What Are Some of the Dangers of Medical Credit Cards

Who’s ready for some more debt? Well if you raised your hand then meet the medical credit card. These cards, which until recently were marketed towards people looking for elective surgeries, are now being advertised to patients who are struggling to pay for medical bills. What a great time to make money off of human suffering.

Online doctors have seen a disturbing trend of medical facilities offering patients medical credit cards as an alternative to having their medical bills sent to collections and this can result in these people paying incredible high interest rates that they cannot afford. They can use the cards on just about anything medically related like online prescriptions or online doctor care, but the rates are insanely high.

These cards are offered by banks like GE Money and Citigroup and are similar to regular credit cards, but the only difference is that they must be used for health-care expenses. One thing that reels people in is the extended 0% teaser rates they throw at consumers. But, like standard credit cards, if a patient misses a payment or makes a late payment, the 0% rate ends and the interest rates blooms. These cards are being offered to patients who all ready have trouble paying their bills; some are elderly people who rely on prescription online services and online doctor care. There is a high probability that these borrowers will not be able to pay back their balance within the first year. So after that, their rates skyrocket and they find themselves in an even bigger financial hole.
What seem to be driving this trend are the exorbitant out-of-pocket medical costs and a medical community that needs to be paid. Currently, online doctors and hospitals have some $60 billion in unpaid medical bills, annually. With that figure expected to climb into the future. In 2005 alone, consumers spent over $250 billion in out-of-pocket medical bills. This has led the medical credit card companies to target another segment of the market, who are not as affluent as people who would get the cards for elective surgeries. Doctors online have noticed the disturbing trend and are working out ways to end the problem.

Online doctors and prescription online services share the concerns of consumer advocacy groups and always inform their patients that medical credit cards are meant only for elective procedures. It is not advised to get a credit card, with extremely high rates, to pay for medical bills or to buy prescriptions online.

The idea that people can pay for their health care in the same way they buy a new TV was a novel concept to health care providers. But, it may end up costing patients and doctors online more than they bargained for. If everyone is running a line of debt, then the entire market could collapse under its own weight, which would bring prescription online services down and hurt the entire medical community. It’s time to move away from these kinds of debt practices, just be thankful that health care reforms have been passed.

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