“Higher Bills Are Leading Americans to Delay Medical Care
Inflation and pressing household expenses are forcing some people to postpone health needs, an emerging trend that has health experts worried that conditions may only worsen.” according to the New York Times.
Deductibles and co-pays for specialists, diagnostic imaging, procedures, surgery centers, hospitals and post procedure recovery appear daunting.
What many patients may not know, however, is there are multiple options for financing out of pocket costs related to medical care. Using a credit card is the first option that comes to mind for most. However, current credit card interest rates range from 18-27% (or more). Other options with lower rates DO exist.
Some alternative include:
• In some cases, medical practices offer their own or associated financing. Check with your provider’s financial office to see if in-house financing is available.
• Home Equity Line of Credit (HELOC): A HELOC is a draw against home equity. A credit score of 680 or above is generally required. HELOC funds can be available to draw on. Payments are made on the money you “draw” (use) plus interest.
• Rates do adjust according to changes in the market. Current rates are approximately 9%.
• Buy Now-Pay Later Programs
• For some programs, credit checks are required. Other don’t.
• Multiple finance options are available that allow patients to split costs into 4 or 6 payments, many times with no interest.
• When costs are financed beyond 4-6 payments, interest is applied, and varies with the length of time chosen for repayment and the amount.
Learn More at: https://www.nerdwallet.com/article/loans/personal-loans/buy-now-pay-later-health-care
