Personal loans help patients afford elective surgery when health insurance does not cover all of the procedure expenses.
Most insurers do not cover operations that reshape healthy tissue to improve appearance but will pay for medically necessary surgeries – if you have coverage in force.
The most critical eligibility criteria are keeping the amount borrowed as small as possible so you can afford the monthly payment plan to follow. Your credit score and income are secondary.
Many surgeries fall into a gray area, where insurance might pick up most of your expenses – if you can demonstrate that parts of the procedure are medically necessary.
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LASIK eye surgery is a common procedure requiring creative medical financing solutions. Most insurance plans classify the treatment as elective or cosmetic and do not pay benefits.
Your employer’s flexible spending account may be the ideal way to pay for this procedure, as it is a qualifying expense. Time the surgery to coincide with your new plan year.
Precise language is crucial when determining how you might pay for any elective medical procedure. Plastic surgery is a related specialty to cosmetics surgery, and people frequently conflate the two together.
However, a seemingly minor point can have an immense impact on your costs and how you might go about financing any remaining expenses. Insurance coverage and discounts kick in for medically necessary procedures.
Most health insurance plans will not cover the costs of cosmetic surgery. They do not cover procedures that reshape healthy tissue to improve appearance.
Most patients must pay for the procedure out-of-pocket. Getting loans in advance gives you the flexibility to pick the top local surgeon – instead of one with in-house payment plans.
One critical factor determining your out-of-pocket costs for any elective eye surgery is whether your eye doctor participates as an in-network provider.
The equation gets even murkier for low-income families who rely on Medicaid for coverage. Now state rules might limit benefits for exams, glasses, and contacts. Plus, fewer providers accept these patients.
Medicaid is a valuable resource for low-income families struggling to make ends meet. Eye exams, glasses, contacts, and many surgeries can add to expenses.
Medicaid will often cover medically necessary procedures related to the eye. Correcting vision is hit or miss.
Many health insurance plans will not cover weight loss surgery that they deem as an elective medical procedure.
You may need to pay for the procedure out-of-pocket, and may not have the funding on hand. Several financing options allow you to undergo the procedure right away.
Be sure to protect your finances before signing on the dotted line.
Why finance your elective bariatric surgery when the government might issue indirect grants that help low-income patients with their weight loss?
Even the lowest cost option, Gastric Balloon, costs $8,000 without insurance, and most people living in poverty cannot afford to pay such a sum out-of-pocket themselves.
Resort to financing to make your breast augmentation procedure more affordable only if insurance will not pay, which is the rule for most cosmetic procedures – those improving appearance only.
Women who need reconstructive surgery can often get a lending hand from health insurance. Have the practice manager write a letter of medical necessity.
Taking out a loan is the fastest way to raise money for an elective surgery when you are uninsured and cannot afford to wait until open enrollment.
Insured patients might get lucky and have a medically necessary reason they might otherwise overlook. Having a third-party pick up the tab is always best.
Why take on debt to finance an elective surgery when Medicaid might cover the procedure? Low-income families have enough trouble paying regular bills without added expenses.
Medical necessity, the least costly alternative, and state-specific rules are variables in the equation determining whether your plan will pay for a specific operation. Get yourself ready.
Health insurance companies classify a tummy tuck (abdominoplasty) as a cosmetic and rarely cover the elective surgery – unless combined with a medically necessary procedure.
Therefore, many patients turn to financing to fund their out-of-pocket expenses. Make sure that you do not borrow more than you need because hernias, and infected loose skin could cut your costs dramatically.
Medical financing programs can often help patients pay for elective surgeries that insurance will not cover because they are cosmetic. Nose jobs fit into this category when the reason is purely for aesthetic reasons; you want to improve appearance.
Of course, getting your insurance plan to foot the bill is preferred. Learn the criteria for rhinoplasty and septoplasty and perhaps save a bundle of money.
Many patients pay for elective surgery 100% out-of-pocket, while other times, health insurance will pick up part of the tab. It all comes down to whether you can establish medical necessity.
Breast reduction surgery falls into this category. Many women can recruit coverage by listing symptoms such as back pain or infections. Otherwise, financing is the fallback option.
People often have a need to finance more than just elective surgery without insurance. Each type of need calls for a unique strategy.
Sometimes other non-surgical procedures are not covered. Other times patients travel overseas to reduce costs or need to use some type of home equipment. Other times they experience an emergency hospitalization and have left-over debts.