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Summer Issue



How to pay for healthcare: Understand your options

As more patients take on increased responsibility for their healthcare payments, understanding common insurance terms is an important step when seeking, accessing and paying for care. In addition, being aware of payment options for health and wellness services can make it easier for you to get the care you want and need now — for yourself and your loved ones.

Get Familiar with Important Healthcare Insurance Terms

Premiums and deductibles are often the first expenses you pay for healthcare, so it's helpful to understand what these terms mean and how they can impact your budget. This can make it easier to understand how and where payments are applied — and who is responsible for payment.

  • Premium: What you pay each month for your health insurance plan. Premiums are paid in addition to your plan's deductible, copay and co-insurance.
  • Deductible: The amount you have to pay out-of-pocket before your insurance pays a claim. Your deductible must be met before your insurance will pay for covered expenses, excluding any copay or coinsurance required by your insurance plan.

Here's an example of how premiums and deductibles work:

  • You need knee surgery that costs $3,000.
  • You have a $2,000 deductible you'll have to pay on your own before insurance will cover some or all of the remaining $1,000.
  • You have health insurance with a $300 monthly premium, which doesn't apply to your knee surgery cost.

Understand Your Payment Options

Rising monthly premiums and deductibles can make it challenging to fit healthcare expenses for you and your family into your budget. Payment options — like a healthcare credit card with special financing and online account management tools — can help make paying for healthcare more convenient and budget-friendly. This helps you prepare with a way to pay each time you visit your healthcare provider.

For example, in the situation above, you could finance the $2,000 out-of-pocket costs for your knee surgery over time in convenient monthly payments.*

You can also make a payment to your healthcare provider up to 120 days after your visit, or up to 30 days in advance, using Pay My Provider, a secure online portal. You can even choose from convenient promotional financing options.*

Your CareCredit credit card makes it easy to get the care you want and need, when you need it. And you can use your CareCredit credit card at more than 200,000 healthcare provider and health-focused retailer locations nationwide, for yourself and your loved ones. Use our handy locator to find a provider near you.

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