The Biden administration’s investigation into medical credit cards has drawn praise from consumer groups, but they want it to move quickly — and more broadly — to address the issue of medical debt.
About 20 percent of Americans have medical debt, according to the Consumer Financial Protection Bureau. The issue has garnered increased attention as health care costs continue to rise, providers get criticized for questionable billing practices and insurers get blamed for denying coverage and raising copays and deductibles.
The Biden administration is trying to address the issue in part by targeting medical credit cards, which have been around for decades but are becoming more prolific as more providers promote them in their offices as a way to pay for care and out-of-pocket costs not covered by insurance.
