Health Care Credit Cards - For Medical Bills Only
Wednesday October 31, 2007
According to Star-Telegram, a few of the top health insurance providers have decided to offer health care credit cards to consumers. These credit cards, which can only be used for medical expenses, are intended to help consumers cope with rising health care costs.
Mila Koffman of Georgetown University offers a strong warning against these new health care credit cards:
The article offers a few alternatives for paying your medical bills:
More Reading:
Choosing a Credit Card | Making A Get Out Of Debt Plan
Mila Koffman of Georgetown University offers a strong warning against these new health care credit cards:
"If you can't afford the deductible, then putting the deductible on a credit card -- adding in the fees and the interest -- is the worst thing that you can do. That's not going to help you be able to finance your medical care. It's just going to get you further into debt."From a debt management point of view, it's never wise to use credit to pay for things you can't afford. Unfortunately, many consumers face the Catch-22 decision of maintaining their health or going into debt.
The article offers a few alternatives for paying your medical bills:
-Ask whether your healthcare provider offers financial assistance or a discount for charity patients.If you're forced to finance your medical bills, don't go into it blindly. Choose a health care credit card just as you would any other type of credit card. Avoid charging the medical expense until you have a solid plan for paying it off.
-Ask whether your physician has a payment plan that would allow you to spread out payments over a long period.
More Reading:
Choosing a Credit Card | Making A Get Out Of Debt Plan
Comments
I personally do not think a person should use a credit card unless they are able to pay off the balance in full every month. They are designed to take a “lifetime” to pay back at the minimum payment. Be careful.
What are the names of some of the top health insurance providers that have decided to offer health care credit cards to consumers. I work for an ambulance billing office and would be very interested in partnering with them.
I see people saying it’s not a good idea. Everyone talking about health care. Does everyone nt know that an abcessed tooth can kill a person? I have to choose between paying my rent and having a tooth removed that could potentially be fatal. Acredit card would allow me to have that tooth removed, save my life, keep me in my home, and slowly pay it off. So, until you are in a position to truly comment on what it’s like to be in a position like this- don’t.