How to Get Loans for Surgery – The Complete Guide

Updated on April 9, 2024

At a Glance

  • Surgery costs vary, including operating room fees, surgeon’s fee, anesthesia costs, pre-surgery expenses, hospital charges, insurance deductions, and non-medical expenses.
  • Funding options for surgery include borrowing from retirement savings, home equity loans (for property owners), medical crowdfunding (with potential funding limitations), and personal loans.
  • Stilt offers a simple three-step process for obtaining a surgery loan, providing immediate financial assistance during medical emergencies.

Having a medical condition that needs surgery is not only troublesome physically, but financial pressure associated with the medical costs further add to the worry. It is even more difficult to cope up with an unexpected expense when you are an immigrant or a visa holder and have to take care of an outstanding bill. You might not have the required financial aid at your disposal, and arranging the funds immediately is not as easy as it sounds.

How Much Does Surgery Cost?

Surgery costs, typically, vary from one procedure to the next. This is mainly because there are a lot of add-on expenses that are added to the medical bill.

Operating room costs are one of the most important. These are mostly charged on an hourly basis. This is followed by the surgeon’s fee and the anesthesia costs. Prior to this, there are a bunch of pre-surgery costs that are taken care of. This includes frequent surgeon and doctor visits, necessary injections, and the likes. Hospital charges are also included in the total surgical cost. Finally, there are some deductions made from the insurance company and some non-medical expenses like travels and childcare and the likes.

The cost of surgeries varies accordingly. For instance, a cornea surgery might cost you $17,000, but an angioplasty might be double of that. On the other hand, you could get a hip replacement for $30,000 while a heart valve replacement might cost you a whopping $170,000!

How to Pay for Surgery Costs?

Paying for surgery costs might be quite the pain. This is especially difficult when you are not covered by insurance. And when there is some medical emergency in question, getting money quickly is of the essence.

There are different programs that one can seek help from. This could include the Medicaid program. Otherwise, here are some ways in which you could fund the surgery costs.

Borrowing from Retirement Savings

While borrowing from retirement savings is not ideal, sometimes this is the only option ahead of us during medical emergencies. When it comes to the 401k or 403b retirement plans, you could take a loan against the accumulated funds. But, there is a catch here. The individual can use up only about 50% of the balance with a limitation of up to $50,000. This might not be sufficient for most surgeries. Besides, immigrants, who have not been working in the country for too long, might not have a lot of retirement funds saved up as well!

Home Equity Loans

This is another useful option while paying for surgery costs. You have the option to take a loan against your property. How does this work? For instance, the current valuation of your property is $300,000. However, based on your repayment history to the bank, you owe $200,000 as of now. Thus, you could take a loan against the excess $100,000. The advantage here is that these loans are easier to obtain. However, a lot of immigrants in the US do not own properties in the country. As a result of this, they are unable to secure a loan for their medical expenses.

Medical Crowdfunding

Medical crowdfunding involves raising funds through campaigns and donors. While this might look like a rather easy solution at first, the amount of money generated might not always be sufficient for the surgery costs. Besides, there is gross uncertainty about how much money a particular campaign can pull up.

Personal loans

Personal loans call for high-interest rates, but still are the most convenient option for paying for medical costs. Since there is no collateral in the form of your house or property, this loan is unsecured and is mainly reliant on your income and credit score. Sometimes, there are different personal loan offers that are provided by the respective hospitals and surgeons. The idea is simple. This is a quick method of generating sufficient money. If the interest rate is decent, it is best to opt for this option.

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Getting a Surgery Loan: 3 Simple Steps

Undergoing surgery, whether to treat a cancer or for weight loss, can be a life-changing event, not just physically and emotionally, but also financially. For many, the cost of surgery can be daunting, especially without adequate insurance coverage. One viable solution to manage these expenses is obtaining a personal loan. Here’s a step-by-step guide to help you navigate the process of securing a personal loan for your surgical needs.

1. Assess Your Financial Situation

Before diving into the world of loans, it’s crucial to take an honest look at your financial health. Consider your credit score, monthly income, and existing debts. Understanding your financial capacity will help you determine how much you can afford to borrow and repay without overburdening yourself.

2. Research Potential Lenders

The market is teeming with lenders, each offering different terms and interest rates. Banks, credit unions, and online lenders are the primary sources for personal loans. While banks and credit unions may offer more personalized service, online lenders often provide quicker approval processes and more flexible terms.

3. Compare Loan Terms and Interest Rates

Once you’ve identified potential lenders, compare their loan terms, interest rates, and fees. Look for the Annual Percentage Rate (APR) as it includes both the interest rate and any lender fees. A lower APR means a lower overall cost of the loan. Some lenders also offer special medical loans with tailored terms for healthcare-related expenses.

4. Gather Necessary Documentation

Most lenders will require proof of income, identity, and possibly a credit check. Gather documents like pay stubs, tax returns, and government-issued ID. Having these documents ready can expedite the loan approval process.

5. Apply for the Loan

Once you’ve chosen a lender and prepared your documents, it’s time to apply. The application process can usually be completed online, over the phone, or in person. Be prepared to provide detailed information about your financial situation.

Securing a personal loan for surgery is a significant financial decision. By thoroughly researching and carefully planning, you can ensure that this decision not only facilitates your medical needs but also fits comfortably within your financial landscape, paving the way for a stress-free recovery and a healthier future.

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Surgery costs are unexpected, and at times, they are a way beyond your financial capabilities. While alternative methods to deal with the surgery costs can come to your rescue, an even better option here is to get a surgery loan. Your post-surgery recovery depends on how relaxed and healthy you are without worrying about the bills and other payments.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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