Looks like I will be paying for this myself

[harmony5001 70]

Found out today that my insurance under no circumstances will cover my surgery. So now I'm working on paying for this myself. I may end up selling some of my stock in order to pay for my surgery. I'm worried about the tax implications capital gains and increasing my taxable income for taxes. Does anyone have any insight on this topic? I just don't want to be in a bad place when taxes are due.

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[esskay77 785]

I don't know how much surgery costs but would you be able to buy a different insurance that covers it? Seems like buying insurance might be cheaper than paying for the surgery? Not sure but it is an option. I don't know if you have insurance through work or a spouse or if you buy your own but you could start buying your own and drop the other? Not sure if you can have 2 insurance plans or not--another thing to look into. Or take out a loan? I don't know if there are other options. You could ask your surgeon what they recommend.

[harmony5001 70]

Thank you @esskay77

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Edited September 6, 2016 by harmony5001

[KristenLe 5,980]

Do you have a 401k or 403b that you could take out a loan on that may not impact taxes at all? I would look into a low interest loan before paying capital gains tax on stock.

Sorry you have to pay yourself!

[Djmohr 6,965]

I am with @@KristenLe on this one, if you can take a loan against your 401k that would work best because you simply pay yourself back.

Otherwise it really might be worth it to you to purchase insurance that covers Bariatric surgery. I know there are others on here who have done that.

Best of luck to you!

[harmony5001 70]

Thank you everyone. Hubby and I figured it out. Thank goodness for the real estate market, we are using a small chunk of our equity for surgery. Now to put the wheels in motion.

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[The Candidate 3,215]

I currently have a 401k loan out. The interest rate is only 1.5% It's even less than my house, which is 3.9%. And as others have mentioned before, all the money goes back to you.