Weight loss surgery can be a life changing procedure that can improve the quality of life. It helps to decrease the risk of stroke, heart attack, and other disease, and can be seen as not only an investment for yourself but for your family as well.
Paying for weight loss surgery is another thing, since it may or not be covered under insurance. It’s always a good idea to check with insurance first, especially if you qualify with certain weight restrictions. Healthcare is expensive, so there are different ways to pay for it, including getting a loan for medical bills that involve procedures like weight loss surgery.
The IRS classifies obesity as a disease, so taxpayers can write off expenses related to weight loss if the items will improve health. This may require a recommendation from a provider. You can be eligible for a deduction after expenses become greater than 7.5 percent of your adjusted gross income.
How to Get a Medical Loan for Weight Loss Surgery
If you need money to pay for a medical procedure, such as weight loss surgery, you can apply for an unsecured personal medical loan. These loans can also be called signature loans and they allow you to borrow money without having to put up anything as collateral.
These personal medical loans can be easy to get, but you need to have good credit. You can get these loans from a credit lender or local bank. Interest rates on these loans will be usually fixed, so it makes monthly budgeting easier. There can also be a longer pay off period to make it easier to pay off. However, it’s important to note that that longer your payoff period is, the more interest you will pay over time.
Benefits of Getting a Medical Loan for Weight Loss Surgery
The main benefit of using a medical loan for weight loss surgery is that those who can’t afford the surgery can get the treatment they need. Weight loss surgery can be a lifesaving procedure, so it’s important that people be able to pay for this treatment if they need to.
Benefits include fixed monthly payments with a set repayment date and there isn’t any collateral required. Some lenders may even pre-approve you before pulling your credit so you know if this can be an option to pay for your surgery.
Other Ways to Pay for Weight Loss Surgery
If you are unable to get a personal medical loan for weight loss surgery, there could be other ways to pay for the procedure, including medical loans for those with bad credit. If you don’t qualify for an unsecured medical loans for bad credit, then secured medical loans can also be a way to finance this procedure. In order to be eligible for this type of loan, you need something to guarantee it or secure it. This can be something of value, such as your car or home. The amount of funding that you then qualify for would depend on the value of the item you offer up as collateral.
There is also the option to get a loan from your 401k. Since you are borrowing from yourself in this instance, then you don’t need a credit check. You may be able to take up to five years to pay back the loan. You also don’t need to pay any interest when borrowing from this, since you are essentially borrowing from yourself. However, while the borrowed money isn’t in your account, you won’t earn any interest on it, which can affect your retirement savings.
A medical finance company may also have a credit card option that can be used. However, these usually come with higher interest rates but will still allow you to pay for the procedure if you don’t qualify for other methods.
Just because a medical procedure, such as weight loss surgery, is expensive, it doesn’t mean that you shouldn’t have it. There are ways to pay for weight loss surgery, including a personal loan, and it can greatly improve your life.