HealthCare Credit Offers Medical Charge Card

HealthCare Credit Inc. in Westlake Village has joined with Pullman Bank and Trust to offer a special Visa or MasterCard to be used for health-care costs not always covered by employers’ insurance plans, including emergency room charges, prescriptions, physician fees and hospital procedures.

The program will be available both through employers and participating health-care professionals.

“We are the first out of the gate with a credit card that provides employers an option to help employees better manage unexpected health-care expenses,” said Glen Uslan, HealthCare vice president for marketing. “Too often, employees in need avoid doctor visits and procedures because they are short of cash. Our program is designed to remove that barrier and encourage a healthier work force.”

Pullman Bank and Trust, a privately owned financial institution, is issuing the cards.

Uslan said both Visa and MasterCard have been eager to get into the health-care cost business, but surveys show consumers are reluctant to tie up their regular credit cards--which they rely on for entertainment and household purchases--with medical expenses.

The HealthCare credit cards may be used only for medical expenses. They have a $25,000 credit limit and an interest rate set at 6 1/2 points above the prime rate, Uslan said. That would make the interest rate 14 3/4% as of last week, compared with other cards that charge interest of as much as 20%.

Also, they will be available to all working people regardless of credit history, he said.

Under the program, employers pay a $39 annual fee for each card. The employer incurs no financial liability for charges made by employees.

Individuals can also obtain the credit card through participating health-care professionals.

Ventura County is the first area where the cards will be issued, Uslan said. Ventura County Medical Society, with more than 500 member physicians, has endorsed the cards for its members to offer, Uslan said.

HealthCare currently is negotiating with three major employers in Ventura County to offer the cards, Uslan said.