A new trend in the health care industry is getting no (or low) interest financing for medical procedures such as Lasik eye surgery and tooth implants. Why? Because most insurance companies won"t cover these procedures, and the ever-rising health care costs are becoming simply too expensive.
But some credit companies are offering people a finance option to pay for some of theses expensive procedures.
“There’s a place for credit solutions that are integrated within traditional health insurance programs, when an individual hits that out-of-pocket expense, ” said UnitedHealthcare senior vice president, Tom Beauregard, in this article in the New York Times. “The key is to make it voluntary, to make it simple and to offer favorable credit terms. ”
But be careful. When the loan defaults and the no or low interest period ends — usually after a year or so — the interest rates can go way up.
Insurance coverage makes sure your health costs don"t put you in financial jeopardy. Staying smart with your finances and responsible bill payments can do the same thing (if you ever choose this health care financing option).