January 3, 2023
  • Consumers are increasingly using “buy now, pay later” financing options to pay for health care services. A report from the Consumer Financial Protection Bureau found that the loans for health services and products increased from $10 million in 2019 to $230 million in 2021. The platforms advertise the loans as a way for patients to manage spiraling out-of-pocket costs and pay for services insurance doesn’t cover. However, consumer advocates warn that the approach could put patients at risk of overextending themselves and that the platforms harvest and leverage consumer data in invasive ways. (Article here)