Comparing health care credit options
Market flooded with new debit, gift, credit cards to pay for health care
By Connie Prater
Health care providers and card issuers are offering a growing number of options for financing medical expenses. Here is a list of some of the credit options and terms.
See also: Special report: Do credit cards offer health care Rx?, 15 tips for paying high medical bills, Health care credit cards rise to fill insurance gap, CreditCards.com poll results: credit and health care costs, 'MedFICO' score: Good medicine or bad? No credit card, no medical service?, Blog: Americans worried about health care, Bankruptcies near record levels as economy sours, Study: 79 million struggling to pay medical bills and debt
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Credit issuer (type)
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Treatment covered
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Terms, restrictions
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Interest rate
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Credit limit, fees
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CareCredit from GE Money
(credit card)
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Dental, vision, cosmetic, hearing, veterinary from approved provider list
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3 to 18 months with 3 percent minimum payment each month or fixed rate installment loan for up to 60 months; only accepted by GE Money medical providers
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Zero percent if paid in full at end of term or 11.9 percent for fixed rate installment plan
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Credit limit: $4,000 average
Late fee: $15 to $39
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ChaseHealthAdvance
(installment loan)
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Dental, orthodontic, vision, cosmetic, hair restoration from approved provider list
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Three, 6, 12, 18 or 24 months; fixed rate installment loans for patients with good and excellent credit
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Zero percent to 11.99 percent
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Credit limit: $5,000 to $20,000
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Citi Health Card
(credit card)
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Dental, vision, hearing, veterinary from approved provider list
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Three different plans: Zero interest for 3 to 18 months; Budget plan for 48 months at 12.96 percent; Regular revolving credit at 21.98 percent variable interest; only accepted by Citi medical providers
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Zero percent to 21.98 percent, depending on plan
Default APR: 25.98 percent
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Credit limit: varies by account
Late fee: $29 to $35
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HumanaAdvance Visa Card
(credit card)
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Any health-related products or services
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Zero interest; balances repaid within 6 months from payroll deductions. Must sign up through employer
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Zero percent
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Credit limit: $500 to $5,000 depending on salary
Annual fee: $96 paid by employer and/or employee
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Prepaid Healthcare Card
(debit card)
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Approved health-related products and services
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Available through employers’ Health Reimbursement Accounts (HRAs)
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Allows employers to give employees tax-free reimbursements of qualified health expenses
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Load amounts from $25 to $5,000 Fees: $4.95 per card, plus $2.95 to reload and $12.95 to replace lost or stolen cards
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Wells Fargo Visa
(debit card)
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Anywhere Visa debit cards are accepted
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Available only to employees enrolled in high-deductible health insurance plans using health savings accounts (HSAs)
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Employees use their own money or contributions from employers; HSA earns tax-deferred interest
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Credit limit: Based on account balance
Maintenance fee: $4.25/month for individual accounts
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Source: CreditCards.com research and interviews
Note: Terms listed in the chart are subject to change by lenders. Click on the links to the financing options for the most up-to-date terms.
See related: Special report: Do credit cards offer health care Rx?, 15 tips for paying high medical bills, Health care credit cards rise to fill insurance gap, CreditCards.com poll results: credit and health care costs, 'MedFICO' score: Good medicine or bad? No credit card, no medical service?, Blog: Americans worried about health care, Bankruptcies near record levels as economy sours, Study: 79 million struggling to pay medical bills and debt
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