Health Care Credit Cards Curb Costs, But Increase Debt
Kelley M. Butler writes for Employee Benefit News about banks and health plans teaming up to develop health care credit cards that they hope will reduce the increased out-of-pocket costs for employees.
For example, medical providers generally do not charge interest and penalties to patients with unpaid balances, as credit companies do. With Kaiser's card, the 9.9% interest rate only holds for one year; after that the interest rate skyrockets to 23% on unpaid balances, according to news reports, which can plunge consumers into medical debt if they aren't aware of the fine print.
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