CFPB, U.S. DHHS, and Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Costs
July 10, 2023
The CFPB U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that are pushed on patients as a way to pay for routine medical care and which drive up health care costs and medical debt. Medical payment products were once used primarily to pay for care not traditionally covered by health insurance plans, such as dental and vision care, fertility services, and cosmetic surgery. However, medical payment products are now also used to pay for a broader set of services, including emergency room visits and primary and specialty care. Even when medical care may otherwise be covered by insurance or financial assistance, patients may be pitched these products by their health care providers who then pass the administration of patient billing and collections over to financial service companies.
Posted in Compliance Resources.