
• Prove you have realistic expectations and understand the procedure and its risk factors.

Bariatric Surgery Financing Options?

There are a number of ways to finance your bariatric surgery, including:

• Medical Loan: A medical loan is an unsecured personal loan you can use for any medical expense, including bariatric surgery. You can get one through a bank, credit union, or online lender. Most medical loans come with fixed rates and repayment terms so you can budget for your payments in advance. While they often require good to excellent credit, there are lenders that are willing to approve borrowers with bad credit.
• In-House Financing: Some healthcare providers offer in-house loans via third-party organizations. CareCredit is the most common example and allows you to make monthly payments until you’ve repaid your out-of-pocket costs for your bariatric procedure. You won’t pay any interest if you pay off your balance in full within six, 12, 18, or 24 months. Depending on your credit and borrowing amount, this option may be easier to access and more affordable than alternatives.
• Secured Personal Loan: With a secured personal loan, you must tie your loan to collateral, which can include your personal property like a car or the funds in your savings account or certificate of deposit. Since the collateral lowers the lender’s risk, secured personal loans are easier to qualify for and often offer lower interest rates than unsecured personal loans. Keep in mind that the value of your collateral can impact how much you can borrow.
• Credit Card: If you have fair credit, it may be cost-effective to finance your bariatric procedure with a credit card. However, if you have excellent credit, a credit card will likely cost you more than a personal loan. But may get approved for a card with a promotional 0% APR, which can allow you to repay your balance interest-free before the promotional period ends. The caveat is that the promotional period will likely only be around 12 to 18 months and if you fail to pay off what you borrowed, you may be stuck with a sky-high interest rate.

Can You Get Financing for Other Weight Loss Surgeries?

You can use an unsecured personal loan for any type of weight loss procedure, including gastric sleeve, adjustable gastric band placement, and duodenal switch. You may also take out a personal loan to pay for plastic surgery related to bariatric weight loss. Here’s a brief overview of the most common types of weight loss surgeries.

Gastric Sleeve

Also known as a vertical sleeve gastrectomy, gastric sleeve surgery is when the surgeon cuts out about 80% of the patient’s stomach. Their goal is to turn it into a long pouch instead of a round organ to reduce how much they can eat, allowing them to feel fuller, faster.

Gastric Band

Gastric band surgery is considered the least invasive type of weight loss surgery. During this procedure, the surgeon places an inflatable band around the top of the patient’s stomach. It’s designed to make them feel fuller after eating a small amount of food.

Duodenal Switch

While duodenal switch surgery tends to be more complicated and riskier, it allows for maximum weight loss. It starts off like a gastric sleeve procedure and includes attaching the small stomach to the lower section of the small intestine and accessing the bypassed section. This allows for the inclusion of digestive juices.

Achieve a Healthy, Happy Lifestyle with Bariatric Surgery Financing

Your health should be your top priority. Therefore, if your doctor recommends bariatric surgery, don’t let finances get in the way. With the right loan for your weight loss procedure, you can pursue it with confidence. Bariatric surgery financing may be the key to a long, healthy, and fulfilling life.