Credit Claims For Boston Health And Wellness Professionals: Attorney Insights For Financial Success – Perinatal and pelvic specialty physical therapy in suburban Boston. We are here to help you regain energy, increase mobility, and reduce pain during life’s most difficult times.

We strive to provide the best care to our patients. We believe in finding the root cause of our patient’s concerns, using a holistic, whole body approach.

Credit Claims For Boston Health And Wellness Professionals: Attorney Insights For Financial Success

We will always meet you where you are, and we will never tell you to stop doing the things you love.

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We are a perinatal and pelvic floor physical therapy clinic in Metrowest Boston. See what our patients say…

In addition to exceptional patient care, MomLife is passionate about maternal and pelvic health outreach in our community. Check back for community events and collaborations, and other exciting hospital updates!

MomLife Health was created by a busy mom who understands the challenges of using other important things in life to navigate self-care. Often, women do not get the support they need from the medical community at this critical time. There are many challenges in motherhood, but we want to simplify the process of self-care by providing physical and health treatments that are good for you. Our goal is to make your personal care a priority. Patients facing bills for everything from dental care and eye care to cosmetic surgery are sometimes offered an alternative to large medical bills, in the form of a health credit card they can pay off over time. go. . For years, people have used such cards to pay for procedures not covered by health insurance, such as dental care.

But Massachusetts senators Elizabeth Warren and Ed Markey have begun to look into companies that offer such cards, writing to the executives of Synchrony Financial and Wells Fargo & Company that the promotion of health credit cards could be animal, and the gift can lock people. in plans and hidden terms that are worse than other payment plans.

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“The concern here is the current structure of our health care system that often requires patients to enter health care to get the services they need,” the lawmakers wrote. “In that situation, patients – often stressed by concerns about their health care – are pushed and locked into a medical credit card even though there are other payment options that may be more beneficial and offers low interest rates.”

Lawmakers have asked Synchrony and Wells Fargo to provide information about the number of cardholders, average balances, interest rates, cancellation rates, all hospital partners, and more, as they look into possible financial damage. ability to do.

Wells Fargo declined to comment. In a statement, a spokeswoman for CareCredit, the health credit card brand that operates under Synchrony, said protecting consumers is “a top priority” and said it is working to respond to seniors’ requests.

“CareCredit works hard to ensure our products are offered fairly and in clear, simple, clear terms so consumers can make informed decisions about financing their care. A underwrites each credit card application based on the customer’s eligibility and ability to repay the balance,” a spokesperson said.

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Synchrony Financial’s CareCredit, one of the largest issuers of such cards, has 12.7 million cards, according to the letter. In Massachusetts, many healthcare facilities accept CareCredit, including providers of dental, vision, and hearing care, primary care hospitals, surgery centers, and others.

Wells Fargo also offers a health benefits card, which can be used for dental, dental, veterinary or vision care and is also used by many Massachusetts businesses, according to its website.

Although the cards are not new, their use is growing. CareCredit, which started in 1987, launched a co-branded credit card with Walgreens last year, in addition to signing partnerships with major health systems in other states. Synchrony reported that its health and wellness portfolio, which includes CareCredit, is worth $2.3 billion, or 15 percent of its total interest and debt payments for 2021, according to the company’s year-end financial data.

Consumers often learn about health credit cards from health care providers, who make the products available to patients or customers, according to a 2014 report from the US Government Accountability Office. . Often, service providers participate in the economy – of the 130 CareCredit professionals they work with, more than 80 are paid sponsors connected to member registration and credit card programs health, according to the company’s financial statements.

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Signed at the Wells Fargo bank branch in New York on Jan. 13, 2022. Massachusetts Senators Elizabeth Warren and Ed Markey wrote in a letter to the executives of Synchrony Financial and Wells Fargo & Company that the promotion of health credit cards could be predatory, and that the offer could lock people out in plans and hidden terms that are worse than other payment plans.Victor J. Blue/Bloomberg

Despite the proliferation of such cards, lawmakers are concerned about some of the issues, including that CareCredit’s interest rate is as high as 26.99 percent — much higher than the average 16.27 percent for credit cards. others, according to the letter.

Patients may also miss out on more affordable payment plans. For example, Mass. General Brigham, the largest health system in the state, offers a 0 percent monthly interest payment plan for most debts, along with other financial assistance programs. Health System says it does not work with health credit card issuers.

Medical credit cards can also hurt a person’s credit score, as they are considered credit card debt. However, medical bills are treated more favorably with traditional credit cards. Last year, the nation’s three largest credit bureaus — Equifax, Experian, and TransUnion — agreed to remove fully paid medical bills from credit reports. Starting next year, credit bureaus will no longer include medical bills totaling under $500 on credit reports.

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The limit for the card is sometimes set at the cost of the service, maxing out the card and damaging the credit score in the process, the letter to lawmakers said.

Many drug credit card companies also advertise “interest-free” periods ranging from six to 24 months. However, those cards offer variable interest rates, in which interest increases and is charged back. if the entire balance is not paid by the end of the validity period. In 2013, CareCredit, a division of GE Capital Retail Bank, was ordered by the Consumer Financial Protection Bureau to pay $34.1 million to consumers who were allegedly involved in fraudulent credit card registration procedures. – to mislead, and to change the customer’s statement.

Andrew Cohen, director and attorney for access to care and insurance coverage at Health Law Advocates said, “They are predators and make people have debts and interests that sometimes they shouldn’t have at all. ” organization focused on Massachusetts.

Cohen said he’s seen cases where people have taken out medical credit cards to pay for dental implants, which MassHealth doesn’t cover. However, people don’t know that their insurance will cover other services such as minor or full dentures.

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“Even the other problem is, this is not just a credit card company,” Cohen said. “This is a doctor or dentist you should trust. But they and this company have problematic issues for consumers to interact with.”

Medical credit cards add to the growing problem of health care costs. In Massachusetts alone, 13 percent of residents report having a family health bill, according to a survey of Massachusetts residents released in July. Of those with family health bills, 88 percent got all of those health bills covered because they and their family members had health insurance.

In 2007, a study by Warren and others found that medical bills accounted for more than 60 percent of the bill.

Providers may be encouraged to use medical credit cards to save time and resources in communicating with the patient’s insurance company, or instead enrolling patients in payment plans. But ultimately, lawmakers said, such cards could “only increase the financial burden of unaffordable health care.”

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