In New York state, the attorney general has launched an investigation into medical credit cards. credit cards with a very high rate are marketed to patients that are in the office and need money now. These medical credit cards offer an instant money advance to patients who need help.
The operational workings of medical credit cards
A few financing businesses specialize in medical credit cards. The financing is intended for medical bills, but it also charges a very high interest rate. The doctor or dentist will get their money easily, and the credit card business gives them additional cash based on how much is charged on the card.
Medical credit cards being investigated
Patients in a financial bind are likely to see medical credit cards as a good answer. The New York Attorney General is investigating the alleged deceptive practices of these credit cards. Often patients aren’t informed of the high interest rates or payments on these cards. According to the attorney general, the investigation may also contain the kickbacks. By wearing the hat of both a finance adviser and a medical adviser, doctors may well be violating both their ethical and legal responsibilities.
The high cost of medical care
The provisions of the new health care do address the cost of health care, but numerous changes have yet to happen. Health care debt is the leading cause of personal bankruptcy in the United States. These credit cards are marketed as no credit loans to help patients pay down their bills. The debt problem, in the end, though, is compounded with the high interest rates. Medical credit cards grew out of the truth that medical bills are a huge concern – and until medical costs are addressed, products like this will exist.
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