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Lap Band Financing
Financing the Lap-Band 
Some insurers and certain plans will pay for Gastric Bypass and yet will not pay for the LapBand. We anticipate more and coverage for the LapBand over time. Some patients choose to pay for the operation themselves. We encourage you to try not to let your insurance coverage issues dissuade you from having the LapBand if you believe it is the right operation for you. The LapBand is more affordable and you may be able to finance it. Make sure you visit our Finance and insurance page.
The Personal Cost of Obesity
Weight loss can change your life. The LAP-BAND System can help you lose weight and kept it off. Losing dangerous excess weight with the LAP-BAND System can significantly improve your health by eliminating associated health conditions. It can help enhance your psychological and social well-being and your overall quality of life. You may also find that dramatic weight loss can singificantly reduce weight related costs, which is on the average can be more than $15,000 a year! What better investment than in yourself and your future?
Weight Related Costs
| Items |
Estimated Annual Costs |
Medical / Drug costs (BMI> 35)
Out-of –pocket healthcare expenses
Employment inactivity costs
Commercial Weight Loss Program fees
Prescription co-pays (5 meds at $10)
Grocery and dining costs |
$5965
$2182
$900
$600
$600
$5,381 |
| |
|
| TOTAL |
$15,568 |
Financing the Lap-Band
When insurance reimbursement is not available, patient financing is another alternative you may consider. There are circumstances where health plans will not cover the LAP-BAND System surgery regardless of your medical necessity. In these situations, patients often feel they have exhausted their options. This is not the cases. There are several strategies available if you want to take control of your weight and your life. This webpage provides recommendations on how you can handle an insurance denial.
Effective appeals – specific for the Lap-Band System
If denied by your insurance carrier, most health plans offer you the opportunity for a limited number of appeals. The process varies from plan to plan, so be sure to verify your specific policy for appeals. You can appeal if your denial is based on the following reasons:
- The Lap-Band System is investigational
- The Lap-Band System is experimental
- No knowledge of the Lap-Band System
- Did not meet criteria for surgery
An effective appeal should:
- Address the specific reason for the denial
- Include supportive documentation
If a denial is upheld, you may consider:
- Submit another appeal, if permitted by your policy
- Enlist legal assistance
- File an appeal with the state insurance department
- Request an internal review from your insurer
Note: if your employer is self-insured, talk to your Human Resources department to lobby for coverage. If your denial is based on a policy exclusion for surgery, an appeal is generally not an option.
Alternative to Insurance
| Our cash package price. In cooperation with United Medical Center, we offer special packages for cash patients, which include all the needed services, at a substantial discount. This package deal includes the surgery, the overnight stay (if necessary), the post-operative imaging, and six months of follow-up and band adjustments. |
- Cash (Lump Sum Payment). Options include using a 401K, fund, savings, or stocks.
- Financing
Loan approval and eligibility will be based on the credit worthiness of the borrower. Lenders often take into consideration credit rating, current earnings, assets, and future assessments. Multiple borrowers increase the chance of approval. This means that you may consider asking a loved one to co-sign or apply for the loan.
Affordability. Monthly payments will vary based on the length of the loan (1 to 10 years) and the interest rate (on average between 6% and 10%). For example, if you borrowed $10,000 at an interest rate of 10% over 10 years your payment would be a mere $132.20 per month.
- Credit Cards- Patients may be able to take advantage of some low rates that are available with many credit cards. Credit cards are often as easy to acquire as a loan, offer flexible payments and faster decisions. Please keep in mind, however, that they may not offer a credit line large enough to cover the procedure and interest rates are subject to change.
- Loans – Options include equity, secured, unsecured and combination loans from a financial institution (i.e., bank, credit union, etc.).
- INAMED Health’s Lap-Band Patient Finance Program. CRMC Lifestyles Management Program and Rocky Mountain Weight Loss Surgery are participants in this program.
You may want to arrange your own financing, but the company that manufactures the LapBand®, Inamed has nationally available financing option that we can tell help you with.
* CASH PAY PATIENTS and Complications. Please think very carefully about and speak to your insurance carrier, your CRMC Lifestyles Management Program insurance specialist, and your surgeon if you plan to pay cash for your operation in regards to what may happen if complications occur. You may be and probably will be financially responsible.
Potential Tax Saving
In the year you finance the Lap-Band System procedure, you may be eligible to receive thousands of dollars back in potential tax savings. Think of this as a discount on your procedure.
IRS Publication 502 states you can deduct only your medical and dental expenses when they total more than 75% of your adjusted gross income (page 2 IRS Publication 502). Adjusted Gross Income is total income less a few very specific deductions. Medical expenses may include fees to doctors, payments for hospital services, physician co-pays, prescription drug costs, and the cost of participating in a medical weight loss program for a specific disease including obesity. Speak to your tax advisor.
The Lap Band has the potential to be
the best investment of your life
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