Consumers are being alerted to complaints involving medical financial products with big fees and interest.
The State’s Division of Consumer Protection has issued a consumer alert regarding Medical financial products. A recent Gallup Poll found that Americans’ inability to pay for medical bills has increased, with a disproportionate impact on lower-income households despite the implementation of the Affordable Care Act. This increase in vulnerable patients has created greater interest in medical financial products that include certain credit cards and third-party installment loans designed solely for paying for health care. Common complaints from consumers to the Consumer Financial Protection Bureau include misleading deferred interest terms and fee-related issues like unexpected surcharges and hidden processing costs.
VIC at Paul Smiths
