Carecredit, the credit card issued by health care organizations and lenders can be used by individuals for meeting their out-of-pocket health expenses. It is a short-term financing facility offered to patients. It doesn’t replace health insurance policies and enables individuals to meet health expenses that are not covered by standard health insurance plans.
Basic Features of Carecredit
Health care credit cards are designed to facilitate individuals pay for their health care costs that involve paying out of their pockets similar to copays and deductibles. These cards may be used for primary care, if the care providers accept them. These cards operate under the financial model known as deferred interest – when payment is not made at the end of the agreed term, all the accrued interest will be applicable at once. This would be rather very high.
Medical Services Covered by Care Credit Card
Several clinics, hospitals, dental practices, and pharmacies accept carecredit. The accredited medical service providers’ list will be available on the lenders’ websites. All normal medical services are covered by this, out of which a few have been are listed below:
- Vision
- Chiropractic
- Hearing
- Dental
- Other health care services such as imaging and radiology, allergy, orthopedics, physical therapy, podiatry, urology, and vascular surgery
- Pharmacy
Individuals’ Perspective on Care Credit
While it can be used as a convenient financial tool by those who are having only minimal health insurance, interest and fee may turn huge when prudence in payment is not practiced. One benefit is that by using this card, not just the account holder but the family members as well can avail the services. It may be used for pharmacy purchases too.
Overextending payment of bills may land individuals in a situation where financial charges are high and the whole system gets too expensive. Associated fees amount to significant sums, if one doesn’t manage care credit card bills with caution.
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