Medical credit cards can help fill the gap between insurance plans when a procedure is needed but not covered and has an expense a patient is unable to pay immediately. As with anything, you’ll need to know the pros and cons of medical credit cards before making a decision. Learn the good, the bad, and the ugly of using medical credit cards.

How Does a Medical Credit Card Work?

Think of it as a store brand card. With a branded card, it can only be used at that specific store. Medical cards are used in a similar fashion. It can only be used for specific procedures and expenses. It would be used toward applicable expenses after all insurance options are utilized. Some expenses and procedures commonly covered include general health care, dental work, vision surgeries, physical therapy, chiropractic care, and more. Which procedures are covered varies by the card chosen. So it’s important to choose the correct one for your needs.

Why Do I Need A Medical Credit Card?

If you have expenses left that insurance won’t pay and you cannot pay another way, a medical credit card may be of use to you. Medical conditions can worsen if left untreated. Having a card can give you peace of mind if you would not otherwise be able to afford what needs to be done. Like any other card, there will be smaller payments, as opposed to trying to come up with large amounts upfront.

When Should I Avoid A Medical Credit Card?

Look at the fees associated with the card. Are you able to handle the monthly fees that would arise? Some cards can have high APR and this interest can be a downfall for some. Check the interest rates before deciding whether to apply. If your credit score is very low, you might not qualify, and apply for any line of credit can sometimes affect your credit score.

Sometimes medical professionals receive incentives for working with a specific medical card company. Contact Magis Funding for help deciding on the right options for you.