Insurers are waiving the cost of COVID-19 diagnostic tests out of pocket, and some are waiving participation fees associated with testing as well. It is imperative that you inquire with your insurance company and that you inquire about the exact changes or benefits that are canceled and their duration. However, if you need treatment for COVID-19, you can still incur significant medical bills. So keep abreast of the health policy design related to the cost of COVID-19 as it evolves rapidly.
At this age, many people pay most of their purchases with their credit card. Some also do this with their medical bills. However, the question is: is it advisable to pay your COVID-19 medical bills with your credit card? It depends on whether the following points should be considered when deciding whether or not to pay your medical bills with your credit card.
Benefits of using your credit cards to pay medical bills
Acceptance: Credit cards are generally accepted and are always sufficient if a service provider does not accept checks. It is also a great option in situations where you cannot issue a check or cannot pay cash for an intervention.
Convenience: Credit cards are very easy to obtain if you meet your credit requirements. It’s so simple, you can get one almost immediately after you apply.
Interest rate: Credit cards sometimes offer a campaign period with low interest rates or no interest. It gets even better if you use one with a 0% APR period. This means that your interest is only accrued after the expiration of the APR period.
report late payment to the office. Fortunately, health care providers cannot report late payments for at least six months. This way you have more time to protect your creditworthiness.
Increase in debt: many medical debts do not bear interest. However, if you have a credit on your card and you don’t have a 0% rate, you can earn interest by using your card to pay your medical bills.
Additional steps to pay medical bills
Know your payment options: Don’t wait until there is an emergency before knowing your payment options, because emergencies are not the best time to make smart money decisions.
Check your doctor’s bills: your bills might be buggy. So always make sure you don’t pay for mistakes or double bills.
Confirm Insurance Coverage: Make sure your insurance covers what it should. It may take a few phone calls to your insurer if your policy brochure is unclear.
Negotiate your bill: you can negotiate everything, including health. You can try to negotiate reduced credit with your health care provider using your insurer’s average cost or online resources. However, keep in mind that each circumstance is unique and your situation may be more complex.
Bill Payment Plans: Most likely, your health care provider is open to a viable payment plan. Maybe you can only pay X at this point, but you can pay more in 60 days. Ask your provider to take your situation into account, taking into account that your doctor or medical establishment also operates a business.
Get a Home Equity Line of Credit: If you own a home, you can get a medical loan at sensitive interest rates. However, you could lose your home if you don’t pay it back. Therefore, you might want to try to get a loan from your family or friends.
Filing for bankruptcy: Although it may seem extreme, you can consider it if other options prove unsuccessful and your debt ceiling is so high that you need a fresh start.