Medical credit cards most welcome at dentist offices
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Medical credit cards that are increasingly touted as a solution to health care debt are far likelier to be accepted by dentists than other practitioners, according to a new study published in JAMA Health Forum.
Why it matters: The cards guarantee providers payment in full. But patients aren't always aware of the strings attached, like an average annual interest rate of nearly 27%.
Catch up quick: Medical credit cards have been used to pay $23 billion in health expenses. Issuing institutions like Wells Fargo, Alphaeon and CareCredit pay providers, and patients pay back the sum at a later date.
What they found: More than 180,300 U.S. medical practices contract with card companies. More than two-thirds (67%) of dental practices accept them, with about 46% of podiatry and 30% of chiropractic offices commonly using the arrangement.
- University of Chicago researchers used search features on the websites of the three major medical credit cards to identify practice locations that accept the cards.
- Participating offices were especially prevalent in the Northeastern U.S., the study found.
Between the lines: Medical credit cards are often used for services that aren't covered by insurance, but the researchers found that commonly covered specialties like dermatology and imaging also frequently contract with credit card companies.
The fine print: Since the data was collected at the end of 2023, Wells Fargo has stopped accepting applications for its medical credit card.
- However, the move is unlikely to change the study's conclusions because the other two credit card companies in the space are much larger, said Joseph Bruch, study author and assistant professor at the University of Chicago.
