6 Ways to Pay For Weight Loss Programs
A lack of money or insurance can prevent many people from joining a weight loss program. Inquire about your weight loss program with the various financing options that can help you achieve your weight loss goals. Coming up with the money for your weight loss program can be a problem. Paying it one lump sum isn't an option for everyone, here are some other options.
Unsecured Medical Loans
Unsecured medical loans can be used to pay some or all of your weight loss program. It may cover what your health insurance plan doesn't cover. To qualify for an unsecured medical loan, you need to have a credit score of 620 or above. Since it doesn't require any collateral, you will incur a higher interest rate.
Not paying back your loan will have an impact on your credit. You can find unsecured medical loans through brokers, direct lenders, or with a credit card that has a high spending limit. Only apply for an unsecured medical loan if you can afford to make monthly payments.
Secured Medical Loans
Secured medical loans can also be used to pay some or all of your weight loss program. You'll need to have a credit score of 620 or above to qualify for this loan. Most of the loans that you apply for require some form of collateral, such as your home or vehicle. If you don't pay the loan back, the lender will take seize of your collateral.
Most programs use only your home as collateral, while others allow you to choose with collateral to use. Other types of collateral include your boat, cash investment, Certificate of Deposit (CD), or land. You can get a secured medical loan through your broker or direct lender.
Free Weight Loss Programs
Some companies offer free weight loss programs. While free weight loss programs exist, they're only available to members who frequently use these programs. Most companies require you to "follow" them on a social media page such as their Facebook page or Instagram account.
You can keep up with news and updates on upcoming contests and giveaways. You may even win the chance to receive a free weight loss program. They may even give away gift cards or gift certificates to help you pay the costs of their program.
Free weight loss program exists through government grants. State or federal grants are available to those who can't afford to pay all or some of their weight loss program. The only grant that's available for weight loss is through the Weight Loss Surgery Foundation of America (WLSFA). This program raises funds to help those who are receiving weight loss surgery or reconstructive surgery.
There are specific requirements to be eligible for a grant from the WLFSA. You must be an active participant of the grant process and willing to help raise 10% of the funds you're seeking. You must have no insurance or been denied coverage. You also must be approved for your weight loss program or surgery.
If you're of a certain age and don't have insurance, then you may be able to receive charity care. Qualifying hospitals in your area may provide you free services if your income is at the poverty level. Charity care also requires the weight loss program to be medically necessary.
To determine your eligibility, you must complete a financial application, provide proof of income, and provide other personal information. The hospital also requires the doctor to be on their staff.
Payment Plan Options
Payment plans are available through hospitals and clinics. You can make monthly payments for up to 24 months. Layaway payment plans allow you to make a deposit and make payments based on what you can afford. This ensures that your program is paid in full on the date of your program.
Make sure you can make these payments or chargebacks occur. How do chargebacks work? It returns the payment you made back to your credit card. Contact your hospital's billing department to determine if a payment plan or a layaway payment plan works for you.