Financing Medical Care
When it comes to medical expenses there are a few ways that these expenses can be financed, but you will need to weigh up your options.
Financing Elective Care
Many people will choose to use a loan or a credit card to pay for elective dental care, weight loss surgery, eye surgery or fertility treatments.
There are some medical expense credit cards that people are able to apply online for and get approved almost immediately. This makes them attractive to those that do not want to wait for some medical care.
Understanding the Contracts
Medical financing does have some benefits, but many borrowers end up paying more in interest and late fees because they do not understand their contracts. This can really damage your credit score.
You will need to go through your contract carefully and ensure you understand any promotional terms, what you will be paying once the term has ended and other costs. If you do not understand anything then you need ask.
Getting the Best Deal
If you are considering paying for medical bills with financing then you need to know how you can get the best deal.
The first thing that you will need to do is research. It is not a good idea to go for the first deal you find. Rather spend your time doing research.
There are providers that will not accept medical credit cards and medical credit card issuers will not let you use your line of credit for chronic and acute care, emergency room visits or to finance any existing medical debt.
It might not be a good idea to apply for credit at your doctor’s office as the application process is often rushed.
As with any loans or credit cards, a medical credit card will have interest and fees that you will need to understand. If you do not pay on time then you may incur a late fee that is reported to the credit bureaus, which in turn will affect your credit score.
You could consider using a credit card that you already have especially if it has a low interest rate and you are able to get a higher credit limit. Banks and credit unions may offer better loan terms and credit card offers.
There are some procedures that take more than one doctor visit to complete. You should not allow your doctor to bill your credit card for services they have not yet been provided.