Health Affairs July 11, 2023
On July 7, 2023, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) issued a Request for Information (RFI) on medical credit cards and other high-cost specialty financial products to better understand their prevalence, patients’ experiences with them, and the incentives driving providers to offer these products. The RFI is intended to build on recently published CFPB research, which found that these products have become more prevalent in recent years and are likely harming patients who do not appear to fully understand the financial risks associated with them.
What Are Medical Financing Products?
Medical financing products, like medical credit cards and installment plans, are offered to patients to ostensibly...
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