The cost gastric band varies depending on the health plan, surgeon, and hospital costs, as well as if the procedure is done as an outpatient or inpatient. The cost can be covered by insurance, private financing, or Medicare. Currently, more than 80 percent of gastric band procedures are covered in part or in full by insurance. Private insurance may require approval before covering the procedure. If insurance does not cover the cost, there are flexible payment plans that will cover the cost.