Having insurance doesn’t necessarily eliminate out-of-pocket healthcare costs. That’s why it’s important to know your payment options which include medical loans, credit cards, and healthcare savings accounts.
Watch the video to learn more about Out-of-Pocket Payment Options, then test your knowledge at the end of the lesson.
Which of the following is the first action you should take for a medical bill you can’t afford to pay all at once?
A. Apply for a medical loan
B. Use a credit card
C. Take out a personal loan
D. Set up a payment plan
With medical credit cards, interest is often deferred on qualified medical expenses. If you pay off the balance within a certain timeframe, you can avoid interest charges.
A. True
B. False
A Flexible Spending Account, or FSA, works in all of the following ways except:
A. Annual amount is designated for the contribution limit
B. Annual amount is divided by number of annual paychecks
C. Contributions are pre-tax, lowering taxable income
D. Funds roll over to the next year if they’re not spent