Costs If You Do Not Have Private Health Insurance

Laparoscopic gastric banding is not covered by Medicare Australia. If you do not have private health insurance, you can still undergo the gastric banding procedure by having the procedure performed as a self-insured private patient. It is usually a one-year waiting period for the health insurance to cover the surgery, but this may vary depending upon your insurer.

Alternatively, there are other payment options you can consider.

Early release of superannuation

In certain circumstances, you may be able to access your superannuation funds early to cover the costs of your surgery. Consult your financial advisor or accountant to see if this is right for you. You will need to check with your superannuation fund to see if this is possible, and apply to the Australian Prudential Regulation Authority (APRA). More details can be found on www.apra.gov.au.

Medical expenses tax offset

You may be able to claim a significant rebate from your procedure through your tax return. You can claim a tax offset of 20% – 20 cents in the dollar – of your net medical expenses over $1,500. There is no maximum limit on the amount you can claim, and it is not means or assets tested. Check with your financial advisor or accountant if this is appropriate for you. For details visit the
Australian Taxation Office website.

Third party medical finance

There are several options available for medical finance, using providers that allow your fees to be repaid through regular instalments. Interest and other fees are charged. Speak to your accountant or financial advisor to see if this is an option for you.

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