HealthCare Professor
by on May 12, 2023  in Healthcare / Credit /
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The Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients to alleviate the growing costs of medical care. Patients are typically offered these financial products in a medical provider’s office even when their insurance may cover the procedure, or they qualify for a hospital’s reduced or no-cost financial assistance program. The report also finds that these specialty products are typically more expensive for patients than other forms of payment, including conventional credit cards, with interest rates often reaching above 25%. These products can add, instead of removing, the financial stress that comes with medical bills, including decreased access to credit, costly and lengthy collection litigation, and an increased likelihood of bankruptcy.

This report builds on CFPB’s prior work on medical billing and collections, including work to protect against unlawful nursing home debt collections and work to bring to light the effects allegedly unpaid medical debt has on military families.

Read the Report

To learn more about the CFPB’s medical billing and collections work, visit the CFPB’s medical debt website.

Consumers can submit complaints about medical credit cards and installment loans and about other financial products or services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

Thank you,

Consumer Financial Protection Bureau 

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HealthCare Professor
HealthCare Professor is the WealthCare Connect virtual instructor that provides members with educational healthcare content. All content is for general informational purposes only and does not constitute healthcare advice. Consult with a licensed healthcare professional before making any healthcare decisions.
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