National Student Loan and Credit Report Debt Attorney

Medical Patients Mired in Costly Credit Cards From Doctors

Medical Patients Mired in Costly Credit Cards From Doctors
Rate this post

American health care is forging a lucrative alliance with American finance.  Many doctors, dentists, hearing aid centers, and pain clinics are urging patients to open credit cards and lines of credit in the health care provider’s office to pay for treatments not covered by insurance.  According to the consulting firm McKinsey & Company, in 2010, people in the United States charged about $45 billion in health care costs on credit cards.

Many of these medical credit cards charge no interest for a promotional period, but if the debt is not paid in full by a certain date then interest in excess of 25% begins to accrue.  Just like traditional credit cards, if a patient is late on his or her payment, then additional fees and interest are charged.

Some medical practitioners refuse to promote them because they believe it exploits the traditional relationship between the medical provider and the patient.  Medical practitioners have a financial incentive to recommend financing because it encourages patients to have procedures or purchase products they might forego because they are not covered by insurance.

Regarding medical credit cards, Cameron P. Kmet, a chiropractor has urged medical providers to ask themselves if “this is something that you would recommend to a family member of friend.” The answer, he said, is usually no because “one missed payment can really ruin a patient’s life”.

For the entire article:

If you or someone you know is overwhelmed with medical credit card debt, schedule a consultation with one of the attorneys in our firm to discuss settling your medical debts for a fraction of what you owe.


Medical Patients Mired in Costly Credit Cards From Doctors was last modified: October 12th, 2017 by Kevin Fallon McCarthy
The following two tabs change content below.
Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
Call 855-976-5777 or Chat Now
  • How much do you owe?
    Select your approximate debt.
    Less debt
    More debt
  • The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.