Financing a Pump

[belyro]

I'm looking at the possibility of going on the pump in the next couple of years (not immediately), but have found out that it's not covered by my benefits/insurance through work.

So.....I'm thinking about the possibility of getting it financed by the pump company. I've been told that some companies do this.

I'm wondering if any of you have financed your pump and/or can tell me some of the financing details - e.g. which companies do it, what the cost is, over how many years will they finance it, what the interest rate is, etc.

Thanks!

[NoelD]

I'm looking at the possibility of going on the pump in the next couple of years (not immediately), but have found out that it's not covered by my benefits/insurance through work.

So.....I'm thinking about the possibility of getting it financed by the pump company. I've been told that some companies do this.

I'm wondering if any of you have financed your pump and/or can tell me some of the financing details - e.g. which companies do it, what the cost is, over how many years will they finance it, what the interest rate is, etc.

Thanks!

Minimed will do it, no credit check that I am aware of, no money down, $50 a month, interest free until it's paid off. I know of 2 people in my town who did this because they had no insurance.

I am sure Cozmo and others must have something similar.

[Keezheekoni]

I didn't end up needing to finance because my insurance covered it at 100%, but when I was originally told I'd need to finance it, Cozmo was willing to take monthy payment of no less then $50 for one year. However, that one year was because my insurance was originally only covering 80% so my part would have been somewhere around $900 total... For paying out of pocket full price, I believe that they will give you a "major insurance company" contracted rate, if you can prove that your insurance won't cover it, and they'll let you pay for up to 4 years. However, don't quote me on this, since that's just what a rep said...I never talked to the billing people because my insurance did cover it.

I'm really no help at all, am I? :rofl:

[sbigelow]

My insurance only covered half so Minimed finance me for the rest. $2,500 for 3 years. No interest, $70 per month.

[JanTx]

For my MM 722 I paid my deductible ($500) plus 20% - around $1400. I'm on a payment plan with Minimed of $50/month - no interest as the others have said. That would take longer to pay off than I want to do so I send them as much as I can each month. Got the pump in October and still owe them around $700.

Does your job have a Flexible Spending Account? That's where you have them deduct a certain amount each month that's pretax. So you pay less taxes, but have a built in account to pay for things that are normally deductible - like pumps, day care, etc. It's your own money, but saves you in taxes. Some FSA's have a debit card that you use like cash to the max of what you've set aside. Others you pay and then send in a receipt. If such a thing exists in your world then the year you plan to get the pump - start such an account.

[Injecto]

I was going to pay for it (with my parent's and In Law's help) until I found out about insurance. Does your hubby have insurance? (co-insurance?). What about provincial coverage? At minimum I belive you can have the portion you pay out of pocket covered in your income tax as a writeoff under medical expenses. (it may be a couple grand back in your pocket at minimum). And yes, Medtronic totally does financing, they advertise it everywhere.

[JediSkipdogg]

All pump companies do financing and I think all do it interest free. I think the smallest payment they allow is $50 a month. One thing when you ask a specific company about financing is if there are any other charges associated with doing so. There may be no interest, but may be a $5 per payment fee or $200 signup fee. But I know for a fact they all offer some payment plan, remember, they want your business.

[belyro]

Does your job have a Flexible Spending Account? That's where you have them deduct a certain amount each month that's pretax. So you pay less taxes, but have a built in account to pay for things that are normally deductible - like pumps, day care, etc. It's your own money, but saves you in taxes. Some FSA's have a debit card that you use like cash to the max of what you've set aside. Others you pay and then send in a receipt. If such a thing exists in your world then the year you plan to get the pump - start such an account.

Yeah, it does, but I can't make it big enough to cover a pump. I think it'll just be around $1000.

[belyro]

I was going to pay for it (with my parent's and In Law's help) until I found out about insurance. Does your hubby have insurance? (co-insurance?). What about provincial coverage? At minimum I belive you can have the portion you pay out of pocket covered in your income tax as a writeoff under medical expenses. (it may be a couple grand back in your pocket at minimum). And yes, Medtronic totally does financing, they advertise it everywhere.

Our insurance company doesn't cover it.

[belyro]

This is helpful. Thanks guys!

[Injecto]

Our insurance company doesn't cover it.

Sorry, thought you just meant your work company. Just makin sure all bases are covered. :)

[belyro]

Sorry, thought you just meant your work company. Just makin sure all bases are covered. :)

Sorry - our only insurance is through work. Mine and my husband's are from the same insurance company. I'm being confusing. :)

[Mario]

When I bought my pump, I had two choices of financing. You give them 25% or 50% of the pump. They divided the rest in monthly payment for 2 years. I give them 25% and in my next annual tax report, put my invoice and I received about the same amount then the 25%. (Not sure I'm clear for that one :hmmmm: )

All my stock is covered by my work insurance company but the pump wasn't. I'm with Sun Life.

[cheryl]

Hey,

I just wanted to tell you, that if you can find someone who is willing to donate their old pump to you,(now I only heard of this going on thru minimed), that they take it, refurbish it and sanitize and slap that 4 yr warranty back on it and all you have to do is come up with less than 500 bucks......I know this cause a friend of mine on another forum is doing this with the help of another person on the forum. I think it is pretty neat and nice that she is helping my buddy, maybe you can find someone willing to donate their older one to you......just a thought.....

Cheryl

[belyro]

Hey,

I just wanted to tell you, that if you can find someone who is willing to donate their old pump to you,(now I only heard of this going on thru minimed), that they take it, refurbish it and sanitize and slap that 4 yr warranty back on it and all you have to do is come up with less than 500 bucks......I know this cause a friend of mine on another forum is doing this with the help of another person on the forum. I think it is pretty neat and nice that she is helping my buddy, maybe you can find someone willing to donate their older one to you......just a thought.....

Cheryl

Interesting idea. Never considered this.

[JanTx]

Our FSA (flexible spending account) has a $2000 annual max, but that $2000 ends up being quite a bit more because of the tax savings involved. You may end up putting several things together to finance a pump. Good luck!

[aeromarv]

Minimed will finance with 0% interest, but you pay a $5 monthly service fee.

And they farm out the billing to somone else.

But you can pay it off early with no penalty.

That was their offer in October 2006.