Medical Credit Cards: Help or Hinder
Anyone who has ever needed to have an expensive medical procedure that is not covered under health insurance has been left worrying about how they are going to pay the bill, especially when the issue is the health of a beloved pet. To that end many credit card companies have been issuing medical only credit cards, but are these cards really a good idea?
An article in the Modesto Bee on August 15, 2011 written by Susan Tompor takes a closer look at the pros and cons of medical credit cards.
According to the story, a Pickney, Michigan woman was in need of a set of dentures and because her health insurance did not cover them she decided to apply for and obtain a medical credit card to have the procedure done. She then stepped into a financial nightmare.
The story goes on to tell us how the dentures were not made or fitted properly and the dental office, Allcare Dental, a nationwide chain with stores in several states, went out of business leaving Ms. Lafata “holding the bag” and out more then $5,500 in debt to the credit card, and she can not get her teeth finished.
Although the dental office closing is a large part of the problem another issue faced by Ms. Lafata is the fact that the 0 percent introductory rate on the card has since jumped to 22%. Some cards have even worse rates. So should you open a medical credit card?
"In general, we think it's a bad idea," said Mark Rukavina, director of Access Project, a Boston-based advocacy group that deals with medical debt. "The practice of having medical providers promoting these cards should stop," Rukavina said.
The bottom line is that if you are 100% positive the doctor’s office will be around and if you can afford to pay off the card before the introductory rate ends then these cards could be an excellent way to obtain the medical care you need that is not covered under your insurance policy but thoroughly understand ALL the terms before you sign on the bottom line so that you are not left “holding the bag.”
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