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CareCredit: Help Pay for Procedures Not Covered by Health Insurance

Having health insurance does not always mean that 100% of every procedure is covered. Sometimes policyholders are stuck paying for a large portion of the claim.

The financial concern causes some people to put off much needed procedures because the health insurance company will only cover a portion of the expense. The uncovered portion, whether it’s a high deductible or the policyholder’s portion of the coinsurance requirement, can put a large financial burden on the individual. Faced with the possibility of having to delay a much needed procedure because of financial concerns, what is a policyholder to do?

CareCredit Health Care Financing

CareCredit offers healthcare financing to ease the burden of paying for the uncovered portion of health care procedures. Care Credit is not an insurance company. Backed by GE Money Company, CareCredit is a financing option that can be used in conjunction with a health insurance plan.

How CareCredit Financing Works

Individuals considering a procedure that is not fully covered by an insurance company should visit the CareCredit website to apply for financing. Once the financing is approved, the next step is to make an appointment with a health care practitioner that accepts CareCredit. The last step in the process is to select the payment option that works best for the situation.

Submitting an Application

Policyholders have the option of visiting the CareCredit website to apply online, or download and complete the application and bring it to the health care provider. The advantage of applying online is that there is an instant approval process. Be mindful, however, that CareCredit is available for individuals with good credit. If an applicant’s credit report shows a history of excessive delinquencies, high credit balances, judgments or bankruptcy, the chances of being approved is greatly reduced.

Finding a Practitioner

There are several ways in which to find a doctor that accepts CareCredit. Individuals seeking to use this financing option should ask their current physician if they accept CareCredit as a form of payment. In addition to speaking to the current physician of record, applicants can perform a doctor search on the CareCredit website. Currently there are over 100,000 doctors in the database ranging from veterinarians to cosmetic surgeons. All one has to do is to search by zip code and profession.

Selecting the CareCredit Financing Plan

CareCredit offers several monthly repayment plans. They range from no interest (if the balance is paid within 3 to 18 months) or low interest plans which spread the payments from 24 to 60 months. While CareCredit offers a range of repayment plans, health care practitioners decide which of the various plans they will accept. Therefore, CareCredit may be willing to offer a 60 month repayment option, but the doctor determines whether or not such a lengthy repayment schedule is acceptable. Be sure to find out which of the repayment plans a practitioner accepts prior to having the procedure performed.

CareCredit and Health Care Insurance

CareCredit is not an insurance company and does not approve or deny claims. Think of it as a supplement to any health insurance plan. It gives policyholders additional options for paying the uninsured or patient’s portion of health care procedures.

About the author: Felicia A. Williams is a former insurance broker who is now a freelance writer.

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