Healthcare in the United States is notoriously expensive, often leaving individuals and families burdened with high costs. With the right tools and a bit of planning, though, it’s possible to alleviate some of these financial pressures. Credit cards, particularly those tailored with specific health-related benefits, can be a powerful asset in managing healthcare expenses.
From cashback on health purchases to travel insurance and wellness credits, certain credit cards offer options that help reduce the cost of medical care. In this guide, we’ll explore how specific credit cards in the US can save you money on healthcare costs, detailing the unique perks that these cards provide.
Choosing a card with health-focused cashback
One way to directly save on healthcare expenses is by selecting a credit card that offers cashback rewards for health-related purchases. Many general cashback cards provide a percentage of cashback on categories like groceries or drugstore purchases, which can include over-the-counter medications and health supplies.
Cards like the American Express Blue Cash Preferred or the Citi Double Cash offer substantial cashback on these items, providing a simple and effective way to save a bit on each purchase. By using a card with these rewards for medical necessities, you’re not only getting the items you need but also earning a small percentage back, reducing the effective cost of your spending over time.
When evaluating a card, focus on cashback rates and specific partnerships that might apply to health-related expenses. Some cards, for example, provide partnerships with specific health brands or pharmacies, offering additional discounts or rewards points. Even better, if the card offers quarterly bonuses or higher cashback rates for certain categories, try to time your purchases to take advantage of these offers.
A little planning can maximize your savings, turning essential health spending into a way to earn more. While cashback might not seem like much on a per-transaction basis, over time, these small amounts add up, helping to offset the high costs often associated with healthcare.
Extra benefits: travel insurance and medical expense coverage
In addition to cashback, some premium credit cards offer valuable protections that can cover unexpected medical expenses during travel. Cards like the Chase Sapphire Reserve or the Platinum Card from American Express provide travel insurance, which includes emergency medical and dental coverage.
This means that if you’re traveling domestically or internationally and encounter a health emergency, certain medical expenses can be reimbursed, saving you hundreds or even thousands of dollars. While many people associate these protections solely with travel mishaps, their inclusion of health emergencies makes them a valuable resource for anyone wanting to reduce healthcare costs, particularly during trips.
Furthermore, premium cards often include coverage for canceled trips due to illness or injury, as well as emergency evacuation services. This is particularly useful if you travel frequently or have a condition that might lead to unexpected healthcare needs. Beyond these protections, some cards also provide access to exclusive medical concierge services, which can help locate doctors and healthcare facilities in your travel area.
Though these benefits are typically limited to higher-tier cards with annual fees, the peace of mind and potential cost savings they offer can make these fees worthwhile. For frequent travelers, these added protections can prevent the unexpected from becoming a significant financial burden.
Wellness and health benefits through specialized credit cards
Another growing trend in credit card perks is wellness-related benefits, which can make healthcare more affordable by covering services that contribute to long-term health. Some cards, like the United Explorer Card or Capital One Venture X, include credits for wellness-related expenses, such as gym memberships, fitness classes, or even mental health resources.
These benefits are especially advantageous as they provide savings for proactive health investments, allowing cardholders to take care of their wellness before more costly medical issues arise. If you’re looking to reduce overall healthcare expenses, leveraging wellness credits through these cards can be a proactive, cost-saving step.
For instance, wellness credits can cover services that improve mental and physical health, including therapy apps or meditation programs. Additionally, many credit cards offer access to telemedicine services or health management tools, helping cardholders track and manage their health more effectively.
Some even have partnerships with apps like Calm or Headspace, offering free or discounted memberships. Keeping healthy with these wellness benefits can lessen your need for more expensive healthcare interventions. In the long run, investing in your wellness today can help reduce healthcare costs tomorrow, making these specialized credit cards valuable for those prioritizing preventive care.
Conclusion
In the face of rising healthcare costs, strategic use of credit cards can provide real savings and reduce financial stress. Cashback options allow you to earn back on essential purchases, travel cards cover unexpected health expenses while you’re on the go, and wellness credits encourage proactive health management.
Each of these benefits, individually or combined, can provide a significant boost to your healthcare budget. Before committing to any card, review its terms and conditions carefully to ensure it aligns with your healthcare needs and spending patterns. With the right card, you can turn regular expenses into opportunities for savings, helping you manage healthcare costs in a way that fits your lifestyle.
