Tubal ligation reversal financing is a scary prospect when you consider the likely outcome of the surgery: get pregnant, incur extra medical expenses during pregnancy, and then take an unpaid maternity leave. This is a recipe for bad credit.
How will you repay your loan without an income? How will you handle the out of pocket medical expenses of pregnancy and childbirth at the same time? Before taking out a loan to fund your tubal ligation reversal surgery make certain you explore:
- Financing risks
- Securing your income
- Borrowing alternatives
Risks of Tubal Ligation Reversal Loans
Know what you are getting yourself into before taking out a loan to fund your tubal ligation reversal surgery costs. You are borrowing money that needs to be paid back. You are undergoing a procedure that may greatly diminish your ability to repay the loan.
Couples undergoing a reversal of voluntary sterilization today are likely to be people with bad credit tomorrow. People with bad credit often got there by ignoring a common trisection of events: thin cushion, extra expenses, and lost income.
Most Americans live check to check and have little money in savings to help them weather setbacks. We all face setbacks.
The fact that financing is needed indicates that you may not have enough savings tucked away to pay for the procedure itself. People with little or no money put aside in an emergency fund are more likely to encounter difficulties staying current on bills when times get difficult.
In addition to your regular bills that you face today, you will need to add the monthly payment to repay the loan for your surgical procedure. If all goes well you become pregnant, and expenses will rise further.
Pregnancy is an expensive medical event. Depending upon the type of health insurance coverage you have, you may be left with additional medical bills for copayments, co-insurance, and hospital deductibles.
Income is the most important consideration in tubal ligation reversal surgery financing. Your income is needed to repay the loan. If your cushion is thin it suggests that the income of both partners is needed.
Problems arise because mom’s income is likely to go away, just when the extra expenses start rolling in.
Most women in the United States take an unpaid maternity leave. The average length of leave is six weeks for a vaginal delivery and eight weeks for a c-section birth.
Twenty five percent of pregnant women experience complications and need to stop working prior to delivery. Twelve percent of babies are delivered pre-term and spend time in a Neonatal Intensive Care Unit (NICU). A NICU stay often includes a second hospital deductible, plus mom and dad may need to stop working to provide care at home.
Maternity leave laws in the United States provide job protection for only twelve weeks, and apply to less than fifty percent of the workforce. You may lose your job while on maternity leave.
Tubal Reversal Loan Income Security
Securing mom’s income for these common and foreseeable circumstances is crucial when financing tubal ligation reversal surgery. If mom’s income is needed to repay the loans, remember that a successful surgery will result in mom becoming disabled.
Supplemental insurance for infertility helps to secure mom’s income two ways. Short term disability replaces her income while disabled for the very medical event the surgery is designed to achieve. Likewise, hospital indemnity insurance makes cash payments directly to her when she is admitted to the hospital to deliver her baby.
Borrowed Funding for Tubal Reversal
There are lenders who specialize in making loans to help fund medical treatments. Each lender asks about the type of procedure to be financed. There is a reason they ask the question.
People taking out loans in order to get pregnant have a scary risk profile. Couples undergoing tubal ligation reversal, or any other infertility treatment, are more likely to default in the future. The reasons why have already been stated: expenses rise just as income drops.
Higher Rates for Reversals
Financing any medical event is more expensive than borrowing funds for a house or a car. Medical loans are unsecured. There is nothing the lender can repossess if you default. Your fallopian tubes have no value to the lender.
We recommend that you follow our tubal ligation reversal payment plans.
Many medical procedures such as dental work, or cosmetic surgery have controlled and predictable recovery periods. The lender knows how long the patient will be out of work. Not so with any surgery that is intended to lead to pregnancy.
So expect extra fees and higher interest charges for borrowed funding if your fertility clinic refers you to a specialized medical lender. You may find that home equity loans, even credit cards may provide more favorable terms.