The Truth of Credit

A few of the top health insurance providers have decided to team up with some major banks to make health care credit cards for consumers. These credit cards, which can only be used for medical expenses, are intended to help consumers cope with rising health care costs. Here are some of the cards that I found:

Target-10% discount coupon for every 10 prescriptions filled and paid for with the store card.

Citi Professional- Cardholders get free access to PrescriptionDiscountBenefit.com which offers discounts of up to 60% on prescription drugs. For $8.95 a month, you can add on vision and dental discount program for up to 60% off services and eye-wear.

Bank of America Aetna Healthy Living- Open to any consumer covered by an Aetna insurance plan. Earn three points for $1 spent on health related purchases. Earn one point per $1 spent on other purchases. Redeem points for cash direct deposits to a health savings account.

Bank of America Caremark Visa- Open to any consumer covered by a Caremark drug plan or enrolled in one of its discount programs. Earn two points per $1 spent at pharmacies and one point per $1 spent elsewhere. Earn 50 points for choosing a preferred brand drug under your health insurance plan and 75 points each time you opt for a generic. Redeem points through Bank of America’s rewards catalog which includes health and wellness products like fitness equipment and blood pressure monitors.

The TRUTH is that from a debt management point of view, it’s never wise to use credit to pay for things you can’t afford. Unfortunately, many consumers face the Catch-22 decision of maintaining their health or going into debt. If you’re forced to finance your medical bills, don’t go into it blindly. Choose a health care credit card just as you would any other type of credit card. In addition, try to avoid charging the medical expense until you have a solid plan for paying it off.

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