Paying for expenses related to your health can be overwhelming at times. While it’s not uncommon to have a low co-pay for any doctor’s visit, that doesn’t mean expenses won’t add up. One answer to this problem is to rely on a medical credit card. These days, many people find themselves having procedures done that leave them with mounting bills when insurance doesn’t cover everything.
Medical Credit Card Financing
In the past, people would have to charge medical expenses to their personal credit cards that they likely use for other payments as well. But now it is possible to get a credit card that can only be used to pay your medical bills. Many medical and dental doctors’ offices offer credit card financing.
How To Get A Medical Credit Card
In order to obtain a dedicated medical credit card, you often have to have a high enough FICO score to qualify. This has led to many people that desperately need medical credit being denied. In turn, an increasing number of people are avoiding seeking out healthcare because they know they can’t afford to pay for it.
Issues Surrounding Medical Credit Cards
Countless Americans have gone into debt due to growing medical bills that don’t get paid off. Those that qualify for a specialized credit card often have to pay exorbitant interest rates. As a result, by 2013 it had been estimated that as many as 650,0000 Americans would be forced to declare bankruptcy.
Alternatives To Medical Credit Cards
Due to the issues that medical credit cards have created, patients are often permitted to follow a payment plan to wipe out their healthcare expenses. However, patients have to use the credit cards they already have in order to make this happen. A system called Payment Getaways was devised so that doctors can bill patients’ credit cards each month until their services have been paid for in full. It is up to the doctors’ offices how the payment plan is structured. This allows them to keep treating patients without sacrificing an income.
For more information on a medical credit card, please contact Signal Peak Commercial Capital.