I had the band removed, but it didn't reverse the damage done. The majority of people I know with bands have had to revise to another surgery or have the band removed. Insurance did pay for my surgery. It was deemed, "Medically necessary." A lot of insurance companies balk about paying for removal unless there is a medical reason for it. Also, a lot of insurance companies are implementing a "One WLS per lifetime" clause, regardless if they paid for your first surgery or not.
If you're having health issues from the band, document them and make sure your doctor-surgeon-health practitioner knows about every single one.