Weight loss is often seen as a matter of willpower. When people can’t lose weight, we often think it’s because they eat fattening food or because they can’t make it to the gym. But for some, it’s a financial issue.
Losing weight is expensive. Low-fat, fat-free, and organic items tend to cost more than processed food. Gym memberships add up. And those who have “tried everything and nothing worked” may also be looking at costly procedures and medications.
Well, there is a solution. Healthcare payment plans spread payments over time to make them more affordable, and many offer limited-time, interest-free periods. Find out how they could impact your wellbeing.
The Benefits of Weight Loss
Given today’s open-minded society, beauty comes in all shapes and forms. But there are several benefits of weight loss that go beyond what meets the eye. For example, losing weight leads to:
- A Reduced Risk of Chronic Disease: According to Diabetes Care, modest and sustained weight loss can reduce the risk of chronic disease by 5% to 7%.
- Improved Joint Health and Mobility: Research from the Arthritis Foundation shows that losing just 10 pounds reduces pressure on the knees by 40 pounds.
- Better Sleep: A 2023 PubMed study shows a significant improvement in patients with sleep apnea after bariatric surgery.
- Cardiovascular Benefits: A landmark study published in the New England Journal of Medicine found that semaglutide reduced cardiovascular events by 20% in adults with overweight or obesity.
When Diet and Exercise Aren’t Enough
Weight loss is beneficial, but it can also be expensive. Healthy eating and gym visits add up, but there comes a point when it crosses a line. For example:
- Standard advice may stop working due to metabolic adaptation and hormonal factors
- Conditions like hypothyroidism, PCOS, or insulin resistance make conventional weight loss ineffective without medical intervention
- Weight loss becomes medically necessary due to health risks
The Hidden Cost of Weight Loss
We all know procedures can be expensive, but the price you are quoted may not include initial consultations, diagnostics, or follow-up visits. Here’s what you might be looking at.
- Initial Consultation: $99- $300
- Bloodwork (a comprehensive lab panel): $60
- Medications: GLP-1 medications typically cost about $1,349.02 for a 28-day supply, although $349 monthly injections are now available through NovoCare’s direct-to-consumer pharmacy. 2 mg doses are $499. Insurance is rarely available.
- CoolSculpting and Bariatric Balloons: $3,200 for a full treatment; also rarely covered by insurance
- Metabolic and Bariatric Surgery: $17,000 to $26,000- may be covered by insurance if medically necessary
- Follow-Up Visits: Wellness check-ins and medical adjustments can cost $50 - $150. Some may even choose to sign up for nutritional and fitness planning. Many weight loss programs cost around $1000 but can range from $500 to $10,000 depending on the length and services involved.
When Costs Become a Breaking Point
Weight loss takes a financial toll, and for some, it can lead to a breaking point. At this point, it’s more than ‘walking away from another diet.’ It has emotional repercussions as well.
For example, pausing treatment, especially medication, means starting over and losing progress. And progress refers to all the time and effort you put in, as well as the money you invested.
An expensive weight loss journey can also cause anxiety, which leads to an increase in stress and cortisol levels, driving fat storage. It also increases appetite and cravings, especially for calorie-dense foods, breaks down muscle, and drives insulin resistance, another signal of fat storage.
Payment Plans as a Bridge
If you’ve found the right treatment, but can’t afford to pay for everything at once, payment plans could be the best option. They work just like a credit card, covering weight-loss expenses between you and your provider while spreading payments over time. Most offer limited-time, interest-free periods, so payments won’t compound while easing cash flow.
They can also be used alongside insurance to cover out-of-pocket expenses.
Several financial companies offer healthcare payment plans, but which is right for you? Here are some things to look out for:
- No/Low Interest and Fees: Ideally, you want to choose a card that offers no interest (at least for a specific time) and low fees.
- Flexibility: With a flexible plan, you can work out the terms and ensure payments are affordable.
- Approval Process: Some payment plans require a hard credit check that can damage your credit. It’s better to choose a card that offers a soft credit check or simply inquires about your income.
- Transparency: A transparent approach is vital in all financial matters. Ensure the payment plan provider explains their services in clear, simple terms and is direct about what they offer.
- Customer Service: The financial team should have live customer service reps available to answer your questions during reasonable hours.
Other Options for Saving on Your Weight Loss Journey
You can save even more by using payment plans combined with these money-saving measures.
- HSA and FSA Accounts: A Health Savings Account (HSA) works like other savings accounts, growing interest over time, but contributions are made pre-tax, reducing taxable income. Also, the money can only be used on qualified medical expenses. An FSA (Flexible Spending Account) is similar, but it’s employer-sponsored and, unlike an HSA, it does not roll over year after year- it’s use it or lose it.
- Manufacturer Savings Programs: Many GLP-1 medication manufacturers offer discount or savings card programs worth exploring.
- Telehealth and Direct Care: Telehealth visits are typically less expensive than in-person visits and further protect your wallet by eliminating commuting costs and minimizing time off work. Direct care is a membership-based model offered by some providers that can save you money in the long run.
- Comparing Providers: Some providers cost more than others. However, it’s always best to ensure you are getting value for your money.
Weight loss is essential for health, but it can be difficult to afford, especially when diet and exercise aren’t working. A payment plan can help access procedures and medications so you can get your weight under control and enjoy optimal well-being. How will you integrate it into your medical plan?
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