Should You Get a Medical Credit Card?
It’s no secret that healthcare in the U.S. is difficult to afford, even for those who have insurance. In fact, roughly 20% of U.S. households have some amount of medical debt—and in 2021, more than half of all bills in collections were medical.High out-of-pocket costs and unexpected bills may make medical financing options like credit cards and loans sound like the best option for paying for everything from hearing exams to elective dental procedures to emergency room visits. Your provider may even promote medical credit cards like CareCredit (which has 11.7 million cardholders) and medical loans offered by companies like AccessOne, Cherry, and PayZen.However, while medical cards and loans may be convenient and come with attractive payment plans and promotional rates, you may end up with m...