Weight loss surgery involves a significant financial investment. Insurance coverage for our services may vary depending on the health insurance provider and on benefit restrictions specific to an insurance plan. We help our patients manage the often complicated processes of insurance billing and care authorization. We also help identify alternative funding opportunities when necessary.
Although a number of insurance companies pay for weight loss surgery, many patients discover that their insurance providers balk at the cost. Most insurance companies require a letter outlining the medical necessity for the surgery. Thorough documentation of previous unsuccessful dieting attempts, including medically supervised attempts, co-morbid conditions, and other factors, such as the medications, can help document that weight loss surgery is necessary.
However, some insurance companies refuse to finance weight loss surgery even with a carefully crafted letter. Fortunately, most insurance providers allow patients to appeal a denial. This typically must be done 30 to 60 days after receiving a denial of coverage notification. The appeal letter should include information disputing the insurance provider's reason for denial. As a last result, patients may need an attorney to help prove the medical necessity of the procedure.
Whether your insurance company will cover the cost of weight loss surgery or you are paying for it yourself, you will need to prepare detailed written documentation to support the medical necessity of your surgery.
Patients have several options for paying costs of weight loss surgery not covered by insurance. A number of financial institutions offer financing specifically for health care expenses such as insurance co-payments, deductibles, and procedures not covered by insurance, including weight loss surgery. Some offer no-interest, same-as-cash plans as well as extended payment plans. Some patients choose to take out a home equity loan to finance weight loss surgery. An accountant can help determine whether the cost of weight loss surgery is tax deductible, since it is considered a major medical expense.
Potential Tax Savings
In the year you finance or pay cash for your LAP-BAND® System surgery, you may be eligible to receive thousands of dollars back in potential tax savings. IRS Publication 502 states you can deduct your medical and dental expenses when they total more than 7.5% of your Adjusted Gross Income. Check with your accountant or tax advisor for more information.
Remember, tax and financial circumstances are different for each person and the laws are constantly changing. This information should be not be considered financial advice or used as a substitute for the advice of an accountant or tax advisor. Seek financial advice from a professional for any questions you have.
Read more about the potential tax savings of weight loss surgery >>
|
|
