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.

Credit issuer (type)	Treatment covered	Terms, restrictions	Interest rate	Credit limit, fees
Capital One Health Finance (installment loan)	Dental, vision, cosmetic, fertility from approved provider list	18, 24, 36, 48 or 60 months; fixed rate installment loan	1.9 percent to 23.99 percent	Credit limit: $300 to $25,000 Late fee: $29
CareCredit from GE Money (credit card)	Dental, vision, cosmetic, hearing, veterinary from approved provider list	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	Zero percent if paid in full at end of term or 11.9 percent for fixed rate installment plan	Credit limit: $4,000 average Late fee: $15 to $39
ChaseHealthAdvance (installment loan)	Dental, orthodontic, vision, cosmetic, hair restoration from approved provider list	Three, 6, 12, 18 or 24 months; fixed rate installment loans for patients with good and excellent credit	Zero percent to 11.99 percent	Credit limit: $5,000 to $20,000
Citi Health Card (credit card)	Dental, vision, hearing, veterinary from approved provider list	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	Zero percent to 21.98 percent, depending on plan	Credit limit: varies by account Late fee: $29 to $35
HumanaAdvance Visa Card (credit card)	Any health-related products or services	Zero interest; balances repaid within 6 months from payroll deductions. Must sign up through employer	Zero percent	Credit limit: $500 to $5,000 depending on salary Annual fee: $96 paid by employer and/or employee
Prepaid Healthcare Visa Gift Card from Highmark Inc.	Doctor's visits, pharmacy purchases, spa, gym and wellness services	Costs $4.95 plus $1.25 shipping and handling. Not reloadable. Only accepted where Visa debit cards are accepted	None	Denominations: $25 to $5,000 Dormancy fee: $1.50/month if unused after 9 months
Prepaid Healthcare Card (debit card)	Approved health-related products and services	Available through employers’ Health Reimbursement Accounts (HRAs)	Allows employers to give employees tax-free reimbursements of qualified health expenses	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
Wells Fargo Visa (debit card)	Anywhere Visa debit cards are accepted	Available only to employees enrolled in high-deductible health insurance plans using health savings accounts (HSAs)	Employees use their own money or contributions from employers; HSA earns tax-deferred interest	Credit limit: Based on account balance Maintenance fee: $4.25/month for individual accounts

Source: CreditCards.com research and interviews

Updated: July 23, 2008

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