Disadvantage of Using Credit Cards To Pay For COVID-19 Medical Bill

 

The disadvantage of Using Credit Cards To Pay For COVID-19 Medical Bill

Insurers are waiving out-of-pocket costs for COVID-19 diagnostic testing and some are also waiving visit costs associated with testing. You must check with your insurance and keep abreast of state to federal changes for the exact tests or services that will be waived and through what period. However, you could still incur substantial medical bills if you require treatment for COVID-19 so keep up to date with healthcare policy design surrounding out-of-pocket costs for COVID-19, as it is rapidly evolving.

In this age, many people pay for most of their purchases with their credit cards. Some also do this with their medical bills. However, the question is: is it wise to pay your medical bills for COVID-19 with your credit card? It depends. Below, are points to consider to help you decide whether you should use your credit card to pay your medical bills or not.

Pros of Using your Credit Cards to Pay for Medical Bills

• Acceptability: Credit cards are widely accepted, and they always suffice when a service provider doesn't accept checks. It is also a great option in situations when you can't write a check or pay cash for a procedure.
• Convenience: Credit cards are very easy to obtain if you meet your credit requirements. It is so easy, you can get one almost immediately after applying.
• Interest Rates: Credit cards sometimes offer a low-interest or no-interest promotional period. It gets even better when you use one with a 0% APR period; with this, your interest does not accumulate until the APR period is over.
• Rewards and Perks: You can get rewards from your credit card provider when you use cards in offsetting bills.
• Develop Positive Payment History: Your credit card can help you develop a positive payment history credit if you make your payments on time.

Cons of Using Credit Cards to Offset Medical Bills

• Insurance: Be sure you know exactly what your insurance covers, as getting your money back after paying with your credit card can be tedious and take very long. There's a high chance insurance coverage related to COVID-19 treatments could change, as it is a new health issue.