Even healthy consumers feel the pain of skyrocketing health-care costs.
A family of four pays nearly $3,300 in insurance premiums each year, according to Kaiser Family Foundation, a nonprofit health policy and research firm. Tack on deductibles, co-payments, prescription drugs and uncovered services, and the bill is closer to $6,700.
Some relief is being offered by a surprising source: credit cards. Now, consumers can earn cash for their health-savings accounts, and discounts on prescriptions, as well as dental and vision care by paying for their medical expenses with plastic. Bank of America offers two such credit cards. Citibank's card offers discounts of up to 60% on prescription drugs. HSBC is market testing a debit card linked to drugstore CVS's Extra Care rewards program. Even Target is in the game, offering a 10% discount coupon for every 10 prescriptions filled and paid for with your store credit card.
Used wisely, however, these cards can offer decent savings for cardholders. With the Citi Professional card (see chart), for example, an uninsured consumer could pay just $158.45 at CVS for a 60-dose disk of asthma med Advair — a 12% discount off the regular price of $180.99. Assuming the inhaler is used twice a day, the savings would come to $270.48 over the course of a year. With the Aetna Healthy Living card (see chart), the average $2,081 paid out of pocket to heal a compound leg fracture would garner a $25 rebate check.
It appears that CVS Drugstore is one of the test markets for this.
Posted: Tue Jan 29, 2008 04:27 am Post Subject:
It'll bring some relief to people, who are suffering from the ballooned health care cost. Medical bills remained the biggest cause of bankruptcy in America. Its really an astounding effort by the banks. Hope the other financial agencies will soon join hands to prevent people form losing their assets over the unmanageable medical bills.
Posted: Tue Jan 29, 2008 04:39 am Post Subject:
Medical bills remained the biggest cause of bankruptcy in America.
No wonder! that people now prefer to fly to the developing countries for treatments. They are receiving the same standard of medical facilities at a cheaper rate. And because of these reasons medical tourism is gaining so much popularity.
Posted: Tue Jan 29, 2008 04:50 am Post Subject:
Thanks, Mega for sharing such an important information with us. The schemes are sounding really interesting, but there is one single thing thats bothering my mind.........the unwise use of the plastic money has already forced many families to live in debt, hope this scheme won't promote another vicious-cycle of debt in the society.
Posted: Tue Jan 29, 2008 12:53 pm Post Subject: I agree,
Credit Cards purchase of any kind are a last resort around this household. And then we try to pay them off before any interest has a change to accumulate. I think this will provide some much needed help but like you state it should be used wisely.
Would not be much help to use them to help on health cost only to have any savings you received eaten up by high interest charges.
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