Insurance companies are waiving out of pocket expenses for COVID-19 diagnostic testing and a few are also waiving visit costs associated with screening. It is imperative you check with your own insurance and keep abreast of state to federal changes for the exact assessments or services that will be waived and through what time period. However , you could still incur substantial medical expenses if you require treatment for COVID-19 so keep up to date with healthcare policy design surrounding out of pocket costs for COVID-19, as it is quickly evolving.
In this age, many people spend on most of their purchases with their bank cards. Some also do this with their medical bills. However , the question is: is it a good idea to pay your medical bills to get COVID-19 with your credit card? It depends. Below, are points to consider helping you decide regardless of whether you should use your credit card to pay your medical bills or not.
Pros in order to Using your Credit Cards to Pay for Medical Bills
Acceptability: Credit cards are widely approved, and they always suffice when a company doesn’t accept checks. It is also an excellent option in situations when you aren’t write a check or pay cash for a procedure.
Convenience: Credit cards are very easy to obtain if you meet your own credit requirements. It is so easy, you may get one almost immediately after applying.
Interest Rates: Credit cards sometimes offer a low-interest or even no-interest promotional period.
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It will get even better when you use one with a 0% APR period; with this, your interest does not accumulate until the APR period is over.
Rewards and Perks: You can find rewards from your credit card provider if you use cards in offsetting bills.
Create Positive Payment History: Your bank card can help you develop a positive payment background credit if you make your payments on time.
Cons of Using Credit Cards in order to Offset Medical Bills
Insurance: Make sure to know exactly what your insurance addresses, as getting your money back after spending with your credit card can be tedious plus take very long. There’s a high opportunity insurance coverage related to COVID-19 treatments can change, as it is a new health issue.
Poor Credit Score: You can hurt your credit score terribly if you default on a credit card transaction for over thirty (30) days, and your provider reports the late transaction to the bureau. Fortunately, health care companies cannot report your late obligations for at least six months; this way, you have more time to protect your credit score.
Increased Debt: Many medical debts do not carry interest. However , if you take a balance on your own card and you do not have a 0% rate, you can accumulate interest when utilizing your card to pay off medical expenses.
Additional Steps to Take When Paying out Medical Bills
Know Your Payment Options: Do not wait until it comes with an emergency before you know your transaction options as emergencies are not the very best times to make wise money decisions.
Double Check Your Medical Bills: Your bills could be saddled with mistakes. So , always check to be sure you are not paying for errors or duplicate bills.
Verify Insurance Cover: Make sure your insurance covers what it should. This may take a few phone calls to your insurer if your plan policy booklet is unclear.
Negotiate Your Bill: You can negotiate anything, including healthcare. You can attempt to negotiate a lower balance with your healthcare provider using average cost estimators from your insurer or even online resources. Remember, however , each circumstance is unique and yours may be more technical.
Bill Payment Plans: Most likely your healthcare provider will be open to a workable payment plan. Maybe at this time you are able to only pay X but in 60 days you can pay more. Ask your provider to consider your circumstance while keeping in mind your physician or medical facility is also running a business.
Get Home Equity Personal credit line: Owning a home could get you a medical loan with sensible interest rates. However , you could lose your home if you do not pay back, so you may want to try getting a loan from family members or friends.
File for Bankruptcy: While this might seem extreme, you can consider it when other options prove fruitless and your debt ceiling is such that you require a fresh start.
Making use of your credit card to pay for your medical bills, including coronavirus treatment, can be a fast solution, however , it may cause additional long-lasting negative consequences. Evaluate your situation and all available options.