The outbreak of COVID-19 has caused alarm in many people, especially as there have been projections that its treatment can bankrupt Americans, said Business Insider. Because of this, reporters have been raising awareness on medical credit cards including CNBC. According to CNBC, such cards can help finance medical expenses, but at a cost.
Individuals who have health insurance can rely on their coverage to pay for a doctor’s visit, whether it is connected with coronavirus or not. However, the treatment for the virus can cause patients to rack up thousands in hospital bills. In fact, two Americans who were treated for COVID-19 were billed more than $3,000. These two patients were not infected.
Business Insider also noted that testing for the virus from the Center for Disease Control and Prevention (CDC) is free. As the only facility with well-appointed for testing, the CDC offers assessment to individuals who exhibit flu-like symptoms without a cost. However, only the test is free as the healthcare provider can still charge fees for any related hospital visits and procedures.
This is why reports have been informing the public about medical credit cards. Such products are just like regular credit cards but are geared toward medical expenses. According to CNBC, patients have the option to use such credit cards to cover their bills.
However, the report warned that these “aren’t the best way to fund [the patient’s] well-being.” Furthermore, the article also said that using such products should only be considered “unless [patients] have first exhausted other options of paying [their] medical bill” including financial aid.
CNB also suggests that those who plan to use such credit cards should have a realistic and attainable plan to pay the debt more efficiently. This can be done by taking advantage of interest-free periods.