Care Credit is a way to pay for health care costs that aren’t covered by your insurance, so you don’t have to pay for them all at once, and can finance them the same way you’d finance any other high-dollar purchase. But let’s explore just how much you’ll be paying for this privilege and whether or not it’s best option for you.
Health care costs can come on unexpectedly, and unless you have the right insurance plan or emergency savings on hand, you’ll be left to foot a pretty hefty bill. This can quickly lead to a credit problem if you can’t pay it, and you’ll soon have a collection agency bugging you to settle your bill. But what if you could finance these costs for a reasonable fee, protecting your credit and spreading out your out-of-pocket expense over time? That’s the premise of Care Credit.
The main claim of Care Credit is that they’ll help you pay for procedures that fall through the cracks of what most insurance plans will cover. From cosmetic procedures that aren’t typically covered to vision procedures like LASIK that can cost an arm and leg they say they’ve got you covered. They even say they can help cover the cost of veterinary expenses for your pet, which can definitely pop up when you least expect them, and can sometimes put you in the horrible position of making a choice about your pet’s health based on the funds you have currently available.
Any health care product carries with it a bit of hype because there are a lot of emotions involved in the health of ourselves and our loved ones. Plus it can be scary to think about all of the gaps that most health insurance plans have, and what you would do in the event that something happened that isn’t covered, or how you would pay for something that you want or need done but isn’t covered on your plan.
The cost of Care Credit will depend on how much your health care procedure costs, and whether you pay it off in the promotional period or not. On each purchase you make with it they will determine how long you have to pay it off before interest starts accruing. You’ll need to make minimum payments on it each month, and you’ll have between 6 months and 2 years to pay off the balance. If you don’t pay off the balance they will apply an interest rate of 14.9% and it will go back to the date that you originally made your purchase. So under the best circumstances this can help you pay off big purchases over time for free, and under even the worst circumstances it is pretty much like using a credit card or other line of credit.
You’re committing to paying off the bill, the same as you would with any other line of credit. They will lay everything out for you at the time of the transaction so that you know when your first payment is due, how much your monthly payments are, and how long you have to pay it off before interest starts being applied. You’d want to treat this with the same care that you would your other lines of credit, since it will show up on your credit report if you do not pay it off as agreed.
The Care Credit concept addresses several problems that consumers run into in regards to health care costs, and this is something that needs to be available for the majority of households across the country. Without it you’re stuck waiting to save up for a procedure that you want done now, or you’re left to try to figure out how to pay for things out of pocket at the time it happens. This can often trickle over to your monthly budget and start affecting your lifestyle. Since they set it up so that you get a built-in grace period, this helps buy you some time so that you don’t have to deal with an emergency right on the spot. It also let’s you get something like LASIK or cosmetic dentistry done now, and then pay for it over time so you can enjoy the benefits right away.
The potential downside is that if you don’t pay it off in the time given – a likelihood on some procedures costing several thousand dollars – you’ll be subjected to the interest fees, set at 14.9% which is a bit higher than the national average, but not as bad as some of the worst credit cards out there topping out at 20% or higher. When you consider your other options it really becomes clear that if you can get approved for Care Credit it makes a good choice.
Final Care Credit Review
Credit Care is getting our Thumbs Up rating for the myriad of different ways you can use it, how much it costs, and what people are saying about it in regards to what it’s like to actually use it. Most have likened it to having a line of credit specifically for health issues, which makes it better than just a general credit card that you can use to buy anything. This insures that you’ll have the line of credit needed for health care costs and to make sure that you don’t use it all up on a big screen TV in a moment of weakness.