FROM: HOLLEY
CARNRIGHT
DATE: DECEMBER 5,
2013
RE: PRESS RELEASE – BEWARE PITFALLS OF MEDICAL
CREDIT CARDS
With increasing
numbers of health care professionals urging patients to use medical credit
cards (e.g., CareCredit, a subsidiary of GE Capital Bank) to pay for treatments
not covered by their insurance plans, Attorney General Eric T. Schneiderman
issued a consumer alert on the risks associated with health care financing. A
copy of this alert is available from the Ulster County District Attorney’s
Division of Consumer Affairs.
Consumers should
consider these tips to avoid problems associated with these cards and lines of
credit:
·
Give
yourself time to understand the terms of financing. Take the time to read the
entire contract; don’t rely on a sales pitch.
·
Resist
any pressure to apply immediately, even though it is your provider who is
offering you the financing.
·
If your
provider tries to charge you in advance of treatment, ask to be charged for
each visit separately instead.
·
If the
services will span more than one visit, you may ask for a detailed treatment
plan.
·
If
applying for deferred interest (“no-interest”) financing, understand how the
deferred interest will accrue and when it will be imposed. Understand the
monthly payments you must make in order to avoid interest.
·
Ask your
provider for alternative payment options, such as an in-house payment plan. Once
you sign up for a credit card or other financing, you may have more difficulty
addressing billing matters with your provider.
·
Make sure your insurance coverage, if
any, is exhausted before using a credit card or other financing.
Consumer Affairs can
be reached at 340-3260.
