Billions to Visa
In 2001, patients charged $19.5 billion in health care services to Visa cards.
Medical debt is a huge issue in America. Poorer Americans are turning to credit cards to pay medical bills, creating more debt by rendering the medical debt invisible and subject to more fees. A national survey looked at the amount of accumulated debt for those with and without major medical expenses. Presented here is how that survey was conducted, what the findings show and recommendations for getting America out of debt.
To squelch defaults, some medical providers are encouraging the use of credit cards, so much so that the financial industry developed “medical credit cards” designed specifically to pay medical bills. It’s to the point that some health insurers with financial providers are offering high deductible insurance with lines of credit to meet the increased out-of-pocket expenses. Even Health Savings Account servicers are incorporating lines of credit into products.