What’s out there today to assist patients with payments—and what does it cover?
PATIENTS LOVE PREMIUM OPTIONS, but how can you soften the sticker shock? With healthcare credit cards, that’s how.
As Ted McElroy, O.D., says about his Vision Source Tifton, GA, location, “Guests want to get the eye care I recommend and the eyewear they want, but may have other financial responsibilities or priorities. CareCredit is often a great solution.”
An additional benefit? Consumers are likely to spend more. According to the February 2016 Nilson Report, for every $1 in healthcare spending on a typical card, a CareCredit cardholder spent $4.46.
While all-purpose cards always work, here’s a look at some medical-specific credit cards that cover vision in a variety of ways. COT! —Stephanie K. De Long
OTHER OPTIONS
The chain you’re affiliated with may have its own card. Pearle Vision’s Pearle Preferred Card offers a new-account APR of 29.99%.
And, don’t forget organizations. Chase, for example, offers card-processing benefits to AOA members.
CARECREDIT
WHAT IT IS:
The granddaddy of medical credit, CareCredit, from Synchrony, definitely controls the lion’s share of the visioncare credit market. It partners with several chains, including VisionWorks and National Vision, and is currently accepted at more than 220,000 healthcare providers. CareCredit is used a whopping 52,000 times per weekday in the U.S.
THE BASICS:
Six-, 12-, 18-, or 24-month deferred-interest payment plans are available.
» carecredit.com
+ UNITED MEDICAL CREDIT
WHAT IT IS:
A different twist on visioncare financing, it primarily covers elective procedures—including LASIK and cataract surgery.
THE BASICS:
Finances up to $35,000.
Covers elective procedures.
» unitedmedicalcredit.com
+ WELLS FARGO HEALTH ADVANTAGE CREDIT CARD
WHAT IT IS:
Billed as “a credit card with budget flexibility for health care expenses,” it offers a revolving line of credit for use at dental, veterinary, vision, or audiology offices that accept the card.
THE BASICS:
12.99% APR for new accounts.
Deferred interest, six-18 months.
» retailservices.wellsfargo.com/healthadvantage.html
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