Morbid obesity is a medical condition, not a cosmetic condition. Obesity is a leading cause of preventable death in the United States. Of course, one benefit of having bariatric surgery is that patients often feel much better about their physical appearance and find moving around easier than it has been in years.
Insurance
However, the primary focus of weight loss with bariatric surgery is to treat the dangerous health conditions and diseases associated with obesity. Because weight loss surgery is medically driven, all requests for approval for these procedures are based on a medical diagnosis made by your surgeon. Most insurance policies will cover bariatric surgery, but their statuses do change often. Navigating insurance can be a confusing process, but at New York Bariatric Group we have helped thousands of patients understand their insurance options and have a successful approval. For questions about insurance, please contact us and we will be happy to go over your options.
Our Process
The first step is to meet with a surgeon at New York Bariatric Group to determine if you are a candidate for surgery. We have insurance experts on our team who will help you through the process if you are a candidate. Once you have been accepted into the New York Bariatric Group program, our office will call your insurance company and verify that the bariatric surgery procedure you’ll be undergoing is covered. We will also find out if your insurance plan has any deductibles or co-pays for this surgery. These support services are provided to you at no cost.
If you have already gone through prequalification and have insurance approval through another weight loss surgery program, you qualify for our Fast Track Program. You can talk to one of our patient counselors at 866-569-7049.
Is Bariatric Surgery Covered by Insurance?
Self Pay
Our surgeons support a variety of payment methods through the Self Pay packages including cash, credit card, stocks, bonds, investment funds, Health Flex Savings Account (HFSA), and your 401K. Weight loss surgery such as the virtually scarless single incision Gastric Sleeve, gastric bypass, or Lap-Band can help improve or eliminate your co-morbid health complications, reducing your out-of-pocket cost of medications, doctor visits, time off work for illness and injury, and plus-sized clothing prices; ultimately saving you money in the long run.
Tax Deductible
The IRS allows taxpayers undergoing weight loss surgery to deduct expenses for procedures, approved weight-loss drugs, and nutritional counseling. Deductions are allowed for uncompensated expenses of treatment of an individual if the cost is more than 7.5 percent of adjusted gross income. Talk to your tax professional or CPA about how tax deductions can help you and your weight loss surgery process. We have included the link below to the IRS Medical Tax Deduction Information page:
Medical Spending Accounts
Some or all the costs associated with a weight loss program may be reimbursable if you have a healthcare spending account (FSA/HSA). Check first with your account administrator about your eligible expenses. Some services, supplements, or medications may require a letter of medical necessity. Be sure to talk with your accountant or financial advisor about how this could help you.
The Personal Cost of Obesity
| Items | Estimated Annual Costs |
|---|---|
| Mean medical drug costs (BMI greater than or equal to 35) | $5,965 |
| Out-of-pocket healthcare costs | $2,182 |
| Employment inactivity costs | $900 |
| Commercial weight loss program fees | $600 |
| Prescription co-pays (5 meds at $10) | $600 |
| Grocery and diner costs | $5,321* |
| Total | $15,568 |
* A study recently showed that the average morbidly obese patient spends over $5000 per year on food. After weight loss surgery, food costs are about $1000 per year. That is a savings of over $4000 per year.
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Insurance Alternatives
If insurance coverage for your weight loss surgery is not an option, or you want to try the non-surgical weight loss balloon, New York Bariatric Group accepts self-pay patients at very competitive prices.
The primary financing option we offer is through Prosper Healthcare Lending. They generally offer immediate decisions for loans of under $35,000. They also offer longer-term loans for lower monthly payments. Prosper does not require collateral for their loans, and there are no prepayment penalties. This application process for a Prosper loan is generally quick, and they keep your information confidential. You can click here to fill out their application.
If you would like to learn more about how insurance coverage works for our NYC bariatric surgery, please contact us at /phone 866-569-7049.
