Do i have to pay interest on medical bills?

Whether or not you have to pay interest on medical bills depends on the terms of the agreement you have with your healthcare provider or the issuer of your medical credit card. It also depends on the laws in your state.

In general, if you have a traditional medical bill, you will not be charged interest if you pay the bill in full within the grace period. The grace period is typically 30 days, but it can be longer or shorter depending on the provider. If you do not pay the bill in full within the grace period, you may be charged interest on the unpaid balance. The interest rate will vary depending on the provider, but it is typically around 18%.

If you have a medical credit card, you will typically be charged interest on the unpaid balance from the date of purchase. The interest rate will vary depending on the card, but it is typically around 15%. Some medical credit cards offer a grace period, but this is not always the case.

There are some states that have laws that protect consumers from being charged interest on medical bills. For example, in California, it is illegal for healthcare providers to charge interest on medical bills unless the patient agrees to it in writing.

If you are not sure whether or not you will be charged interest on your medical bills, you should contact the healthcare provider or the issuer of your medical credit card to inquire about their terms and conditions.