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.
Ask yourself these questions before completing your application. How will you repay your loan without an income? How will you handle the extra medical expenses of pregnancy and childbirth? Explore your options, and take steps to secure your income before getting pregnant.
- Options for people with bad credit history
- Risks of taking out loans to fund conception
Financing Tubal Ligation Reversal Bad Credit
Financing tubal ligation reversal with bad credit may prove challenging, but options do exist. Complete an application form and see if you qualify for one of three options: online lenders, medical financing companies, and your employer’s flexible spending account.
Personal Loans Online
Personal loans often offer the ideal financing option for funding to begin tubal ligation reversal surgery right away – even for people with less than perfect credit. There are two reasons why this may be true for you.
First, the lenders do not ask why you need the money. Women borrowing money in order to get pregnant are not good credit risks, as many take an unpaid maternity leave while attempting to repay the loan. Therefore, your odds for an approval are much higher.
Second, you can complete a single online form, and the company will send your information to a network of lenders. This again improves your odds of acceptance, and may yield a lower interest rate and better terms.
Medical Financing Companies
There are companies who specialize in financing medical treatments such as tubal ligation reversal. Each company asks about the type of medical procedure during underwriting. There is a reason they ask the question.
People borrowing money in order to get pregnant have a scary risk profile. They are more likely to default in the future. Expenses often rise just as income drops. Expect to pay a higher interest rate when working with a medical finance company, particularly if you have bad credit.
Financing any medical procedure is more expensive than borrowing funds for a house or a car. Medical debt is unsecured. If you default, the lender cannot repossess your fallopian tubes.
We recommend that you follow our tubal ligation reversal payment plans.
Interest-Free Financing Options
You may want to consider interest free tubal ligation reversal financing option for bad credit. People with perfect payment histories find this the ideal option also.
Your employer’s flexible spending account is an underutilized financing option. Schedule your procedure for the beginning of your plan year. Your employer must fund any qualified expenses immediately. You then have 52 weeks to contribute into the account using pretax dollars.
Your employer does not pull your consumer report. They automatically approve employees with bad credit. You pay no interest and fund the financing with pretax contributions.
Risks of Loans for Tubal Ligation Reversal
Know what you are getting yourself into before taking out a loan for tubal ligation reversal surgery costs. You are borrowing money that you must pay back. You are undergoing a procedure that may greatly diminish your ability to repay the obligation. Do not ignore a common trisection of events: thin cushion, extra expenses, and lost income.
Most Americans live check-to-check and have very little money in savings to help them weather setbacks. We all face setbacks. The fact that you need a loan for tubal ligation reversal 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. You may want to explore financial assistance and grants first.
In addition to your regular bills that you face today, you will need to add the monthly payment to repay the loan for your tubal ligation reversal 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 experience additional medical bills for copayments, co-insurance, and hospital deductibles.
Income is the most important consideration in loans for tubal ligation reversal surgery. You need your income to repay the amounts owed. If your cushion is thin, it suggests that you need the income of both partners for timely repayment.
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 deliver 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.
Securing mom’s income for these common and foreseeable circumstances is crucial when borrowing money to pay for tubal ligation reversal surgery. If you need mom’s income 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 medical event the surgery strives to achieve. Likewise, hospital indemnity insurance makes cash payments directly to her when she enters the hospital to deliver her baby.